![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kiotech Intl | LSE:KIO | 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% | 79.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMANP
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 2015.
Financial and operational highlights1
Financial highlights
-- 11% rise in adjusted EBITDA2 to GBP1.9m (2014: GBP1.7m) -- 9% improvement in gross profit to GBP5.0m (2014: GBP4.6m) -- 8% increase in profit before tax from continuing operations to GBP1.6m
(2014: GBP1.5m)
-- 5% increase in underlying earnings per share from continuing operations3
to 7.53p (2014: 7.14p)
-- Cash balances of GBP7.9m at 30 June 2015 (31 Dec 2014: GBP6.6m)
Operational highlights
-- Strong profit growth in the Americas and Asia Pacific of 17% and 11%
respectively
-- UK division continues to develop strongly with 27% growth in gross
profit
-- China subsidiary progresses with 31% growth in sales -- Brazilian subsidiary secures ownership of product registrations and
import licence
-- Group focused on higher margin additive products following sale of
Organic feed division
Richard S Rose, Chairman, commented:
"The second half has started well and we are confident of maintaining the momentum of the first six months' performance. Our strong balance sheet, backed by the cash generative nature of the business leaves Anpario well positioned to finance further organic growth and also able to consider selective investments or earnings enhancing acquisitions as they arise."
Chairman's Statement
Anpario has delivered a good performance for the six months to 30 June 2015 with further profit growth.
The Group is a leading international supplier of nutritional and biosecurity led natural products to food producers worldwide, offering a comprehensive solution to their problems. The global agricultural markets offer exciting prospects for growth: demand for meat protein is expanding worldwide and food producers are under increasing pressure to ensure production is aligned with best practice to maximise performance and minimise disease risk.
Anpario's strategy of establishing subsidiaries in its key sales regions continues to deliver value with strong organic growth in China, the UK and the US. The Group is now focused on the manufacture and sale of higher margin feed additive products having disposed of its UK Organic feed business.
Financial Review
Profit before tax from continuing operations increased by 8% to GBP1.6m (2014: GBP1.5m). Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 11% to GBP1.9m (2014: GBP1.7m). During the period there has been a 4% reduction in revenue as the business continues to focus on selling specialist feed additives into growth markets. This strategy, coupled with the positive effect of operational gearing has resulted in a gross profit improvement of 9% to GBP5.0 m (2014: GBP4.6m) with gross margin advancing by over five percentage points to 44.7% (2014: 39.3%).
In March 2015 the group disposed of its interest in the manufacture of Organic feed in the UK. The potential maximum cash consideration of GBP0.75m includes GBP0.25m deferred consideration relating to a performance linked earnout. Based on management's latest forecast of the expected earnout, GBP0.13m has been recognised in the accounts for the six months to 30 June 2015.
Basic earnings per share from continuing operations increased by 7% to 7.53p (2014: 7.02p). Underlying earnings per share increased by 5% in the period.
The balance sheet remains strong and debt free and at the period end the cash balance had reached GBP7.9m (30 June 2014: GBP5.7m). The Group has maintained its policy of capital investment to enhance efficiency with GBP0.5m spent in the period principally in plant improvement, product development and protection of global brand and product trademarks.
Operations - International Agriculture
The division continued its positive progress in its key regions of Asia Pacific and Latin America generating profit growth of 11% and 17% respectively in the first six months compared with the equivalent period last year. Within Latin America, sales to customers in Argentina, Bolivia, Chile, Colombia, and Costa Rica each delivered double-digit growth. There was a similar positive performance in Asia with sales in Bangladesh, India, Indonesia and the Philippines advancing strongly.
The Philippines achieved a 48% increase in volume in the first half of the year and demonstrates the increases in volumes which can be generated by working alongside partners to directly access end users. A great deal has been learned from this specific initiative, which will now be applied selectively in other countries during the second half of the year, focusing on specific product groups to drive further advances in sales and profit.
