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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Anpario Plc | LSE:ANP | London | Ordinary Share | GB00B3NWT178 | ORD 23P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 255.00 | 250.00 | 260.00 | 255.00 | 255.00 | 255.00 | 21,017 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pesticides, Agric Chems, Nec | 31M | 2.53M | 0.1053 | 24.22 | 61.23M |
From Apr 2019 to Apr 2024
TIDMANP
14 September 2016
Anpario plc (AIM: ANP)
Anpario plc, the international producer and distributor of natural feed additives for animal health, hygiene and nutrition is pleased to announce its interim results for the six months to 30 June 2016.
Financial and operational highlights
Financial highlights
Hot Features
Premium
-- 9% increase in adjusted profit before tax from continuing operations1
to GBP1.7m (2015: GBP1.6m)
-- 5% rise in adjusted EBITDA2 to GBP2.0m (2015: GBP1.9m)
-- 3% improvement in gross profit to GBP5.1m (2015: GBP5.0m)
-- Cash balances of GBP10.9m at 30 June 2016 (30 June 2015: GBP7.9m)
Operational highlights
-- Successful launch of Ultrabond in the United States shows potential in
the dairy sector
-- New regional commercial directors appointed
-- Regional office established in Dubai
-- Supply of Orego-Stim to a major US integrator for antibiotic free
chicken
-- Distribution of Orego-Stim in China transferred to Anpario subsidiary
Richard S Rose, Chairman, commented:
"In the first half, the resilience and positioning of Anpario delivered both a modest profit growth and an improved cash position and we are building on that. We are still in a transition phase of building stronger commercial relationships with end users but we remain confident that the Group will continue to make steady progress growing the business. Our strong balance sheet gives Anpario a sound platform from which to implement change and build earnings growth organically while also seeking acquisition opportunities."
Chairman's Statement
Anpario delivered a resilient profit performance for the six months to 30 June 2016. The Group's policy to focus on value added natural feed additives and efficiency improvements in our manufacturing plant, together with favourable foreign exchange movements, have helped to maintain profitability.
The recent appointment of regional commercial directors is enabling the company to better understand local markets and to begin to build closer relationships with major end users. The sales process to these larger customers is demanding but by capitalising on the experience of our own local teams we are able to demonstrate the merits of our product portfolio in partnership with our key distributors.
Financial Review
In the six months to 30 June 2016 adjusted profit before tax increased by 9% to GBP1.7m (2015: GBP1.6m). Adjusted EBITDA for the period rose by 5% to GBP2.0m (2015: GBP1.9m).
Revenues for the period were GBP10.7m (2015: GBP11.1m); this sterling reduction of 4% was equivalent to a 9% fall at constant exchange rates. The principal negative factors were lower sales of Orego-stim in China as a result of a legal dispute in addition to ongoing challenging economic and political factors in Middle East markets.
Gross profit has continued to increase, advancing 3% to GBP5.1m (2015: GBP5.0m). This further improvement represents an uplift in gross margin percentage to 48% (2015: 45%), mainly as a result of product mix and foreign exchange gains.
Operating expenses increased from GBP3.4m to GBP3.6m after including GBP0.3m of costs in connection with internal restructuring and the set-up of new operations. We continue to invest in plant automation with expenditure this year to date of GBP0.4m and further expenditure of GBP0.6m committed in the second half of the year. On completion all production and packaging lines will be fully automated. Development costs include GBP0.2m from product pipeline costs including university trials and GBP0.2m in respect of product and trademark registrations.
The balance sheet is strong and debt free with further positive cash generation. The Group's cash position remains stable with a cash balance of GBP10.9m (30 June 2015: GBP7.9m).
Underlying diluted earnings per share increased by 1% to 7.35 pence per share (2015: 7.31 pence).
Operations
Sales to continental Europe rose 9% with strong performances from Germany, the Netherlands and Spain. In Northern Europe, Anpario is building sales to the dairy sector, which is a new market area for the Group. The UK and Irish markets experienced a decline in sales due to challenging market conditions in the dairy sector.
Asia, excluding China, experienced modest sales growth with good performances in Indonesia, the Philippines, Thailand, and Vietnam. Over stocking by some distributors at the beginning of the year took a few months to work through. Our China subsidiary made further steady progress building on its established position in the pig sector by targeting the poultry and feed mills segments. However, in China, we are in a dispute with a local distributor regarding ownership of the Orego-Stim trademark, consequently our China subsidiary has now registered a new brand name - Meriden-Stim. Anpario will be the only supplier of Orego-Stim in China but marketed under the Meriden-Stim brand. Our Chinese team is also launching a marketing communication campaign to support these changes and the relaunch of our leading natural oregano product. We are confident of regaining Orego-Stim's leading position in China.
