Final Results

About this update from Anpario Plc

[{"type":"text","content":"\n \n Anpario plc \n (\"Anpario\", \"Group\" or the \"Company\") \n   \n Final results \n   \n Anpario plc (AIM: ANP), the independent manufacturer of natural and sustainable feed additives for animal health, nutrition and biosecurity, is pleased to announce its full year audited results for the twelve months to 31 December 2025. \n   \n Financial highlights \n -       24% increase in revenue to £47.2m (2024: £38.2m). \n -       Improvement in gross margin to 50.9% (2024: 46.9%). \n -       54% increase in profit before tax to £8.0m (2024: £5.2m). \n -       38% increase in adjusted EBITDA 1 to £9.6m (2024: £7.0m). \n -       Basic earnings per share up 63% to 40.20p (2024: 24.66p). \n -       Diluted adjusted earnings 1 per share up 33% to 39.49p (2024: 29.66p). \n -       Increase of proposed final dividend to 8.90p (2024: 8.00p) per share, resulting in a total dividend for the year of 12.50p (2024: 11.25p) per share. \n -       Cash and cash equivalents of £12.4m at the year-end (2024: £10.5m). \n   \n Operational highlights \n -       Full year contribution from Bio-Vet Inc. (\"Bio-Vet\"), with integration progressing well and the business delivering one of its strongest ever half-year sales performances in H2. \n -       Like-for-like (\"LFL\") sales, excluding Bio-Vet, increased by 12%. \n -       Strong LFL growth in the Americas, Europe and Asia. \n -       Continued high growth in premium product classes such as Orego-Stim®, Optomega® Algae and the contribution from the Bio-Vet range have improved gross margins. \n   \n Outlook \n -       Trading to date in the current year is in line with the strong Q1 performance in the prior year. \n -       Continued growth in North America under the new organisational structure. \n -       Strong start and return to growth for the Middle-East region. \n -       Our logistics teams are working with our customers to mitigate any impact resulting from the current conflict in Iran and the surrounding region. \n   \n   \n Richard Edwards, Chief Executive, commented: \n \"The Group delivered a strong performance in 2025, with momentum building through the second half of the year. This performance reflects the successful execution of our strategy, continued growth in demand for our natural feed-additive solutions and the operational leverage inherent in our business model. The Group had the benefit of a full-year contribution from Bio-Vet, which delivered a strong second-half performance. Integration of the business is progressing well. \n   \n On a like-for-like basis, excluding Bio-Vet, our performance was strong and broad ‑ based across most territories. Clearly recent events in the Middle East will cause disruption, the impact of which it is too early to assess. However, we have an experienced team who have managed through similar periods and our subsidiaries have the benefit of good local inventory with which to continue to service our customers. The Group maintains a strong balance sheet and there is a clear focus on driving long-term and sustained profitable growth. \n   \n Finally, this performance is the result of the efforts of Anpario staff across the globe who, through hard work and diligence, have delivered another set of excellent results.\" \n   \n   \n 1 Adjusted EBITDA and adjusted earnings are defined in note 6 of the financial statements. \n   \n   \n   \n Chairman's statement \n   \n Anpario delivered a strong performance in 2025, reflecting the continued execution of the Group's strategy and the benefits of our focus on higher value-add natural feed additive solutions. Momentum strengthened in the second half of the year, supported by the Group's operational leverage and disciplined commercial approach. \n   \n Financial performance \n Revenue increased by 24% to £47.2m (2024: £38.2m), supported by the first full year contribution from the acquisition of Bio ‑ Vet, which added £6.7m this year and £2.2m of revenue in 2024 in the three months post ‑ acquisition. Excluding Bio ‑ Vet, revenue increased by 12% on a like ‑ for ‑ like basis to £40.5m (2024: £36.0m), reflecting strong demand across the Group's territories. \n   \n Profitability strengthened, with gross profit increasing by 34% to £24.0m (2024: £17.9m) and gross margin improving to 50.9% (2024: 46.9%). Adjusted EBITDA increased by 38% to £9.6m (2024: £7.0m) and profit before tax rose by 54% to £8.0m (2024: £5.2m), demonstrating the operational leverage in the business model. The balance sheet remained strong, with cash and cash equivalents of £12.4m at the year-end (2024: £10.5m), after dividend payments of £2.1m and final payments related to the Bio-Vet acquisition of £1.0m, reflecting continued strong cash generation. \n   \n Strategic progress \n The Board sees many long ‑ term opportunities for the Group, supported by structural