The objective over recent years has been to progressively rebalance sales away from higher volume, low margin commodity type products to focus on the added value, higher margin opportunities. This performance mirrors a similar trend in the UK which delivered a strong 27% increase in gross profit in the half year from a 3% reduction in volume and 5% increase in revenue.
Anpario's toxin binder category provides a clear example of the effect of this rebalancing strategy where the flagship brands, Neutox and Ultrabond, increased volume by 21% and 36% respectively, whilst the non-branded products reduced volume by 69%. The net result for the category was a reduction of 13% in volume and 3% in revenue but an impressive 16% increase in gross profit.
The ongoing political challenges in parts of the Middle East and Africa limited progress in Egypt, Iran and Nigeria in particular. Within Europe, the import ban implemented by the Russian government has affected sales to that country and also to some of its neighbours. The Group continues its prudent approach limiting its financial exposure in high risk countries, including Greece. The geographical diversity of the Group continues to demonstrate its value and there are early signs of improvement in some of these troubled territories which the Group is well placed to capitalise on.
In the US, our initial focus has been on the swine and poultry segments where we have made sales. Our technology has been well received by a number of key agricultural groups whom we are working closely with to demonstrate the performance and health benefits of our products. The removal of antibiotics from meat production in the US continues to be high on the agenda of many producers, especially in the poultry segment. In addition to launching Orego-Stim in the US and our key acidifier range, we have recently decided to launch Credence, our tablet disinfectant, which sanitises the drinking lines in poultry houses and water troughs for livestock and can also be used as a surface disinfectant. It is these features which have particularly interested US customers, who are looking for a package of measures to help them reduce the use of antibiotics and keep animals healthy for improved performance.
Our US subsidiary has also begun to target the ruminant sector, offering products which have performed well in the dairy segment in the UK and Ireland. Initial feedback from customers is encouraging and a number are testing the efficacy of these products.
Operations - UK Agriculture
The division has maintained its momentum in the first six months of the year and delivered strong double-digit growth in gross profit through its focus on the value added product groups within the portfolio. This success has been driven by the implementation of the life stage management initiative of our acidifier and phytogenic range in swine and poultry along with good progress in the ruminant sector with Ultrabond, our mycotoxin binder. These performance improvements enable farmers to maximise the price paid for milk, which is particularly pertinent in current market conditions.
The aim is to replicate this success throughout Continental Europe where there is an opportunity to access end users more easily and this has resulted in the consolidation of responsibilities for Europe and the UK as a single reporting division. This will enable greater resources to be applied to utilise the experience gained in the UK throughout Europe.
The divestment of the Organic animal feed division, Vitrition, in March has removed the effect on Anpario of the volatility inherent in that market and enabled the UK Agriculture division to focus on the strength of its specialty feed additive portfolio.
Innovation and development
A key platform for growth, as outlined in the strategic review in the 2014 annual report, is to combine science and marketing to add value to our offering and to differentiate Anpario from its competitors. Our research effort has been an important element in this process as is the need for greater specialisation in our key product areas. During the first half of the year, the Group has taken steps to realign the structure of the International Division on a species rather than product basis. The increased expertise in these areas is already providing a consistent solution that is focused on the needs of our customers and distributors. The improvement in the calibre of support available to the Group has already been successfully deployed in our subsidiaries in the US and China, with Brazil to follow later in the year. The Chinese subsidiary has successfully weathered the recent pricing volatility within the swine sector with an impressive 31% growth in local revenue in the first half of the year. Advancements into the poultry and feed mill sectors have started to contribute positively and look promising areas for growth.
(MORE TO FOLLOW) Dow Jones Newswires
September 16, 2015 02:00 ET (06:00 GMT)
The Group has prioritised its research effort by working closely with customers and leading universities to demonstrate the quality and value of its product portfolio in enhancing the health and performance of livestock. The flagship product groups of acidifiers and phytogenics are uniquely positioned as they offer a complete solution for all life stages of the animal, from birth to breeding, yet provide specific products that have been formulated with each life stage in mind, enabling the individual requirements of each consumer to be met, maximising their returns.
