Anpario PLC Beats Forecasts with Strong FY 2025 Trading Update

Anpario PLC FY 2025 trading update: sales surge and a clear beat on expectations

Anpario’s year-end trading update packs a pleasant surprise. Revenue is expected to come in at approximately £47.1m, up 23% year on year from £38.2m. Thanks to higher second-half sales and strong operational gearing, adjusted EBITDA is set to be not less than £9.4m, up from £7.0m in 2024. Year-end net cash is £12.4m, up from £10.5m last year.

Crucially, these numbers beat the latest analyst consensus going into the statement. The company notes market expectations of £45.5m revenue, £8.2m adjusted EBITDA and £12.0m net cash. Anpario has exceeded each of those markers. Figures are unaudited and remain subject to audit.

Metric	FY 2025 (unaudited)	FY 2024	Consensus prior to update	Beat vs consensus
Revenue	~£47.1m	£38.2m	£45.5m	+£1.6m (+3.5%)
Adjusted EBITDA	Not less than £9.4m	£7.0m	£8.2m	At least +£1.2m (+14.6%)
Net cash (31 Dec)	£12.4m	£10.5m	£12.0m	+£0.4m (+3.3%)

What drove the outperformance across Anpario’s portfolio

The second half did the heavy lifting. Management says year-end sales were higher than anticipated, lifting the full-year top line to about £47.1m. With a high operational gearing profile – where a greater share of costs are fixed, so extra revenue drops through to profit – this translated into a sharper rise in EBITDA.

There are two engines here: the Bio-Vet acquisition and organic growth. Bio-Vet, acquired on 30 September 2024, contributed for a full year and delivered one of its highest ever half-year sales in H2 2025. Integration is said to be progressing well and according to plan, which is exactly what you want to hear after a deal closes.

Even excluding Bio-Vet in both periods, Anpario reports a broad-based uplift across territories and segments. Asia led growth year on year, followed by strong performances in the Americas and Europe. IMEA (India, Middle East and Africa) saw a reduction and consolidation after a particularly strong prior year, although within that, India continued to grow significantly.

Profit quality: operational gearing in action

Adjusted EBITDA – a cash profit proxy before interest, tax, depreciation and amortisation, with certain one-offs excluded – is expected to be not less than £9.4m. That is at least 34% higher than the £7.0m delivered in 2024, comfortably outpacing the 23% growth in revenue.

This is a textbook example of operational gearing working in shareholders’ favour. When revenue rises across an established cost base, margins usually expand and profitability accelerates. The flip side is that in tougher markets, operationally geared models can see profit fall faster than revenue. For now, the momentum is positive and ahead of expectations.

Regional dynamics: Asia out front, India a bright spot

The update flags Asia as the strongest growth region in 2025, with the Americas and Europe also performing well. IMEA stepped back after high growth in the prior year, which looks like a rational consolidation rather than a structural issue. Notably, India continued to grow significantly despite the broader IMEA pause.

Anpario does not break out revenue or margin by region in this statement, so we do not have precise geographic figures. We will need to wait for the final results for a more granular view of mix and margin by territory.

Cash and balance sheet: more firepower after Bio-Vet earn-out

Net cash at year-end stood at £12.4m, up from £10.5m a year earlier. That is an increase of £1.9m, even after paying the final Bio-Vet contingent consideration of £0.8m (USD 1.0m) in Q4, which was earned in full. A strong cash position is a real asset in this sector, helping to fund innovation, expand distribution and pursue earnings-enhancing acquisitions when they arise.

The company reiterates that its balance sheet underpins investment in natural product solutions, global expansion and complementary M&A. No dividend or specific capital allocation details are disclosed in this RNS.

Why this matters for Anpario shareholders

• Revenue traction: ~£47.1m demonstrates robust demand across the portfolio, not just from the Bio-Vet acquisition. Broad-based growth helps de-risk concentration.
• Profitability ahead of plan: Adjusted EBITDA of not less than £9.4m beats expectations and shows operational gearing driving improved earnings quality.
• Cash compounding: Net cash of £12.4m, even after earn-out payments, gives the Group optionality for R&D and bolt-on deals.
• Integration progress: Bio-Vet’s strong H2 and smooth integration reduce deal risk and bolster the growth runway.

On the cautious side, IMEA has cooled after a hot prior year, and high operational gearing cuts both ways if volumes were to soften. The update does not disclose gross margins, product-level performance or outlook guidance, so investors will be looking for those details at the results.

Key numbers in context: scale of the beat

It is worth framing the surprise versus the company-cited consensus. Revenue is approximately £1.6m higher than expected, a 3.5% beat. Adjusted EBITDA is at least £1.2m higher, a minimum 14.6% beat. Net cash is £0.4m above expectations, up 3.3%. The profit outperformance is proportionally larger than the top-line beat, reflecting the operational gearing the company highlights.

None of the figures today are audited, and adjusted EBITDA is given as a floor – “not less than” – rather than a precise number. Even so, the direction of travel is clearly favourable.

What to watch in the March final results

Anpario expects to publish FY 2025 results on or around 31 March 2026. Here is what I will be looking for:

• Segmental detail: Revenue and profit by region and product category – not disclosed in this update.
• Margin drivers: Any commentary on input costs, pricing and mix, given the step-up in EBITDA.
• Bio-Vet breakdown: Contribution to revenue and profit, integration milestones and cross-selling progress.
• Cash deployment: Pipeline for organic investment and potential acquisitions; no specific plans disclosed today.

My take: upbeat, execution-led, and still conservative

This is a clean, execution-led upgrade. Revenue growth is strong, profit growth is stronger, and cash has increased despite acquisition payments. The tone is confident without overpromising, and the integration of Bio-Vet appears to be adding both scale and momentum.

In short, a positive update that should be well received. The absence of granular margin or guidance detail keeps some powder dry for March, but the headline numbers speak for themselves: Anpario has outperformed expectations while strengthening its balance sheet.