demand for sustainable and natural solutions in animal production. During the year, the Group continued to broaden its end ‑ market exposure and enhance its portfolio through innovation and targeted commercial investment. Progress in higher growth segments and continued product development underpin our strategy to deliver resilient, profitable growth over the medium term. \n   \n Bio ‑ Vet \n The acquisition of Bio ‑ Vet, completed in late 2024, contributed for the full year in 2025 and performed strongly, with integration progressing well and in line with the Board's expectations under a new combined Americas management team. The acquisition supports the Group's strategic objectives of broadening species exposure and strengthening our presence in the US, which is a key agricultural market, while providing additional routes to market for both Bio ‑ Vet and Anpario product ranges across the globe. \n   \n Dividend \n The Board will recommend at the forthcoming Annual General Meeting (\"AGM\") a final dividend of 8.90 pence per share (2024: 8.00 pence) resulting in a total of 12.50 pence per share for the year (2024: 11.25 pence), an increase of 11%. This dividend, payable on 24 July 2026 to shareholders on the register on 10 July 2026 (ex-dividend date of 9 July 2026), reflects the Group's ability to generate strong cashflows. \n   \n Governance, culture and people \n During the year, the Board continued to focus on strong governance, effective risk oversight and the long ‑ term sustainability of the Group. We further enhanced shareholder engagement through regular dialogue and continued to strengthen the clarity of risk ownership and internal control oversight across the Board, Audit Committee and Executive Management. The Board also progressed governance measures to address emerging areas such as the appropriate use of AI tools and data security and remains focused on Board effectiveness. The Board thanks employees and partners for their continued commitment and contribution to the Group's success. \n   \n AGM \n The Board plans to hold the AGM in London on Thursday 18 June 2026 providing an opportunity for shareholders to meet and ask questions of the Board. Further details will be announced in due course. \n   \n Outlook \n We are monitoring the impact of the conflict in Iran, which has affected shipping and logistics into parts of the Persian Gulf region. The Group is well diversified across geographic regions and has a proven track record of operating through periods of disruption and is working closely with customers and logistics partners to mitigate impacts and support continued product availability. \n   \n While we remain mindful of ongoing macroeconomic and geopolitical uncertainty, the Group enters 2026 with a strengthened platform and a resilient balance sheet. We will continue to invest in innovation, deepen customer relationships and execute our strategy to deliver sustainable growth and shareholder value. \n   \n   \n   \n Matthew Robinson \n Chairman \n 30 March 2026 \n   \n   \n   \n Chief Executive Officer's statement \n   \n Overview of the financial year \n The Group delivered another strong performance in the twelve months to 31 December 2025, building on the recovery from the previous two years to achieve our best performance to date. These results reflect the benefits of our diversified product portfolio, global geographic footprint and continued focus on developing and marketing high value-add feed additives, together with the addition of a premium product range and on farm sales channels acquired in Bio-Vet. Trading conditions across global agricultural markets remained mixed, with periods of volatility in certain regions, but the Group delivered a stronger performance in the second half of the year, underpinned by broad ‑ based growth across most territories. \n   \n Group sales for the year increased by 24% to £47.2m (2024: £38.2m), with adjusted EBITDA growth benefiting from our operational gearing and increasing by 38% to £9.6m (2024: £7.0m). Net cash at the year-end was £12.4m (2024: £10.5m), after the final contingent consideration payment relating to the Bio ‑ Vet acquisition, reflecting continued strong cash generation. \n   \n The year benefited from a full ‑ year contribution from Bio ‑ Vet with revenue of £6.7m (2024 post-acquisition: £2.2m), alongside strong underlying performance across the Group on a like-for-like basis, with sales increasing by 12% to £40.5m (2024: £36.0m). Excluding Bio ‑ Vet, growth was delivered across all territories, except the Middle East and Brazil, demonstrating the resilience of the business model. \n   \n Operationally, we remain focused on maintaining service continuity, product quality and regulatory compliance, while continuing to invest selectively in people, systems and innovation. Progress made during the year further strengthened our capabilities across