Latin America achieved a 10% sales growth with notable strong performances from Bolivia and Ecuador. The region has been affected by rising corn prices, particularly in poultry production, where margins are small. The rising costs have led to a reduction in meat consumption in some markets but we see further opportunities for growth in the region while, as ever, paying close attention to credit management.
The United States continues to grow its customer base particularly with Orego-Stim, our leading phytogenics product for animal health, and Ultrabond, a product targeted at the dairy sector. The natural antioxidant and health properties of our oregano oil help to boost the natural immunity of birds, thereby enabling them to present a robust response to the environment. Orego-Stim is now additionally being used in the organic market where it has been certified for use by a number of specialist producers and also supports antibiotic free poultry production. Sales of Ultrabond to the US dairy sector continue to advance with the product maintaining animal health, thereby delivering measurable benefits in performance and hence improved profitability for producers.
We continue to expand our specialist sales team in the US to drive growth in the region. Anpario has reached an understanding with Pharmgate Animal Health to represent and introduce Anpario products to identified prospects predominantly in the swine market. Pharmgate Animal Health is a joint operation between Pharmgate LLC of Wilmington, North Carolina and Eco Animal Health Group plc.
The Middle East and Africa remain difficult territories as a result of ongoing geopolitical events, especially in Turkey and Egypt which have been traditionally strong markets. During the period we began supplying our poultry products to Kuwait. The establishment of a new regional office in Dubai and recruitment of a regional head in May 2016 will help us better serve existing local markets and facilitate expansion.
Innovation and development
Anpario's unique carrier technology enhances animals' natural gut microbiota processes helping to boost immunity. Pressure on farmers to reduce the use of antibiotics in animal production will require more than one simple solution; Anpario's natural additive technology addresses this issue by supporting the animal's ability to present a robust response to the environment and the threat of infection.
Outlook
In the first half, the resilience and positioning of Anpario delivered both a modest profit growth and an improved cash position and we are building on that. We are still in a transition phase of building stronger commercial relationships with end users but we remain confident that the Group will continue to make steady progress growing the business. Our strong balance sheet gives Anpario a sound platform from which to implement change and build earnings growth organically while also seeking acquisition opportunities.
Richard S RoseChairman14 September 2016
1Adjusted profit before tax from continuing operations represents profit before income tax from continuing operations GBP1.514m (2015: GBP1.610m) adjusted for closure and restructuring costs GBP0.235m (2015: GBPnil)
2Adjusted EBITDA represents operating profit GBP1.480m (2015: GBP1.583m) adjusted for: share based payments GBP0.047m (2015: GBP0.135m); depreciation, amortisation and impairment charges of GBP0.254m (2015: GBP0.195m) and closure and restructuring costs GBP0.235m (2015: GBPnil).
Unaudited
consolidated
income statement
for the six months
ended 30 June 2016
six months to six months to year ended
30/6/2016 30/6/2015 31/12/2015
Notes GBP000 GBP000 GBP000
Continuing operations
Revenue 3 10,687 11,143 23,322
Cost of sales (5,561 ) (6,164 ) (12,852 )
Gross profit 5,126 4,979 10,470
Administrative (3,411 ) (3,396 ) (6,916 )
expenses
Closure (235 ) - -
and restructuring
costs
Operating profit 1,480 1,583 3,554
Finance income 34 27 62
Profit before 1,514 1,610 3,616
income tax
Income tax expense (203 ) (151 ) (367 )
Profit for the 1,311 1,459 3,249
period from
continuing operations
Discontinued
operations
Profit for the
period from
discontinued