Our products have demonstrated an improvement of both primary and secondary antibody responses to specific challenges, a significant finding in disease management that is currently being evaluated further. The implication of improving the immunity of animals to disease not only supports the improvement in performance of animals consuming our products but would also facilitate the opportunity to reduce the use of medications such as antibiotics in animal feed when our products are included.
Outlook
The second half has started well and we are confident of maintaining the momentum of the first six months' performance. Our strong balance sheet, backed by the cash generative nature of the business, leaves Anpario well positioned to finance further organic growth and also able to consider selective investments or earnings enhancing acquisitions as they arise.
Richard S Rose Chairman16 September 2015
1All prior-year values have been restated to reflect the disposal of the Organic division as discontinued operations.
2Adjusted EBITDA represents operating profit GBP1.58m (2014: GBP1.48m) adjusted for: share based payments GBP0.14m (2014: GBP0.07m); depreciation, amortisation and impairment charges of GBP0.19m (2014: GBP0.17m).
3Underlying earnings per share from continuing operations represents profit from continuing operations for the period before unwinding of discount on contingent consideration divided by the weighted average number of shares in issue.
Unaudited consolidated income statement for the six months ended 30 June 2015 restated1 restated1 six months to six months to year ended 6/30/2015 6/30/2014 12/31/2014 Notes GBP000 GBP000 GBP000 Continuing operations Revenue 3 11,143 11,609 23,449 Cost of sales (6,164) (7,052) (13,953) Gross profit 4,979 4,557 9,496 Administrative (3,396) (3,078) (6,447) expenses Operating profit 1,583 1,479 3,049 Finance income 27 27 48 Finance cost of - (21) (21) contingent consideration Profit before 1,610 1,485 3,076 income tax Income tax expense (151) (195) (107) Profit for the 1,459 1,290 2,969 period from continuing operations Discontinued operations Profit for the period from discontinued operations (attributable 8 368 84 191 to owners of the parent) Profit for the period 1,827 1,374 3,160 Profit attributable to: Owners of the parent 1,827 1,374 3,160 Profit for the period 1,827 1,374 3,160 Basic earnings 4 7.53p 7.02p 16.14p per share from continuing operations Diluted earnings 4 7.31p 6.37p 14.76p per share from continuing operations Basic earnings 4 9.43p 7.48p 17.18p per share Diluted earnings 4 9.16p 6.78p 15.71p per share Unaudited consolidated statement of comprehensive income for the six months ended 30 June 2015 restated1 restated1 six months to six months to year ended 6/30/2015 6/30/2014 12/31/2014 GBP000 GBP000 GBP000 Profit for the period 1,827 1,374 3,160 Items that may be subsequently reclassified to profit or loss: Exchange difference (39) (1) (42) on translating foreign operations Total comprehensive 1,788 1,373 3,118 income for the period Attributable to 1,788 1,373 3,118 the owners of the parent: Total comprehensive income attributable to equity shareholders arises from: - Continuing 1,420 1,289 2,927 operations - Discontinued 368 84 191 operations Total comprehensive 1,788 1,373 3,118 income for the period 1Prior Year comparatives have been restated following the disposal of a discontinued operation as disclosed in note 8. Unaudited consolidated balance sheet as at 30 June 2015 as at as at as at 6/30/2015 6/30/2014 12/31/2014 Notes GBP000 GBP000 GBP000 Intangible assets 5 10,014 9,386 9,826 Property, plant and equipment 6 3,083 3,196 3,018 Deferred tax assets 179 204 179 Non-current assets 13,276 12,786 13,023 Inventories 1,646 1,585 1,711 Trade and other receivables 6,975 7,286 7,699 