species, particularly in ruminants and aquaculture, supporting our long ‑ term strategy of broadening the Group's exposure across all species. \n   \n Operational review \n   \n Americas \n Overall, the Americas delivered a strong performance with sales growth of 58% in 2025, which included a full ‑ year's contribution from Bio ‑ Vet. On a like-for-like basis, the segment grew revenues by 20% benefiting from improved underlying trading across several territories, particularly the US. \n   \n Growth in the US was particularly strong, both as a result of the contribution from Bio-Vet, and on a like-for-like basis, with sales recovering after a difficult prior year and increasing by 65% to a record performance for Anpario products, especially pHorce® and Orego-Stim®. Taken together, total sales in the USA have increased to £10.7m, now accounting for 23% of Group sales, which is aligned with our strategic focus to deepen operations in key global agricultural markets. \n   \n A key focus during the year was the successful integration of Bio ‑ Vet into the wider Group. Following the completion of the earnout period at the end of September, the commercial teams have now been combined into a single regional structure, enabling closer coordination of sales activity and technical support across species. Core IT systems have been transferred, and further work is ongoing to align business systems and ERP platforms, supporting improved visibility, control and scalability over time. These actions have already begun to strengthen collaboration and cross ‑ selling opportunities. \n   \n Performance in Brazil remained weak, with a further decline of 22%. Brazil is one of the most competitive feed additive markets and is more heavily weighted towards lower value add alternatives. Competition for large integrator business is intense as our subsidiary competes with locally manufactured products which aren't subject to import tariffs and taxes. However, we remain confident and see opportunities to return this territory to growth by targeting attractive niche segments, especially with the Bio-Vet product range. \n   \n The rest of the Americas segment delivered sales growth of 8% collectively, with a majority of countries increasing revenue compared to the same period last year, with notably strong performances in Colombia, Bolivia, Costa Rica and Ecuador, slightly tempered by a decline in Venezuela and Mexico. The phasing out of our distributor relationship at the end of the period in Mexico and Central America, which included establishing a subsidiary in Panama, will support growth by offering the full range of Anpario's products and building stronger direct relationships with end users. \n   \n Overall, the Americas now benefits from a broader product range, deeper technical capability and a more integrated operating structure under a combined commercial team. The region is expected to benefit from Bio-Vet's dairy expertise, with the strengthened ruminant offering providing an important point of differentiation. This enhanced capability provides a stronger platform for sustainable growth and improved resilience, while creating opportunities with both existing and new customers. \n   \n Asia \n Asia was the strongest growing region on a like ‑ for ‑ like basis during the year, with sales increasing by 22%, and remains a key driver of Group performance, accounting for 34% of Group sales. The performance reflected both a continued recovery in agricultural markets across the region, with most territories recording growth during the year. The Philippines delivered a particularly robust performance, doubling sales compared to the same period last year due to the increased use of Orego-Stim® in animal feed, which benefited farmers through improved animal performance. \n   \n Sales in Malaysia and South Korea declined and consolidated following an exceptionally strong prior year; however, this was more than offset by good growth in several other key territories, including China, Thailand, Indonesia and Australasia, where the Group has its own subsidiaries serving the local market directly. \n   \n Species diversification remains an important opportunity within Asia, particularly in aquaculture, where the relevance of natural solutions continues to increase as producers seek to improve performance and reduce reliance on less desirable practices. Red Lite is a natural insecticide which kills weevils, beetles and other insects in feed and grains stores, as well as red mites in poultry sheds. Red Lite is one such solution which is gaining interest in the region as the industry looks to move away from harmful chemical alternatives. Supported by ongoing research and trial work, we continue to see encouraging adoption in this area. \n   \n Overall, Asia's diversity remains a strength. While individual markets can move at different speeds, the region continues to