Anpario 2025 final results: record revenue, bigger margins and a punchy profit jump
Anpario has posted its best year to date. Revenue rose 24% to £47.2m, profit before tax surged 54% to £8.0m, and gross margin widened to 50.9% from 46.9%. A full year of Bio-Vet helped, but so did strong like-for-like growth, premium product mix and good operational discipline.
Here is what stood out for me, why it matters, and what to watch next.
Key numbers at a glance
| Metric | 2025 | 2024 |
|---|---|---|
| Revenue | £47.2m | £38.2m |
| Gross margin | 50.9% | 46.9% |
| Adjusted EBITDA | £9.6m | £7.0m |
| Profit before tax | £8.0m | £5.2m |
| Basic EPS | 40.20p | 24.66p |
| Diluted adjusted EPS | 39.49p | 29.66p |
| Cash and cash equivalents | £12.4m | £10.5m |
| Total dividend | 12.50p | 11.25p |
Like-for-like sales, excluding Bio-Vet, grew 12% to £40.5m. Bio-Vet added £6.7m of revenue in its first full year of ownership.
Why profits jumped: mix, momentum and operational leverage
The margin expansion is the headline story. Premium products like Orego-Stim and Optomega Algae combined with the Bio-Vet range lifted gross margin by 4.0 percentage points to 50.9%. With higher revenue feeding through a largely fixed cost base, adjusted EBITDA was up 38% to £9.6m and PBT up 54% to £8.0m. That is classic operating leverage working in shareholders’ favour.
The tax rate eased to 15.4% from 20.6%, helped by Patent Box benefits on patented products. Basic EPS jumped 63% to 40.20p, and diluted adjusted EPS rose 33% to 39.49p.
Regional performance: broad-based growth with some hot spots
Americas – US now 23% of the Group
- Sales up 58% including Bio-Vet, and up 20% on a like-for-like basis.
- USA sales hit £10.7m, up 65% on Anpario products, and now contribute 23% of Group revenue.
- Integration milestone: Bio-Vet commercial teams and systems are being combined under a single Americas structure, already unlocking cross-selling.
- Brazil remains tough with sales down 22% given fierce local competition and tariff dynamics. Management is focusing on niche segments and leveraging Bio-Vet’s dairy expertise.
Asia – the strongest like-for-like region
- Like-for-like sales up 22%, and the region now represents 34% of Group revenue.
- The Philippines doubled sales, driven by Orego-Stim adoption. China, Thailand, Indonesia and Australasia also moved up, while Malaysia and South Korea paused after an exceptional 2024.
- Species diversification is a theme, with growing interest in aquaculture and biosecurity products such as Red Lite.
India, Middle East and Africa – mixed year, with India shining
- Segment down 10% overall after a bumper prior year in the Middle East and Africa, which fell 29% due to the loss of pellet binder business in Saudi and a customer credit issue now resolved.
- India more than doubled sales via the local partnership, with Orego-Stim momentum and new lines such as acid-based eubiotics and Credence water sanitisation tablets being introduced.
- UAE stood out, up 95% and now the largest contributor in the Middle East.
Europe – steady progress in a mature market
- Sales up 10% overall. The UK led with 13% growth, again supported by Orego-Stim and Optomega Algae.
- A new European-wide distribution agreement into feed mills broadens access for mill-focused products.
Cash, dividend and balance sheet strength
Cash and cash equivalents rose to £12.4m, even after dividend payments of £2.1m and final Bio-Vet earnout payments of £1.0m. Net cash from operations was £5.9m, with a planned inventory build to support growth and maintain service levels. Net assets climbed to £41.0m.
The Board is recommending a final dividend of 8.90p per share, taking the total for the year to 12.50p, up 11%. Key dates: ex-dividend 9 July 2026, record date 10 July 2026, payment 24 July 2026.
Strategy in action: Bio-Vet integration and product innovation
The Bio-Vet acquisition looks well judged. It broadens species exposure, deepens the US footprint and creates cross-selling routes in both directions. Core IT has been migrated, teams combined, and the US site is being enabled to manufacture selected Anpario products for better SKU management and resilience.
On innovation, two launches to note. AmpLIPhy, a lysophospholipid-based additive aimed at improving lipid utilisation, has been launched with initial orders. Bio-Vet’s QuadriCal calcium bolus is close to registration in several new territories. The premium portfolio positioning is a clear contributor to margin uplift.
ESG metrics: a bigger footprint after acquisition
Reported Scope 1 and 2 emissions rose to 479 tCO2e from 171 tCO2e and carbon intensity to 10.2 tCO2e per £m sales from 4.5. Management is clear this reflects the inclusion of Bio-Vet’s full-year manufacturing and distribution footprint rather than a deterioration in underlying efficiency. On a comparable basis excluding the acquisition, the Group cites a multi-year reduction in absolute emissions and intensity since 2019.
Outlook for 2026: a confident start, with an eye on geopolitics
Trading so far this year is in line with a strong prior year Q1. North America continues to be a strategic focus under the new organisational structure, and the Middle East has started well with a return to growth. Logistics teams are actively managing any disruption linked to the conflict in Iran and the surrounding region.
In short, the pipeline looks healthy and management expects further progress, while remaining mindful of macro and geopolitical risks.
My take for investors
What looks positive
- Quality of growth: 12% like-for-like sales alongside a 4 percentage-point margin uplift is exactly what you want to see from a premiumised portfolio.
- US scale-up: £10.7m of sales and 23% of Group revenue in the USA provides a high-quality engine with clear cross-sell potential post Bio-Vet.
- Cash and dividends: £12.4m cash, strong cash generation and an 11% rise in the total dividend underline capital discipline.
What to keep an eye on
- IMEA variability: the 29% decline in Middle East and Africa after a strong 2024 shows the region can be lumpy. Early signs for 2026 are better, but execution and logistics remain key.
- Brazil turnaround: down 22% in a highly competitive, tariff-influenced market. The niche strategy and Bio-Vet dairy capability are the levers to watch.
- Working capital: inventory was built deliberately to support growth and resilience. The pace of normalisation will influence cash conversion.
- ESG optics: headline emissions rose with the perimeter change. Delivery against intensity targets post-integration will matter.
Bottom line
This is a high-quality set of results from Anpario. Revenue growth is broad-based, margins are moving the right way, and the Bio-Vet deal is already earning its keep while deepening the US opportunity. There are moving parts in IMEA and Brazil, but the Group’s balance sheet, product mix and operating discipline provide resilience.
If management continues to execute on integration, new product roll-outs and targeted channel investments, 2026 should build on this momentum.