Cash and cash equivalents 7,938 5,698 6,631 Current assets 16,559 14,569 16,041 Total assets 29,835 27,355 29,064 Called up share capital 7 5,040 4,592 4,622 Share premium 7 7,528 3,973 4,051 Other reserves (3,807) (348) (389) Retained earnings 16,289 13,353 14,462 Total equity 25,050 21,570 22,746 Deferred tax liabilities 1,044 990 1,044 Non-current liabilities 1,044 990 1,044 Trade and other payables 3,474 4,358 5,129 Current income tax liabilities 267 437 145 Current liabilities 3,741 4,795 5,274 Total liabilities 4,785 5,785 6,318 Total equity and liabilities 29,835 27,355 29,064 Unaudited consolidated statement of changes in equity for the six months ended 30 June 2015 Called up share capital Share premium Other reserves Retained earnings Total equity GBP000 GBP000 GBP000 GBP000 GBP000 Balance 4,573 3,922 (345) 11,979 20,129 at 1 January 2014 Profit - - - 1,374 1,374 for the period Currency - - (1) - (1) translation differences Total - - (1) 1,374 1,373 comprehensive income for the period Issue of 19 51 - - 70 share capital Share-based - - (2) - (2) payment adjustments Transactions 19 51 (2) - 68 with owners Balance 4,592 3,973 (348) 13,353 21,570 at 30 June 2014 Profit - - - 1,786 1,786 for the period Currency - - (41) - (41) translation differences Total - - (41) 1,786 1,745 comprehensive income for the period Issue of 30 78 - - 108 share capital Purchase - - (116) - (116) of treasury shares Share-based - - 116 - 116 payment adjustments Dividends - - - (677) (677) relating to 2013 Transactions 30 78 - (677) (569) with owners Balance 4,622 4,051 (389) 14,462 22,746 at 31 December 2014 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
(MORE TO FOLLOW) Dow Jones Newswires
September 16, 2015 02:00 ET (06:00 GMT)
Transactions 418 3,477 (3,379) - 516 with owners Balance 5,040 7,528 (3,807) 16,289 25,050 at 30 June 2015 Unaudited consolidated statements of cash flows for the six months ended 30 June 2015 six months to six months to year ended 6/30/2015 6/30/2014 12/31/2014 GBP000 GBP000 GBP000 Cash generated 1,074 1,338 3,500 from operating activities Income tax paid (123) (91) (253) Net cash generated from 951 1,247 3,247 operating activities Purchases of property, (198) (271) (289) plant and equipment Proceeds from disposal - 19 34 of property, plant and equipment Net proceeds from disposal 344 - - of discontinued operations Payments to acquire (275) (158) (574) intangible assets Interest received 27 27 48 Net cash used in investing (102) (383) (781) activities Purchase of treasury shares - - (116) Acquisition of (3,415) - - shares by JSOP Proceeds from issuance 3,895 70 178 of shares Dividend paid to Company's - - (677) shareholders Net cash used in financing 480 70 (615) activities Net increase in cash 1,329 934 1,851 and cash equivalents Effect of exchange (22) (15) 1 rate changes Cash and cash equivalents 6,631 4,779 4,779 at the beginning of the period Cash and cash equivalents 7,938 5,698 6,631 at the end of the period restated1 restated1 six months to six months to year ended 6/30/2015 6/30/2014 12/31/2014 Cash generated GBP000 GBP000 GBP000 from operating activities Profit before income 1,623 1,592 3,319 tax including discontinued operations Net finance cost (27) (6) (27) Depreciation, amortisation 195 186 357 and impairment Profit on disposal - - (16) of property, plant and equipment Share-based payments 36 (2) 114 Fair value of contingent 130 - - consideration Changes in working capital: Inventories 60 214 129 Trade and other receivables 673 (321) (755) Trade and other payables (1,616) (325) 379 Net cash generated from 1,074 1,338 3,500 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 2015. The consolidated financial statements have been prepared on the basis of the accounting policies set out in the Group's financial statements for the year ended 31 December 2014, 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 2014 were approved by the Board of Directors on 4 March 2015 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 2015 is neither audited nor reviewed. 