offer significant long ‑ term growth potential, supported by population trends, evolving production systems and the Group's strong regional capabilities. \n   \n India, Middle East and Africa (IMEA) \n This segment overall delivered a decline in sales of 10%, with a mixed performance in which India saw strong growth, with sales more than doubling compared to the same period last year. However, the Middle East and Africa region, which performed very strongly in the prior year, experienced some consolidation, as had been expected. A combination of the loss of some pellet binder business in Saudi Arabia, as well as a customer experiencing credit issues, which are now resolved, both contributed to a decline in sales for the region of 29%. \n   \n Sales were also down in Turkey and Egypt. However, the UAE delivered a strong performance with sales growth of 95% making it the largest contributor in the Middle East region. Whilst overall the decline is disappointing, there has still been strong growth overall in recent years, and long-term growth in demand across the region continues to be supported by structural drivers, including investment in local agriculture and an increasing focus on productivity and food security. These trends align well with the Group's value proposition, and we continued to work closely with customers and distributors to support adoption of natural feed additive solutions where they deliver clear economic and performance benefits. \n   \n Growth in India has been delivered through our previously announced partnership and increased sales of Orego-Stim® to several different species. We are now working with our local partner to introduce additional Anpario products such as acid-based eubiotics and Credence®, our long-acting effervescent tablet used for water sanitisation. We also recently recruited two additional technical salespeople in the region to support our business in both agriculture and aquaculture. \n   \n Europe \n Europe delivered sales growth of 10%, which is a good performance in what is generally regarded as a more mature market for our products, with high customer expectations and the presence of globally recognised competitors. As such, this performance demonstrates the strength of our product portfolio and the value placed by customers on efficacy, consistency and technical support. \n   \n The UK, our largest market in the region, also contributed the largest growth, with year-on-year sales growth of 13%, particularly in our premium Orego-Stim® and Optomega® Algae products. Elsewhere, growth in several territories such as Austria, Denmark, the Netherlands and Serbia more than offset slight declines in other smaller territories. \n   \n The region continues to be characterised by a high degree of fragmentation, both culturally and commercially, which reinforces the importance of strong distributor partnerships and technical selling capability. Our strategy in Europe remains focused on strengthening route ‑ to ‑ market execution and supporting the adoption of higher value, branded solutions through enhanced technical engagement. As such, we were delighted to sign a European-wide distribution agreement with a large multi-national supplier to the feed mill sector. Our partner will market several of our feed mill oriented products to their customers across specific territories in the region. \n   \n Europe continues to play a key role in the Group, not only as a market in its own right but also as a centre of regulatory, technical and sustainability leadership. We remain confident that disciplined execution and investment in capability will support continued long-term growth. \n   \n Innovation and development \n Innovation remains central to the Group's strategy and a key differentiator in our markets. During the year, we continued to invest in development and trials to expand the application of our core technologies and strengthen the evidence base supporting customer adoption across species. Publicly released studies and technical updates during the year reinforced the efficacy of our products across multiple species and production systems, supporting our focus on natural, sustainable solutions. \n   \n Our approach to innovation is pragmatic and customer ‑ led, with a strong emphasis on demonstrable performance, regulatory compliance and return on investment. The expanded technical capabilities within the Group, including those associated with Bio ‑ Vet, continue to create opportunities to develop new and complementary solutions across phytogenic and probiotic technologies. We are close to achieving product registration for Bio-Vet's calcium bolus range, QuadriCal®, in several new territories and have enhanced specific electrolyte formulations with the inclusion of Orego-Stim®. \n   \n AmpLIPhy, our recently developed lysophospholipid-based feed additive, which enhances the emulsification and