operations
(attributable - 368 487
to owners
of the parent)
Profit for the period 1,311 1,827 3,736
Profit attributable
to:
Owners of the parent 1,311 1,827 3,736
Profit for the period 1,311 1,827 3,736
Basic earnings 4 6.55p 7.53p 16.52p
per share from
continuing operations
Diluted earnings 4 6.42p 7.31p 15.97p
per share
from continuing
operations
Basic earnings 4 6.55p 9.43p 18.99p
per share
Diluted earnings 4 6.42p 9.16p 18.37p
per share
Unaudited
consolidated
statement
of comprehensive
income
for the six months
ended 30 June 2016
six months to six months to year ended
30/6/2015 30/6/2015 31/12/2015
GBP000 GBP000 GBP000
Profit for the period 1,311 1,827 3,736
Items that may be
subsequently
reclassified
to profit or loss:
Exchange difference (19 ) (39 ) (88 )
on translating
foreign operations
Total comprehensive 1,292 1,788 3,648
income
for the period
Attributable to 1,292 1,788 3,648
the owners
of the parent:
Total comprehensive
income
attributable
to equity
shareholders
arises from:
Continuing operations 1,292 1,420 3,161
Discontinued - 368 487
operations
Total comprehensive 1,292 1,788 3,648
income
for the period
Unaudited consolidated balance sheet
as at 30 June 2016
as at as at as at
30/6/2016 30/6/2015 31/12/2015
Notes GBP000 GBP000 GBP000
Intangible assets 5 10,390 10,014 10,168
Property, plant and equipment 6 3,289 3,083 3,069
Deferred tax assets 307 179 306
Non-current assets 13,986 13,276 13,543
Inventories 2,014 1,646 1,815
Trade and other receivables 6,379 6,975 6,791
Cash and cash equivalents 10,870 7,938 9,337
Current assets 19,263 16,559 17,943
Total assets 33,249 29,835 31,486
Called up share capital 5,095 5,040 5,058
Share premium 7,796 7,528 7,613
Other reserves (3,331 ) (3,807 ) (3,374 )
Retained earnings 18,598 16,289 17,287
Total equity 28,158 25,050 26,584
Deferred tax liabilities 1,176 1,044 1,176
Non-current liabilities 1,176 1,044 1,176
Trade and other payables 3,759 3,474 3,681
Current income tax liabilities 156 267 45
Current liabilities 3,915 3,741 3,726
Total liabilities 5,091 4,785 4,902
Total equity and liabilities 33,249 29,835 31,486
Unaudited
consolidated
statement
of
changes
in
equity
for the
six
months
ended 30
June
2016
Called up share capital Share premium Other Retained earnings Total
reserves equity
GBP000 GBP000 GBP000 GBP000 GBP000
Balance 4,622 4,051 (389 ) 14,462 22,746
at 1
January
2015
Profit - - - 1,827 1,827
for
the
period
Currency - - (39 ) - (39 )
translation
differences
Total - - (39 ) 1,827 1,788
comprehensive
income
for the
period
Issue of 418 3,477 - - 3,895
share
capital
Joint-share - - (3,415 ) - (3,415 )
ownership
plan
Share-based - - 36 - 36
payment
adjustments
Transactions 418 3,477 (3,379 ) - 516
with
owners
Balance 5,040 7,528 (3,807 ) 16,289 25,050
at 30
June
2015
Profit - - - 1,909 1,909
for
the
period
Currency - - (49 ) - (49 )
translation
differences
Total - - (49 ) 1,909 1,860
comprehensive
income
for the
period
Issue of 18 85 - - 103
share
capital
Deferred - - 455 - 455
tax
regarding
share-based
payments
Cash - - (23 ) - (23 )
flow
hedge
reserve
Share-based - - 50 - 50
payment
adjustments
Dividends - - - (911 ) (911 )
relating
to 2014
Transactions 18 85 482 (911 ) (326 )
with
owners
Balance 5,058 7,613 (3,374 ) 17,287 26,584
at 31
December
2015
Profit - - - 1,311 1,311
for
the
period
Currency - - (19 ) - (19 )
translation
differences
Total - - (19 ) 1,311 1,292
comprehensive
income
for the
period
Issue of 37 183 - - 220
share
capital
Share-based - - 62 - 62
payment
adjustments
Transactions 37 183 62 - 282
with
owners
Balance 5,095 7,796 (3,331 ) 18,598 28,158
at 30
June
2016
Unaudited consolidated
statements
of cash flows
for the six months
ended 30 June 2016
six months to six months to year ended
30/6/2016 30/6/2015 31/12/2015
GBP000 GBP000 GBP000
Cash generated from operating 1,943 1,074 3,599
activities
Income tax paid (13 ) (123 ) (205 )
Net cash generated from 1,930 951 3,394
operating activities
Purchases of property, (367 ) (198 ) (301 )
plant and equipment
Net proceeds from disposal - 344 623
of discontinued operations
Payments to acquire (354 ) (275 ) (690 )
intangible assets
Interest received 34 27 62
