Anpario Share Discussion Threads

[cerrito] 24/1/2024 23:47

I see that Shore have not changed their revenue forecast for this year 2024 at £33m and have moved up their adj ebitda forecast to £4.6m with an adjusted eps of 15.1p. They are right to say these are conservative .While I see limited downside, a 2024 share price of 300p plus is for me a shade optimistic.
One continues to wonder about corporate activity. They have the issue of distributing around the world £33m of reasonably technical product which must be costly and would be cheaper if they made an acquisition and could get more sales through the network or were taken out and their sales made through someone else's distribution platform. Following the tender offer they do not have many institutional investors who would put up a spirited resistance to a takeover.

[cerrito] 24/1/2024 23:09

I note that sales are to be no less than £30.8m which given that H1 sales were £15.3m suggests H2 sales were £15.5m , compared to £17.4m and £16.6m in H2 2021 and 2022 respectively ie still some way to go.I agree with others here that cash position impressive and good that Ebitda went up from £1.9m to £2.5m between H1 and H2 assuming the figure given today is adjusted.

[jolomo] 24/1/2024 15:59

Thanks for the response. Like you say, we really need to see some top-line growth here.

[partridge1948] 24/1/2024 13:14

Think they were hit by perfect storm in 2021/2 of subdued demand and rapid cost increases,particularly raw material shortages and energy costs.Modest pricing power means a long haul back,but foundations now look in place to me if they can improve revenues.Always dyor.

[jolomo] 24/1/2024 11:40

Not looked at for quite a while. Can anyone shed a bit of light on why margins have deteriorated here? Forecasts don't indicate much of a recovery.

[partridge1948] 24/1/2024 11:36

Positive update and cash generation in particular looks excellent. Only disappointment for me is lack of sales growth. Manufacturing process now looks very efficient and earnings could grow rapidly if they get the top line really moving.Hopefully the licence deal in India will give a sizeable boost.

[igoe104] 24/1/2024 10:04

What a poor decision by investec to sell its shares back to ANP for £2 25. And a great bit of business by the board to reduce its share count. Should save a fair few quid in dividends over the years as well...

[igoe104] 24/1/2024 08:00

Yeah ahead of expectations, excellent stuff from the management team...

[cfro] 24/1/2024 07:36

Wow, cash back up to £10.6m even after the tender issue and dividend payment...

Plus a bit more cash coming back through a tax break on a new patent.

India partnership going to be important going forward.

All in all a very good update, well done to the management team..

[cfro] 09/1/2024 11:58

Clever chap and good assessment. Can't see Stella asset management on the shareholders list so maybe they are sitting under 3% with a view to acquiring more..

As a matter of fact i hadn't looked at the major shareholder list for quite some time and i notice Harwood Capital on there. I don't know how long they are have been there.

[igoe104] 09/1/2024 11:17

ANP talked about by Stephen English.

[cfro] 12/12/2023 11:38

Good spot igoe104!

That really is very important news. You would think it does deserve an RNS.

[cerrito] 12/12/2023 10:46

Thanks for that good spot igoe104.
My understanding is that this would be the first time they have set up a manafucturing plant outside Nottinghamshire.
Rather bemused as there was no mention of India in the Prelims and you would have thought it merited a RNS.

[igoe104] 12/12/2023 10:19

Anpario plc and Saife Vetmed India Pvt. Ltd. Celebrate New Partnership in India.


Independent international manufacturer and distributor of natural animal feed additives Anpario plc, and Saife Vetmed India Pvt. Ltd. signed new manufacture partnership agreement at the prestigious Poultry India show held in Hyderabad 21st – 24th Nov 2023.

In the last 10 years economic development in India has seen a regular year on year growth of 6% of GDP, consequently the market is attracting significant interest from international producers of feed ingredients. India is the second largest producer of eggs in the world behind China, the eighth largest producer of chicken meat, the largest producer of milk contributing 24% of all the milk produced in the world and is the second largest producer of shrimp behind Ecuador.

Saife Vetmed based in New Delhi, have successfully represented Anpario’s flagship product Orego-Stim in India since 2008. Orego-Stim, developed and manufactured by Anpario, is the leading phytogenic feed additive formulated from a unique source of 100% natural oregano essential oil, and is proven to support profitable, health and performance in all species. Changes to production practices and a greater focus on sustainable solutions to drive healthy profitable growth, combined with improved access to the market over the last 2 years have almost tripled Orego-Stim sales and the partnership is ready to move to the next level.

Andrew Jackson, Commercial Director at Anpario commented, “We believe it is the right moment to increase our focus on India and capitalise on the opportunity such a significant market represents to Anpario.”