subsequent utilisation of lipids and lipid soluble nutrients in the diet, was recently launched and has received an encouraging initial response and first commercial orders. \n   \n Alongside product innovation, we continued to invest in systems and processes to support a more scalable and data ‑ driven organisation. Further work on business systems and ERP alignment is ongoing, building on the successful transfer of core IT platforms following the Bio ‑ Vet integration. \n   \n Outlook \n Looking ahead, our focus is firmly on delivering on our business development initiatives and capitalising on the Bio-Vet acquisition by launching key product brands in new territories and leveraging their sales channels in the US. The current year has started inline against a high comparator through Q1 last year, and we are confident of making good progress throughout the rest of the year as our pipeline is healthy and our business development initiatives come to fruition. Our geographic, product and species diversity gives the Group resilience, however, we are not altogether immune from geopolitical events which can have unintended consequences. \n   \n We continue to operate in an environment shaped by geopolitical and macroeconomic uncertainty, and we remain vigilant to recent developments in the Middle East that may affect customer demand, logistics and supply chains. Drawing on our experience of operating through prior periods of disruption, our management teams across the Group are working proactively with customers, suppliers and logistics partners to maintain service levels and product availability, while managing risk in a disciplined manner. \n   \n Our priorities for the year ahead remain consistent: investing in innovation to strengthen our differentiated product portfolio, deepening customer relationships through technical engagement and service, and continuing to embed the operational improvements and systems enhancements made during 2025. The progress achieved in integrating Bio ‑ Vet has further strengthened our commercial and technical capabilities, and ongoing work to align business systems will support scalability and efficiency as the Group continues to grow. \n   \n With a strong financial position and an experienced global team, we are well placed to manage uncertainty while continuing to execute our strategy. The focus remains on delivering sustainable growth through disciplined decision ‑ making and operational excellence, building long ‑ term value for shareholders. \n   \n   \n   \n Richard Edwards \n Chief Executive Officer \n 30 March 2026 \n   \n   \n   \n Key performance indicators \n   \n Financial \n   \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Note \n \n \n £000 \n \n \n £000 \n \n \n change \n \n \n % change \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 3 \n \n \n 47,175 \n \n \n 38,195 \n \n \n +8,980 \n \n \n +24% \n \n \n \n \n Gross profit \n \n \n \n \n \n 24,025 \n \n \n 17,917 \n \n \n +6,108 \n \n \n +34% \n \n \n \n \n Gross margin \n \n \n \n \n \n 50.9% \n \n \n 46.9% \n \n \n +4.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA \n \n \n 6 \n \n \n 9,643 \n \n \n 6,985 \n \n \n +2,658 \n \n \n +38% \n \n \n \n \n Profit before tax \n \n \n \n \n \n 7,981 \n \n \n 5,181 \n \n \n +2,800 \n \n \n +54% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n 12 \n \n \n 40.20p \n \n \n 24.66p \n \n \n +15.54p \n \n \n +63% \n \n \n \n \n Diluted adjusted earnings per share \n \n \n 12 \n \n \n 39.49p \n \n \n 29.66p \n \n \n +9.83p \n \n \n +33% \n \n \n \n \n Total dividend for the year \n \n \n 11 \n \n \n 12.50p 1 \n \n \n 11.25p \n \n \n +1.25p \n \n \n +11% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents \n \n \n 20 \n \n \n 12,408 \n \n \n 10,500 \n \n \n +1,908 \n \n \n +18% \n \n \n \n \n Net assets \n \n \n \n \n \n 40,963 \n \n \n 36,294 \n \n \n +4,669 \n \n \n +13% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n 1 Includes both the interim dividend paid during the year and the proposed final dividend which is subject to approval by the shareholders at the AGM. \n   \n Non-financial \n   \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2024* \n \n \n change \n \n \n % change \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n GHG emissions 1 (tCO 2e) \n \n \n \n \n \n 479 \n \n \n 171 \n \n \n +308 \n \n \n +180% \n \n \n \n \n Carbon intensity 1 (tCO 2e per £m sales) \n \n \n \n \n \n 10.2 \n \n \n 4.5 \n \n \n +5.7 \n \n \n +127% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Major accidents reportable to the Board \n \n \n \n \n \n nil \n \n \n nil \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n 1 Scope 1 and 2 Carbon emissions as defined by the GHG protocol, for more information see the Environment and Social Responsibility report. \n   \n Anpario has begun to monitor and report on Scope 1 and 2 carbon emissions as part of its goal to reduce carbon emissions. The Group therefore tracks two related performance indicators: total GHG emissions and carbon intensity, defined as carbon emissions divided by sales. \n   \n *In Q4 2024, the Group completed the acquisition of Bio-Vet, a US based business. As a result, the prior year comparative has been restated to include the three ‑ month post ‑ acquisition period, with the current year including a full twelve months of emissions from the enlarged Group. This expansion in the Group's operational footprint has led to a significant increase in reported total GHG emissions and carbon intensity, reflecting the inclusion of additional manufacturing and distribution activities rather than a deterioration in underlying environmental performance. \n   \n Anpario expects to continue to grow as a business and, as such, absolute carbon emissions may increase as the Group expands. Carbon intensity therefore remains a key metric in assessing progress towards the Group's net ‑ zero objectives, allowing performance to be monitored on a consistent, relative basis over time as integration and efficiency initiatives are implemented across the enlarged Group. \n   \n   \n   \n Financial review \n   \n Revenue and gross profit \n Revenue for the year increased by 24% to £47.2m (2024: £38.2m), reflecting a strong performance across the Group and a particularly robust second half of the year. The result includes a full-year contribution from Bio-Vet, which was acquired on 30 September 2024, compared with three months' contribution in the prior year. Excluding Bio-Vet, revenue on a like-for-like (\"LFL\") basis increased by 12% to £40.5m (2024: £36.0m). \n   \n By operating segment, the IMEA region experienced a consolidation in performance, with revenue declining by 10% following exceptional growth in the prior year, although sales in India continued to perform exceptionally well. All other operating segments delivered strong growth. The Americas segment increased sales by 58%, including the additional contribution from Bio-Vet post-acquisition, and by 20% on a LFL basis. The Asia segment also recorded a notably strong performance, with sales increasing by 22%, while Europe grew by 10%. A full analysis of the sales performance is included in the Chief Executive Officer Statement. \n   \n In product class terms, we have again continued to see high levels of growth in our market-leading products Orego-Stim™ and Optomega™. Combined with a full-year contribution from Bio-Vet's product range, the growth in these premium products has driven an increase in gross margins to 50.9% (2024: 46.9%). As a result of both increased revenues and gross margins, gross profit increased by 34% to £24.0m (2024: £17.9m). \n   \n Administrative expenses \n Administrative expenses were 24% higher, increasing to £16.2m (2024: £13.0m). On a LFL basis, excluding the addition of Bio-Vet operations, administrative expenses increased by 11% to £12.9m (2024: £11.6m). \n   \n This LFL increase was largely driven by an increase in employment costs through a combination of wage inflation, higher national insurance for UK employees and performance related bonuses as a result of the strong revenue and profit performance. In addition there was an increase in headcount, particularly in sales and technical positions through the second half of the year to support further sales growth. \n   \n Most other costs were stable on a LFL basis compared with the prior year. The only notable increase related to travel costs, driven by inflationary impacts and increased utilisation as business activity levels rose. \n   \n Acquisition \n As previously announced, the Group acquired Bio-Vet Inc. on 30 September 2024 for total consideration of £5.8m (USD 7.4m), including contingent consideration of £0.8m (USD 1.0m). The contingent consideration was linked to Bio-Vet's achievement of adjusted EBITDA targets over the 12 month post-acquisition period. \n   \n Following an exceptionally strong trading performance in the final quarter of 2024, Bio-Vet's revenues moderated slightly during the first half of 2025. Notwithstanding this, operating performance remained ahead of the level required to achieve the full contingent consideration and accordingly payment of the full USD 1.0m was made during the second-half of the year. Bio-Vet revenues increased in the final six months of the year and the business delivered one of its strongest ever half-year performances. \n   \n Taxation \n The effective corporation tax charge equates to 15.4% (2024: 20.6%) of the estimated assessable profit for the year. The prior year charge was elevated due to some non-recurring factors such as non-deductible expenses, including acquisition related costs. In addition, profits attributable to the Group's patented products, and therefore eligible for Patent Box tax benefits, saw strong growth during the year. \n   \n Profitability and earnings per share \n Adjusted EBITDA in 2024 matched prior peak levels of performance and, due to the above factors, the current year materially surpasses those levels, increasing by 38% to £9.6m (2024: £7.0m). Diluted adjusted earnings per share increased by 33% to 39.49p per share (2024: 29.66p). \n   \n Profit before tax growth was 54% to £8.0m (2024: £5.2m), which, as well as the increased level of performance, benefited from the non-recurrence of acquisition costs suffered in the prior year (£0.6m), which were excluded from adjusted measures. Basic earnings per share increased by 63% to 40.20p (2024: 24.66p). \n   \n Cash flows and balances \n Operating cash flows before changes in working capital increased to £9.4m (2024: £6.3m), largely as a result of increased operating profit for the year. Working capital levels increased in the year by £2.2m, with a small release of cash through movements in receivables and payables, the absorption of cash was wholly attributable to higher inventory levels. \n   \n The increase in inventory largely occurred during the first half of the year and was primarily attributable to a normalisation of raw material and finished goods levels following the exceptionally high rate of sales and input utilisation at the end of the prior year. During the second half of the year, total raw material levels showed no change, bringing year ‑ end raw material days closer in line with the prior year, and as such the year ‑ on ‑ year increase was largely proportionate to the change in cost of sales resulting from increased revenues. \n   \n In respect of finished goods, the £1.4m increase during the year was attributable to both volume ‑ related growth arising from higher trading performance and an expansion in finished goods days. While finished goods days increased during the year, they remain materially below 2023 levels and are currently elevated as part of a planned inventory build in certain subsidiary entities in anticipation of future growth. \n   \n During the year, corporation tax payments of £1.3m (2024: £1.2m) were made, with a net current income tax asset at the end of the year of £0.2m. After which, net cash from operating activities were £5.9m (2024: £5.8m), with the prior year benefitting from a £0.7m working capital reduction compared with the current year's £2.2m absorption of cash. \n   \n Net cash used in investing activities reduced to £1.5m (2024: £4.2m). This was largely due to the acquisition of Bio-Vet in the prior year of £2.5m, net of cash acquired, and the purchase of the land and buildings from which Bio-Vet operates of an additional £1.8m. In the current year, £1.0m was paid out related to the closing adjustment and the achievement and payment of the contingent consideration related to the acquisition. \n   \n Net cash used in financing activities increased to £2.3m (2024: £1.5m). This increase was partly due to the prior year benefitting from the cash receipts from the exercise of employee share options of £0.4m. In the current year, dividend payments increased to £2.1m (2024: £1.8m) due to the increase in the per share amount. Additionally, £0.1m was paid to purchase 29,000 treasury shares at a volume weighted average price of 336 pence per share. \n   \n Overall, cash and cash equivalents grew by £1.9m to £12.4m (2024: £10.5m). The primary purpose of holding these resources is to fund future acquisitions and we continue to explore suitable opportunities. \n   \n Dividends \n The Board is recommending a final dividend of 8.90 pence per share (2024: 8.00 pence) payable on 24 July 2026 to shareholders on the register on 10 July 2026 (ex-dividend date of 9 July 2026). In addition to the interim dividend already paid, this represents an increase to the total dividend for the year of 11% to 12.50 pence per share (2024: 11.25 pence). \n   \n   \n   \n Marc Wilson \n Group Finance Director \n 30 March 2026 \n   \n   \n   \n Our business model and strategy \n   \n Business model \n Anpario is an independent manufacturer of natural and sustainable animal feed additives for health, nutrition and biosecurity. Our products work in harmony with the natural aspects of the animal's biology and Anpario's expertise is focused on intestinal and animal health, and utilising this understanding to improve animal performance and customer profitability. \n   \n Anpario supplies its customers with quality-assured products manufactured in the United Kingdom and has an established global sales and distribution network in over 70 countries. \n   \n Anpario was built up through a combination of acquisitions and organic growth by establishing wholly owned subsidiaries in a number of key meat-producing countries. The portfolio of products has been developed with the customer and the animal in mind, taking into account the life stages of the animal and the periods when they will be more