Anpario (ANP) H2 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with revenue up 24% to £47.2m and profit before tax up 54% to £8.0m compared to 2024, driven by strong organic growth and the full-year contribution from the Bio-Vet acquisition.

• Gross margin improved to 50.9% (2024: 46.9%) due to growth in premium product classes and successful integration of Bio-Vet.

• Adjusted EBITDA rose 38% to £9.6m, and basic EPS increased 63% to 40.20p.

• Cash and cash equivalents at year-end were £12.4m, supporting increased dividends and future acquisition opportunities.

Financial highlights

• Revenue: £47.2m (+24% YoY); like-for-like revenue (excl. Bio-Vet): £40.5m (+12% YoY).

• Gross profit: £24.0m (+34% YoY); gross margin: 50.9% (+4.0pp YoY).

• Adjusted EBITDA: £9.6m (+38% YoY); profit before tax: £8.0m (+54% YoY).

• Basic EPS: 40.20p (+63% YoY); diluted adjusted EPS: 39.49p (+33% YoY).

• Total dividend for the year: 12.50p (+11% YoY).

• Net assets: £41.0m (+13% YoY).

Outlook and guidance

• Trading in early 2026 is in line with strong Q1 2025 performance.

• Continued growth expected in North America and a return to growth in the Middle East.

• Management remains vigilant to geopolitical risks, especially in the Middle East, and is working to mitigate logistics disruptions.

• Focus remains on innovation, customer engagement, and operational excellence to drive sustainable growth.