“India is a significant opportunity, but it is also a considerable challenge, to be successful in such a goliath of a market we need a stable and knowledgeable partner. In Saife Vetmed we believe we have found that partner.”, Andrew continued.

To help expand the sales opportunity more quickly the two parties have agreed upon and signed a first and unique production under licence agreement. The agreement was signed on the 24th of November at the Poultry India show on Saife Vetmed’s stand in Hyderabad. “The objective of such an agreement is to allow the partnership to offer Orego-Stim in a more affordable package to customers in India and so speed up our sales growth in the country.”, explained Andrew.

Major (ex) Bhupendra Singh, Saife Vetmed’s Production Manager, visited Anpario’s production facility in the UK earlier in the year to understand the exacting standards required to produce Orego-Stim and meet the renowned high-quality specification. The Saife Vetmed production facility based in Dehradun in the foothills of the Himalia’s holds GMP+ accreditation.

[petersinthemarket] 29/9/2023 17:12

Recently, this year, Lord Lee built a new portfolio for a family member.
Amongst others, he again bought ANP at 235p.

Lord Lee New family PF:
3 units into each: AV/369p, LGEN/216p, MNG/193p
2 units into: BATS/2590, PHNX/512p, PHP/93p, STB/680p, TW/113p
1 unit into: ANP/235p, CSN/267p, DUKE/31p, MPE/760p, BOWL/230p, STVG/197p, WKP/486p, VP/525p.

If you want to know what his own personal pf looks like
you can find it on ''Lord Lee House of Commons Register of Interests''

pete

[keyno] 24/9/2023 00:28

Many thanks for that, cfro.

[cfro] 23/9/2023 12:43

Yes i do, with reference to his book - How to Make a Million - Slowly! - there is a copy of his FT article written on Sept 1st 2012 titled "Anpario provides some food for thought":


A bright, warm August morning saw me snaking through the Peak District to visit AIM-traded Anpario at its Manton Wood Enterprise Park headquarters at Worksop, Nottinghamshire.

I had been aboard since buying in January at 82p...


The Author note at the end of the article then goes on to say:

I bought AIM-quoted Anpario on 12 occasions during 2012, at between 80p and 105p....

[keyno] 23/9/2023 12:32

Anybody know what price Lord Lee bought in at/how many years he's been a shareholder?

[vprt] 15/9/2023 06:58

Video following the production of Orego-Stim, the most important product:

[cfro] 13/9/2023 13:10

Ah, wait one minute i've just finished reading through the results more thoroughly which i had not done first thing this morning and found this:


As announced in June 2023, Anpario launched a £9.0m tender offer to purchase its own shares at a price of 225p per ordinary share. Valid tenders were received in respect of 107 per cent of the total number of share subject to the tender offer and as such the company purchased the full 4,000,000 ordinary shares. The actual repurchase and settlement of the transaction occurred in early July 2023 and as such is not reflected in these financial statements, other than to show the £9.1m held in escrow with a third-party as a separate line item of the statement of financial position.

Following the conclusion of the Tender Offer, the 4,000,000 shares repurchased, together a further 440,388 shares that were already held in Treasury were subsequently cancelled. As this took place after 30 Jun 2023, the earnings per share calculation in note 6 does not reflect any impact of this transaction. There will be a partial benefit to FY 2023 as the transaction occurred half-way through the year, by a way of a reduction in the number of weighted average shares in issue, however the full year impact will only be felt through 2024.

I had forgot that the tender offer took place after the first half so is not reflective of the bottom line numbers such as EPS this time around. Even the FY numbers will only be partially reflective.

[cfro] 13/9/2023 07:56

Absolutely, just a bump in the road..

Needs to employ some tough salesmen imo..

[igoe104] 13/9/2023 07:50

Definitely stick in the draw type of share, and add if possible.


Some signs of the recent challenges faced across the global agriculture industry are beginning to alleviate.Regulatory environment continues to move towards natural and sustainable feed additive solutions giving the Board confidence in the long-term profitable development of the company

[cfro] 13/9/2023 07:47

Bit hasty that investor that purchased 14.5k over 245p judging by todays results.

We knew they wouldnt be very good but these are probably worse than even i thought they would be. With EPS down by 42% to 5.66p these bottom line numbers would be 20% worse off without the recent share reduction..

Some small positive i suppose with gross margins increasing (and look set to improve further in H2) and 2% increase in dividend (16 years of consecutive growth) but should the dividend have been higher, again, due to the share reduction..

[igoe104] 13/9/2023 07:45

Tough going at the moment, but I feel better years are ahead as regulation changes, and ANP products should experience lots of demand.

[igoe104] 07/9/2023 16:53

Somebody purchased 14.5k worth over £2.45..
Can't be alot of stock around..