Fevara (FVA) H1 2026 earnings summary

Executive summary

• Revenue reached £50.6m, up 2.2% at constant FX, with adjusted operating profit up 22% year-over-year, driven by strong UK and US performance and strategic entry into Brazil.

• Strategic focus on high-margin, branded products and exit from low-margin operations supported profit growth.

• Expansion into Brazil through acquisitions of Macal and Cia do Sal, establishing a platform for transformational growth in the world's largest beef market.

• Medium-term ambition targets EBITDA of £15m, EBIT margin over 10%, and ROCE above 20%.

• Central costs reduced by 27% year-over-year, reflecting ongoing cost discipline.

Financial highlights

• Adjusted operating profit: £7.2m (H1 FY25: £5.9m), up 22%; adjusted EPS increased 116% to 11.0p.

• EBIT margin improved by 2.5 percentage points year-over-year in H1, reaching 14.2%.

• Net cash position of £1.4m at half-year, with a new £20m HSBC facility secured.

• Interim dividend maintained at 1.2p per share, with a progressive policy and at least 2x cover.

• Gross margin improved to 28.3% (H1 FY25: 22.7%).

Outlook and guidance

• Board confident in delivering full-year results in line with market expectations.

• Trading since the half-year remains encouraging, with strong demand and resilient beef prices globally.

• Brazil expected to become a transformational contributor, with further investment planned for LMB production.

• Focus remains on margin improvement, cost control, and market share gains in core geographies.

• No anticipated near-term material impact from geopolitical developments; supply chain resilience supported by local sourcing and contracts.