Net cash used in investing (687 ) (102 ) (306 )
activities
Acquisition of shares by JSOP - (3,415 ) (3,415 )
Proceeds from issuance 220 3,895 3,998
of shares
Dividend paid to Company's - - (911 )
shareholders
Net cash used in financing 220 480 (328 )
activities
Net increase in cash 1,463 1,329 2,760
and cash equivalents
Effect of exchange 70 (22 ) (54 )
rate changes
Cash and cash equivalents at 9,337 6,631 6,631
the beginning of the period
Cash and cash equivalents 10,870 7,938 9,337
at the end of the period
six months to six months to year ended
30/6/2016 30/6/2015 31/12/2015
GBP000 GBP000 GBP000
Cash generated from operating
activities
Profit before income 1,514 1,623 4,227
tax including
discontinued operations
Net finance income (34 ) (27 ) (62 )
Net proceeds on disposal of - - (623 )
discontinued operations
Depreciation, amortisation 254 195 573
and impairment
Profit on disposal - - 24
of property,
plant and equipment
Share-based payments 62 36 86
Fair value of contingent - 130 -
consideration
Changes in working capital:
Inventories 28 60 (141 )
Trade and other receivables 430 673 907
Trade and other payables (311 ) (1,616 ) (1,392 )
Net cash generated from 1,943 1,074 3,599
operating activities
1. General information
Anpario plc ("the Company") and its subsidiaries (together "the Group") manufacture and supply high performance natural feed additives for the agricultural market with products to improve the health and output of animals.
The Company is traded on the London Stock Exchange Aim market and is incorporated and domiciled in the UK. The address of the registered office is Manton Wood Enterprise Park, Worksop, Nottinghamshire, S80 2RS.
2. Basis of preparation
The consolidated financial statements comprise the accounts of the Company and its subsidiaries drawn up to 30 June 2016.
The Group has presented its financial statements in accordance with International Reporting Standards ("IFRSs"), as endorsed by the European Union, IFRS IC interpretations and the Companies Act 2006 applicable to companies reporting under IFRS. Full details on the basis of the accounting policies used are set out in the Group's financial statements for the year ended 31 December 2015, which are available on the Company's web site at www.anpario.com.
This condensed consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2015 were approved by the Board of Directors on 8 March 2016 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 (2) or (3) of the Companies Act 2006.
The consolidated interim financial information for the period ended 30 June 2016 is neither audited nor reviewed.
3. Segment information
Management has determined the operating sements based on the reports reviewed by the Board that are used to make strategic decisions. The Board considers the business from a geographic perspective. Following recent changes, including the appointment of Regional directors and the opening of additional regional offices, Anpario has made adjustments to its segmental reporting structure. All previous values have been restated in line with the new structure.
Americas Asia Europe MEA Head Office Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
for the six
months
ended 30
June
2016
Total 1,832 4,177 3,975 1,465 - 11,449
segmental
revenue
Inter-segment - - (762 ) - - (762 )
revenue
Revenue 1,832 4,177 3,213 1,465 - 10,687
from
external
customers
Adjusted 655 1,397 1,243 681 (1,960 ) 2,016
EBITDA
Depreciation (4 ) (1 ) (2 ) - (247 ) (254 )
and
amortisation
Net finance - - - - 34 34
income
Share-based - - - - (47 ) (47 )
payments
Exceptional (21 ) (6 ) - (25 ) (183 ) (235 )
items
Income tax - 1 - - (204 ) (203 )
Profit for 630 1,391 1,241 656 (2,607 ) 1,311
the period
Total 33,249 33,249
assets
Total (5,091 ) (5,091 )
liabilities
Americas Asia Europe MEA Head Office Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
for the six
months
ended 30
June
2015
Total 1,555 4,382 3,974 1,938 - 11,849
segmental
revenue
Inter-segment - - (706 ) - - (706 )
revenue
Revenue 1,555 4,382 3,268 1,938 - 11,143
from
external
customers
Adjusted 636 1,294 1,194 815 (2,026 ) 1,913
EBITDA
Depreciation (3 ) (2 ) (2 ) - (188 ) (195 )