3. Segment information UK and Eire International Total GBP000 GBP000 GBP000 for the six months ended 30 June 2015 Total segmental revenue 2,051 9,798 11,849 Inter-segment revenue (199) (507) (706) Revenue from external customers 1,852 9,291 11,143 Adjusted EBITDA 399 1,514 1,913 Depreciation, amortisation (2) (193) (195) and impairment charges Income tax expense (29) (122) (151) Total assets 8,424 23,120 29,835 Total liabilities (1,317) (4,001) (4,785) for the six months ended 30 June 2014 (restated) Total segmental revenue 1,582 10,451 12,033 Inter-segment revenue - (424) (424) Revenue from external customers 1,582 10,027 11,609 Adjusted EBITDA 129 1,599 1,728 Depreciation, amortisation (22) (159) (181) and impairment charges Income tax expense (19) (176) (195) Total assets 7,857 19,498 27,355 Total liabilities (1,429) (4,356) (5,785) Year ended 31 December 2014 (restated) Total segmental revenue 3,733 21,155 24,888 Inter-segment revenue (281) (1,158) (1,439) Revenue from external customers 3,452 19,997 23,449 Adjusted EBITDA 276 3,324 3,600 Depreciation, amortisation (46) (303) (349) and impairment charges Income tax credit/(expense) 59 (166) (107) Total assets 7,907 21,157 27,355 Total liabilities (1,526) (4,792) (5,785) A reconciliation of adjusted EBITDA to profit before income tax is provided as follows: restated1 restated1 six months to six months to year ended 6/30/2015 6/30/2014 12/31/2014 GBP000 GBP000 GBP000 Adjusted EBITDA for reportable 1,913 1,728 3,600 segments Depreciation, amortisation (195) (181) (349) and impairment charges Share-based payment charges (135) (68) (202) Finance income 27 27 48 Finance cost of contingent - (21) (21) consideration Profit before income tax from 1,610 1,485 3,076 continued operations 4. Earnings per share six months to six months to year ended 6/30/2015 6/30/2014 12/31/2014 Weighted average number of 19,366 18,370 18,393 shares in Issue (000's) Adjusted for effects of 585 1,881 1,717 dilutive potential Ordinary shares (000's) Weighted average number 19,951 20,251 20,110 for diluted earnings per share (000's) Profit attributable to 1,459 1,290 2,969 owners of the Parent from continuing operations (GBP000's) Result of discontinued 368 84 191 operations Profit attributable to owners 1,827 1,374 3,160 of the Parent (GBP000's) Basic earnings per share from 7.53p 7.02p 16.14p continuing operations Diluted earnings per share 7.31p 6.37p 14.76p from continuing operations Basic earnings per share 9.43p 7.48p 17.18p Diluted earnings per share 9.16p 6.78p 15.71p six months to six months to year ended 6/30/2015 6/30/2014 12/31/2014 GBP000 GBP000 GBP000 Underlying profit attributable to owners of the Parent Profit attributable to 1,459 1,290 2,969 owners of the Parent Unwinding of discount on - 21 21 contingent consideration Prior year tax adjustments - - (318) Underlying profit from 1,459 1,311 2,672 continuing operations Result of discontinued 368 84 191 operations Underlying profit attributable 1,827 1,395 2,863 to owners of the Parent Underlying earnings per share 7.53p 7.14p 14.53p from continuing operations Diluted underlying 7.31p 6.47p 13.29p earnings per share from continuing operations Underlying earnings per share 9.43p 7.59p 15.57p Diluted underlying 9.16p 6.89p 14.24p earnings per share 5. Intangible assets Group Goodwill Brands Customer Patents, trademarks Development costs Total
(MORE TO FOLLOW) Dow Jones Newswires
September 16, 2015 02:00 ET (06:00 GMT)
1 Year Kiotech Chart |
1 Month Kiotech Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions