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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5.00 | 2.00% | 255.00 | 250.00 | 260.00 | 255.00 | 250.00 | 250.00 | 19,468 | 14:14:50 |
| 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
19 September 2017
Anpario plc (AIM: ANP)
("Anpario" or "the Company")
Anpario plc, the international producer and distributor of natural animal feed additives for animal health, nutrition and biosecurity is pleased to announce its interim results for the six months to 30 June 2017.
Financial and operational highlights
Financial highlights
Hot Features
Premium
-- 39% increase in revenue to GBP14.8m (2016: GBP10.7m)
-- 42% rise in gross profits to GBP7.3m (2016: GBP5.1m)
-- 31% improvement in adjusted EBITDA1 to GBP2.6m (2016: GBP2.0)
-- 22% enhancement in adjusted earnings per share to 9.1p (2016: 7.5p)
-- Introduction of interim dividend of 2.0p per share (2016: nil)
-- Cash balances of GBP12.6m at 30 June 2017 (31 December 2016: GBP11.1m)
Operational highlights
-- Sales growth achieved reflects strong performances in Asia, the
Americas and Middle East
-- Implementation of our strategy starting to deliver planned benefits
-- Anpario global branding raising the international profile of the
company
-- New subsidiaries set-up in Thailand and Indonesia
-- Acquisition of Australian distributor completed in February 2017 and
integration progressing well
Peter Lawrence, Chairman, commented:
"We are delighted by the first half performance driven by the implementation of our strategy to build strong commercial relationships with end users. The second half of the year has started well. Our strong balance sheet and positive cash generation give Anpario a sound platform from which to make selective earnings enhancing acquisitions and to further invest in recruitment and infrastructure to accelerate the profitable growth of the business".
Chairman's statement
In my first statement as Chairman, I would like to thank my predecessor, Richard Rose, for his 12 years of service to Anpario and his leadership and guidance of the Board, during which time significant shareholder value has been created.
Anpario has delivered an excellent performance for the six months to 30 June 2017. The Board is pleased to declare a maiden interim dividend of 2.0p per ordinary share payable on 1 December 2017 to shareholders on the register at close of business on 17 November 2017. The introduction of an interim dividend reflects the Board's confidence in the growth prospects of the Company.
These results reflect the enhanced focus on the implementation of our strategy. The recruitment of regional commercial teams and the decision to rebrand under the Anpario name have raised the company's international profile. These factors, along with improved product technology and service capabilities, have been of great benefit to end user customers.
The transformation of our sales and distribution channels is still in its early stages, but getting closer to our production customers and working with key partner distributors has clearly helped to drive sales growth during the period. Distribution has been further extended during the period through the acquisition of Cobbett, our Australian distributor, and the formation of subsidiaries in Thailand and Indonesia.
Financial review
Revenue in the first half of the year increased by 39% to GBP14.8m (2016: GBP10.7m). Gross profit advanced by over 42% to GBP7.3m (2016: GBP5.1m). Increased volumes and a higher proportion of end customer sales have enabled us to maintain our overall gross margins and helped offset some raw material price inflation.
Administrative expenses in the period rose 51% to GBP5.1m (2016: GBP3.4m). Foreign exchange losses, included in administrative expenses, were GBP0.4m in the period compared to gains of GBP0.3m in 2016. As such, the underlying increase in administrative expenses was GBP1.0m, the majority of which relates to investment in new appointments and the associated costs. This increase is a result of internal restructuring and the set-up of new operations. This process is still underway and is expected to continue through 2017, as evidenced by some further exceptional items of GBP0.3m (2016: GBP0.2m). This investment is already contributing to the increase in revenue but it will take time for the full impact to be felt.
Adjusted EBITDA1 was ahead by 31% to GBP2.6m (2016: GBP2.0m). The growth in profit after tax of 21% to GBP1.6m (2016: GBP1.3m) was achieved after increases to the depreciation and amortisation charges resulting from recent capital expenditure and higher share-based payments and income tax charges.
Basic earnings per share increased by 19% to 7.80p (2016: 6.55p) and adjusted earnings per share grew by 22% to 9.13p (2016: 7.49p).
The balance sheet is strong and debt free with further positive cash generation of GBP1.5m. The cash balance at the period end was GBP12.6m (31 December 2016: GBP11.1m) after expending GBP0.5m on the purchase of Cobbett, our Australian distributor, in February 2017.
Operations
Our key target regions delivered exceptionally strong performances during the period with increases of 58%, 56% and 46% from Asia, the Americas and the Middle East, respectively over the equivalent period last year. This overall strong organic sales growth totalling GBP3.13m results directly from the strategic initiatives implemented in 2016. In addition, favourable currency movements contributed just under GBP1m to like for like sales. In Asia, there were strong performances from Bangladesh, Malaysia, Philippines, South Korea, and Thailand. China delivered sales growth of 42% helped by the successful relaunch of Orego-Stim, which is now branded as Meriden-Stim.
In Australia, Cobbett contributed to the region's sales performance. A new regional manager for Australasia has been recruited, responsible for our business in Australia, New Zealand and the South Pacific territories. In Asia, territory managers were recruited for Thailand, Indonesia, and the Philippines. Employing local commercial teams, who are closer to our end user customers, gives us better insight into opportunities, including local pricing and also keeps the Anpario brand at the forefront of customers' minds.
The standout performer in the Americas region was the United States, which accounted for 7% of total group revenue and where sales have accelerated in the dairy sector, organic egg layers and supplying poultry integrators for both conventional and antibiotic free production. It is anticipated that sales will expand across the United States, reflecting increasing recognition of our natural feed additives.
Brazil and Mexico, our two key markets in Latin America, also saw good sales growth. New distributors were appointed in Chile and Peru to strengthen our presence in these areas.
Despite the ongoing geopolitical events in the region, the Middle East returned to growth with strong performances from Israel, Lebanon and Turkey. The outturn in Turkey contrasts with the first half of 2016 when reduced stockholdings began at the start of last year. A new technical sales manager has also been recruited to support development in this area.
Our operations in the UK and Ireland, which account for 11% of total sales, did well growing sales by 15%. The recovery in milk prices helped to strengthen demand for Ultrabond and Optomega, which improve fertility in dairy cows. Our UK team is working, in partnership with industry specialists, offering turnkey solutions for the egg laying industry by demonstrating the benefits of Anpario products to farmers, who are keen to maximise the profitability of their egg laying stock.
Our main product groups of eubiotics (gut health) and mycotoxin binders delivered encouraging performances with our leading product brands: Orego-Stim, Salkil, Salgard, Ultrabond and Prefect all contributing to the growth.
Innovation and development
Over the past 12 months we have recruited a new central technical team to manage new product development and technical support for our customers. One of the team's principal tasks is to demonstrate that our products can help farmers' profitability by improving performance when regulatory changes dictate that certain treatments, such as antibiotic growth promoters, or other industry practices, can no longer be used in meat production. One recent opportunity is the phased banning of zinc oxide in pig diets across the European Union and in some other countries. A number of customers have successfully replaced zinc oxide in diets with our organic acid based eubiotic products, which promote development of the gut microbiota. In order to scientifically support our field experiences, we carried out successful trials at leading institutions in Canada and Thailand.
Our technical team has also been strengthened through the recruitment of species specialists in ruminant, swine and aquaculture. This group will support our commercial teams and work with marketing to help communicate our solution driven approach to customers' problems. The teams, working collaboratively, have also developed a number of feed additive programmes to show customers how to use our products in a combined approach through the life stages of their animals. The preventative nature of our feed additives helps present a robust response from animals during periods of growth and disease. Anpario's natural additives also reduce the use of antibiotic growth promoters, which is an important element in the move towards antibiotic free protein production. Our products have also performed strongly in trials carried out in China when removing colistin sulphate, a widely used antibiotic, from weaning piglet diets.
Outlook
The second half of the year has started well. Our focus remains on implementing the strategy that is successfully transforming our sales and distribution channels by building stronger and closer relationships with customers. Our strong balance sheet and positive cash generation give Anpario a sound platform from which to make selective earnings enhancing acquisitions and to further invest in recruitment and infrastructure to accelerate the profitable growth of the business.
Peter Lawrence
Chairman
19 September 2017
1. Adjusted EBITDA represents operating profit
GBP1.860m (2016: GBP1.480m) adjusted
for: share based payments GBP0.161m (2016: GBP0.047m); depreciation,
amortisation and impairment charges of GBP0.347m (2016: GBP0.254m)
and closure and restructuring costs GBP0.269m (2016: GBP0.235m).
Unaudited
consolidated
income statement
for the six
months
ended 30 June
2017
six months to six months to year ended
30/06/2017 30/06/2016 31/12/2016
Notes GBP000 GBP000 GBP000
Revenue 3 14,803 10,687 24,340
Cost of sales (7,528) (5,561) (12,895)
Gross profit 7,275 5,126 11,445
Administrative (5,146) (3,411) (7,603)
expenses
Exceptional items (269) (235) (1,221)
Operating profit 1,860 1,480 2,621
Finance income 17 34 59
Profit before 1,877 1,514 2,680
income tax
Income tax (292) (203) (100)
expense
Profit for 1,585 1,311 2,580
the period
Profit
attributable
to:
Owners of the 1,584 1,311 2,580
parent
Non-controlling 1 - -
interests
Profit for 1,585 1,311 2,580
the period
Basic earnings 4 7.80p 6.55p 12.79p
per share
Diluted earnings 4 7.62p 6.42p 12.58p
per share
Adjusted earnings 4 9.13p 7.49p 16.90p
per share
Diluted adjusted 4 8.92p 7.35p 16.62p
earnings
per share
Unaudited consolidated
statement
of comprehensive income
for the six months
ended 30 June 2017
six months to six months to year ended
30/06/2017 30/06/2016 31/12/2016
GBP000 GBP000 GBP000
Profit for the period 1,585 1,311 2,580
Items that may be
subsequently
reclassified
to profit or loss:
Exchange difference 54 (19) (87)
on translating
foreign operations
Total comprehensive income 1,639 1,292 2,493
for the period
Attributable to the owners 1,638 1,292 2,493
of the parent:
Non-controlling interests 1 - -
Total comprehensive income 1,639 1,292 2,493
for the period
Unaudited consolidated
statement
of financial position
as at 30 June 2017
as at as at as at
30/06/2017 30/06/2016 31/12/2016
Notes GBP000 GBP000 GBP000
Intangible assets 5 10,851 10,390 10,132
Property, plant 6 3,442 3,289 3,539
and equipment
Deferred tax assets 338 307 286
Non-current assets 14,631 13,986 13,957
Inventories 2,315 2,014 2,246
Trade and other receivables 6,921 6,379 6,733
Cash and cash equivalents 12,611 10,870 11,112
Current assets 21,847 19,263 20,091
Total assets 36,478 33,249 34,048
Called up share capital 5,292 5,095 5,291
Share premium 9,518 7,796 9,515
Other reserves (4,801) (3,331) (5,112)
Retained earnings 20,428 18,598 18,843
Equity attributable 30,437 28,158 20,129
to owners
of the parent company
Non-controlling interest (1) - -
Total equity 30,436 28,158 28,537
Deferred tax liabilities 974 1,176 1,014
Non-current liabilities 974 1,176 1,014
Trade and other payables 4,602 3,759 4,351
Current income tax 466 156 146
liabilities
Current liabilities 5,068 3,915 4,497
Total liabilities 6,042 5,091 5,511
Total equity and 36,478 33,249 34,048
liabilities
Unaudited consolidated
statement
of changes in equity
for the six months
ended 30 June 2017
Called up sharecapital Sharepremium Otherreserves Retainedearnings Non-controllinginterest Totalequity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 5,058 7,613 (3,374) 17,287 - 26,584
January 2016
Profit for the period - - - 1,311 - 1,311
Currency translation - - (19) - - (19)
differences
Total comprehensive - - (19) 1,311 - 1,292
income
for the period
Issue of share capital 37 183 - - - 220
Share-based payment - - 62 - - 62
adjustments
Transactions 37 183 62 - - 282
with owners
Balance at 30 5,095 7,796 (3,331) 18,598 - 28,158
June 2016
Profit for the period - - - 1,269 - 1,269
Currency translation - - (68) - - (68)
differences
Total comprehensive - - (68) 1,269 - 1,201
income
for the period
Issue of share capital 196 1,719 - - - 1,915
Deferred tax regarding - - (128) - - (128)
share-based payments
Cash flow hedge - - 37 - - 37
reserve
Joint share ownership - - (1,760) - - (1,760)
plan
Share-based payment - - 138 - - 138
adjustments
Dividends relating - - - (1,024) - (1,024)
to 2015
Transactions 196 1,719 (1,713) (1,024) - (822)
with owners
Balance at 31 December 5,291 9,515 (5,112) 18,843 - 28,537
2016
Profit for the period - - - 1,585 (1) 1,584
Currency translation - - 54 - - 54
differences
Total comprehensive - - 54 1,585 (1) 1,638
income
for the period
Issue of share capital 1 3 - - - 4
Cash flow hedge - - 123 - - 123
reserve
Share-based payment - - 134 - - 134
adjustments
Transactions 1 3 257 - - 261
with owners
Balance at 30 5,292 9,518 (4,801) 20,428 (1) 30,436
June 2017
Unaudited consolidated
statement
of cash flows
for the six months
ended 30 June 2017
six months to six months to year ended
30/06/2017 30/06/2016 31/12/2016
GBP000 GBP000 GBP000
Cash generated 2,448 1,943 3,957
from operating
activities
Income tax paid (73) (13) (159)
Net cash generated from 2,375 1,930 3,798
operating activities
Investment in subsidiary (514) - -
Purchases of property, (69) (367) (729)
plant and equipment
Proceeds from disposal 1 - 4
of property,
plant and equipment
Payments to acquire (298) (354) (831)
intangible assets
Interest received 17 34 59
Net cash used in investing (863) (687) (1,497)
activities
Joint share ownership plan - - (1,760)
Proceeds from issuance 4 220 2,135
of shares
Dividend paid to Company's - - (1,024)
shareholders
Net cash used in financing 4 220 (649)
activities
Net increase in cash 1,516 1,463 1,652
and cash equivalents
Effect of exchange (17) 70 123
rate changes
Cash and cash equivalents 11,112 9,337 9,337
at
the beginning of the period
Cash and cash equivalents 12,611 10,870 11,112
at the end of the period
six months to six months to year ended
30/06/2017 30/06/2016 31/12/2016
GBP000 GBP000 GBP000
Cash generated
from operating
activities
Profit before income tax 1,877 1,514 2,680
Net finance income (17) (34) (59)
Depreciation, amortisation 348 254 1,130
and impairment
(Profit)/Loss on disposal 7 - (4)
of property,
plant and equipment
Share-based payments 134 62 200
Changes in working capital:
Inventories (38) 28 (218)
Trade and other receivables (212) 430 55
Trade and other payables 349 (311) 173
Net cash generated from 2,448 1,943 3,957
operating activities
Notes to the financial statements
for the six months ended 30 June 2017
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 2017.
The Group has presented its financial statements in accordance with International Reporting Standards ("IFRS's"), 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 2016, which are available on the Company's website 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 2016 were approved by the Board of Directors on 8 March 2017 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 2017 is neither audited nor reviewed.
3.Segment information
Management has determined the operating segments based on the reports reviewed by the Board that are used to make strategic decisions. The Board considers the business from a geographic perspective. Management considers adjusted EBITDA to assess the performance of the operating segments, which comprises profit before interest, tax, depreciation and amortisation adjusted for share-based payments and exceptional items.
Americas Asia Europe MEA Head Office Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
for the six
months
ended 30
June
2017
Total 2,859 6,588 5,124 2,136 - 16,707
segmental
revenue
Inter-segment - - (1,904) - - (1,904)
revenue
Revenue 2,859 6,588 3,220 2,136 - 14,803
from
external
customers
Adjusted 994 2,057 1,217 833 (2,464) 2,637
EBITDA
Depreciation (7) (4) - - (336) (347)
and
amortisation
Net finance 1 - - 1 15 17
income
Share-based - - - - (161) (161)
payments
Exceptional - (165) - (19) (85) (269)
items
Income tax 31 8 - (1) (330) (292)
Profit for 1,019 1,896 1,217 814 (3,361) 1,585
the period
Total 36,478 36,478
assets
Total (6,042) (6,042)
liabilities
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
year
ended
31 Dec 2016
Total 4,491 10,351 8,450 2,953 - 26,245
segmental
revenue
Inter-segment - - (1,905) - - (1,905)
revenue
Revenue 4,491 10,351 6,545 2,953 - 24,340
from
external
customers
Adjusted 1,373 3,507 2,510 1,247 (4,026) 4,611
EBITDA
Depreciation (10) (6) (3) - (540) (559)
and
amortisation
Net - 1 - - 58 59
finance
(income)/expense
Share-based - - - - (210) (210)
payments
Exceptional (93) (107) - (32) (989) (1,221)
items
Income tax 156 29 - (3) (282) (100)
Profit for 1,426 3,424 2,507 1,212 (5,989) 2,580
the year
Total 34,048 34,048
assets
Total (5,511) (5,511)
liabilities
4.Earnings per share
six months to six months to year ended
30/06/2017 30/06/2016 31/12/2016
Weighted average 20,313 20,024 20,166
number of
shares in Issue (000's)
Adjusted for effects of 473 381 340
dilutive potential
Ordinary shares (000's)
Weighted average number 20,786 20,405 20,506
for diluted
earnings per share
(000's)
Profit attributable 1,584 1,311 2,580
to owners
of the Parent (GBP000's)
Basic earnings per share 7.80p 6.55p 12.79p
Diluted earnings 7.62p 6.42p 12.58p
per share
six months to six months to year ended
30/06/2017 30/06/2016 31/12/2016
GBP000 GBP000 GBP000
Adjusted profit
attributable
to owners of the Parent
Profit attributable to 1,584 1,311 2,580
owners of the Parent
Exceptional items 269 188 1,113
(net of tax)
Prior year tax - - (285)
adjustments
Adjusted profit 1,853 1,499 3,408
attributable
to owners of the Parent
Adjusted earnings 9.13p 7.49p 16.90p
per share
Diluted adjusted earnings 8.92p 7.35p 16.62p
per share
5.Intangible assets
Customerrelationships Patents,trademarksandregistrations Developmentcosts SoftwareandLicences
Goodwill Brands Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cost
As at 1 January 2017 5,490 2,768 686 1,050 2,198 521 12,713
Additions 470 43 100 147 96 55 911
Disposals - - - (10) - - (10)
Foreign exchange - - - (1) - - (1)
As at 30 June 2017 5,960 2,811 786 1,186 2,294 576 13,613
Accumulated amortisation/impairment
As at 1 January 2017 - 227 365 232 1,661 96 2,581
Charge for the period - 42 34 67 5 36 184
Disposals - - - (3) - - (3)
As at 30 June 2017 - 269 399 296 1,666 132 2,762
Net book value
As at 30 June 2017 5,960 2,542 387 890 628 444 10,851
As at 1 January 2017 5,490 2,541 321 818 537 425 10,132
6.Tangible assets
Land Plant Fixtures,fittings Assets Total
andbuildings andmachinery andequipment in thecourse
ofconstruction
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
As 2,180 1,904 545 101 4,730
at 1 January
2017
Additions 1 12 12 44 69
Disposals - (2) - - (2)
Transfer of - 131 - (131) -
assets
in
construction
Foreign - (2) (1) - (3)
exchange
As at 30 June 2,181 2,043 556 14 4,794
2017
Accumulated
depreciation
As 276 583 332 - 1,191
at 1 January
2017
Charge for 16 108 39 - 163
the period
Disposals - (1) - - (1)
Foreign - (1) - - (1)
exchange
As at 30 June 292 689 371 - 1,352
2017
Net book
value
As at 30 June 1,889 1,354 185 14 3,442
2017
As 1,904 1,321 213 101 3,539
at 1 January
2017
7.Business combinations
On 3 February 2017, the Group acquired the business and inventory of Cobbett Pty Ltd ("Cobbett"). Cobbett has been Anpario's distributor since 1987 and the acquisition is in line with our strategy to strengthen sales and distribution channels and develop closer relationships with end users of our products.
On completion, the fair value of the net assets and liabilities of Cobbett equalled GBP228,000 and consequently gives rise to goodwill on the transaction of GBP470,000. The acquired business contributed revenues of GBP390,000 and a net profit before tax of GBP41,000 to the Group for the period from 3 February 2017 to 30 June 2017.
A contingent consideration arrangement exists that requires the Group to pay in cash, to the former owners of Cobbett, up to AUD $300,000 (GBP184,000) after one year, based on certain performance criteria being met.
Details of net assets acquired and goodwill are as follows:
GBP000
Purchase consideration 429
Inventory 85
Contingent consideration 184
Total consideration 698
The assets and liabilities at 3 February 2017 arising from the acquisition are as follows:
Acquiree's
Fair value Carrying Value
GBP000 GBP000
Brands 43 -
Customer relationships 100 -
Inventory 85 85
Fair value of assets 228 85
Goodwill 470
Total purchase consideration 698
Cash outflow on acquisition 514
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations.
Enquiries Anpario plc Richard Edwards Chief Executive Officer +44(0) 777 6417 129 Karen Prior Finance Director +44(0) 1909 537380 Peel Hunt LLP Adrian Trimmings, George Sellar +44 (0)207 418 8900
View source version on businesswire.com: http://www.businesswire.com/news/home/20170918006547/en/
This information is provided by Business Wire
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September 19, 2017 02:00 ET (06:00 GMT)
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