and
amortisation
Net finance - - - 1 26 27
income
Share-based - - - - (135 ) (135 )
payments
Income tax - - - - (151 ) (151 )
Profit on - - - - 368 368
disposal
of
continued
operations
Profit for 633 1,292 1,192 816 (2,106 ) 1,827
the period
Total 29,835 29,835
assets
Total (4,785 ) (4,785 )
liabilities
Americas Asia Europe MEA Head Office Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
for the
year
ended
31 Dec 2015
Total 3,417 9,614 5,251 3,545 - 21,827
segmental
revenue
Inter-segment - - 1,495 - - 1,495
revenue
Revenue 3,417 9,614 6,746 3,545 - 23,322
from
external
customers
Adjusted 1,340 3,134 2,522 1,581 (4,188 ) 4,389
EBITDA
Depreciation (7 ) (3 ) (4 ) - (559 ) (573 )
and
amortisation
Net - - - 1 61 62
finance
(income)/expense
Share-based - - - - (262 ) (262 )
payments
Income tax (2 ) (12 ) - - (353 ) (367 )
Profit on - - - - 487 487
disposal
of
continued
operations
Profit for 1,331 3,119 2,518 1,582 (4,814 ) 3,736
the year
Total 31,486 31,486
assets
Total (4,902 ) (4,902 )
liabilities
4. Earnings per share
six months to six months to year ended
30/6/2016 30/6/2015 31/12/2015
Weighted average number of 20,024 19,366 19,669
shares in Issue (000's)
Adjusted for effects of 381 585 673
dilutive potential
Ordinary shares (000's)
Weighted average number 20,405 19,951 20,342
for diluted
earnings per share (000's)
Profit attributable to 1,311 1,459 3,249
owners of the Parent
from continuing operations
(GBP000's)
Result of discontinued - 368 487
operations
Profit attributable to owners 1,311 1,827 3,736
of the Parent (GBP000's)
Basic earnings per share from 6.55p 7.53p 16.52p
continuing operations
Diluted earnings per share 6.42p 7.31p 15.97p
from continuing operations
Basic earnings per share 6.55p 9.43p 18.99p
Diluted earnings per share 6.42p 9.16p 18.37p
six months to six months to year ended
30/6/2016 30/6/2015 31/12/2015
GBP000 GBP000 GBP000
Underlying profit attributable
to owners of the Parent
Profit attributable to 1,311 1,459 3,249
owners of the Parent
Exceptional items 188 - -
Prior year tax adjustments - - (157 )
Underlying profit from 1,499 1,459 3,092
continuing operations
Result of discontinued - 368 487
operations
Underlying profit attributable 1,499 1,827 3,579
to owners of the Parent
Underlying earnings per share 7.49p 7.53p 15.72p
from continuing operations
Diluted underlying 7.35p 7.31p 15.20p
earnings per share
from continuing operations
Underlying earnings per share 7.49p 9.43p 18.20p
Diluted underlying 7.35p 9.16p 17.59p
earnings per share
5. Intangible assets
Group Goodwill Brands Customer relationships Patents, trademarks and registrations Development costs Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cost
As at 1 January 2016 5,490 2,210 686 688 2,817 11,891
Additions - - - 109 245 354
As at 30 June 2016 5,490 2,210 686 797 3,062 12,245
Accumulated amortisation/impairment
As at 1 January 2016 - 134 297 138 1,154 1,723
Charge for the period - 17 34 23 58 132
As at 30 June 2016 - 151 331 161 1,212 1,855
Net book value
As at 30 June 2016 5,490 2,059 355 636 1,850 10,390
As at 1 January 2016 5,490 2,076 389 550 1,663 10,168
6. Property, plant and equipment
Group Land and buildings Plant and machinery Fixtures, fittings and equipment Assets in the course of construction Total
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
As at 1 January 2016 2,171 1,357 522 - 4,050 Additions 9 48 7 303 367 Disposals - (44 ) - - (44 ) As at 30 June 2016 2,180 1,361 529 303 4,373 Accumulated depreciation As at 1 January 2016 245 456 280 - 981 Charge for the period 15 71 36 - 122 Disposals - (19 ) - - (19 ) As at 30 June 2016 260 508 316 - 1,084 Net book value As at 30 June 2016 1,920 853 213 303 3,289 As at 1 January 2016 1,926 901 242 - 3,069
Enquiries:
Anpario plcRichard Edwards, Chief Executive Officer +44 (0)7776 417129Karen Prior, Group Finance Director +44 (0)1909 537 380
Peel Hunt +44 (0)207 418 8900Dan WebsterGeorge Sellar
View source version on businesswire.com: http://www.businesswire.com/news/home/20160913006715/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 14, 2016 02:30 ET (06:30 GMT)
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