challenged. \n   \n Anpario is well positioned to benefit from the trends in growth of the world's population, the increasing demand for meat and fish protein in developing countries and the tightening of global regulation which favours more natural feed additive solutions. Seizing these opportunities is how Anpario intends to deliver long-term shareholder value. \n   \n Anpario acknowledges the challenges facing livestock producers in meeting environment and sustainability targets. Anpario is contributing to the research and development progress that the agricultural livestock industry is achieving in improving its carbon footprint and GHG emissions. Anpario prides itself on being a low carbon manufacturer of animal feed additives, with two thirds of sales from products which can be described as from sustainable sources and from non-carbon derived raw materials. \n   \n Our business model is based on: \n   \n \n \n \n \n Products \n \n \n High quality efficacious products presented well that meet the needs of our customers both now and through changes in the regulatory environment. \n \n \n \n \n Story \n \n \n Powerful value add proposition demonstrating the financial, performance and sustainability benefits of our product solutions. \n \n \n \n \n Quality \n \n \n Quality in both manufacturing processes and through the supply chain to provide consistent products that perform in a reliable manner. \n \n \n \n \n Branding \n \n \n Build an impeccable Anpario brand, which global customers can trust as having innovative, high quality and effective solutions for their businesses. \n \n \n \n \n Channel \n \n \n Control the sales channel to ensure we develop strong technical and commercial relationships with the end users of Anpario products. \n \n \n \n \n Efficiency \n \n \n Efficient automated production and effective operations that can meet the service level requirements of our customers. \n \n \n \n \n Sustainability \n \n \n Our natural products help to reduce our customers' carbon footprint by improving animal feed conversion rates, and we also have a focus on reducing our own environmental impact. \n \n \n \n \n   \n Strategy \n   \n \n \n \n \n Regional focus \n Developing local commercial and technical relationships across the world. \n \n \n \n \n Delivered through: \n -    regional sales structure; \n -    local language speakers; \n -    resource that understands local market needs and challenges; and \n -    closer relationships with key end customers. \n \n \n \n \n Actions in 2025: \n -    integrated the Bio-Vet team into a combined Americas commercial team, which is already leading to cross-selling of product lines to new and existing customers in the region; \n -    increased sales staff around the world to support future growth and customer support; and \n -    continued rollout of a new CRM system to increase and improve customer engagement and communication; \n \n \n \n \n Future plans: \n -    We now have operations and personnel in our key target markets, and as such the focus now is on developing a stronger market position through increased resource and presence in these territories. \n \n \n \n \n   \n \n \n \n \n Technical & products \n Add value by developing products that help overcome the challenges of modern-day farming. \n \n \n \n \n Delivered through: \n -    scientific research and development, working closely with the end customers' meat protein operations, to help improve gut function leading to improved animal performance; \n -    support the producer through prevention rather than treatment; and \n -    help the customer meet disease and regulatory challenges. \n \n \n \n \n Actions in 2025: \n -    continued R&D efforts to combine Anpario and Bio-Vet product technologies; \n -    prioritised and initiated projects to expand sales of existing Bio-Vet products through Anpario sales channels; and \n -    continued development of new applications and presentations of our products to expand market opportunities. \n \n \n \n \n Future plans: \n -    continue to retain and recruit technical and animal production experts; \n -    continued investment in research and development working closely with key global customers and respected institutions; and \n -    look for product opportunities which broaden our range and species opportunities. \n \n \n \n \n   \n \n \n \n \n Acquisitions \n Growth through complementary and earnings enhancing acquisitions. \n \n \n \n \n Delivered through: \n -    successful integration to derive both operational and financial synergies; \n -    specific searches to identify suitable targets in the specialty feed additive market; and \n -    applying strict acquisition and valuation criteria; targets must either complement our current product range, offer market consolidation opportunities, or strengthen our sales and distribution channels. \n \n \n \n \n Actions in 2025: \n -    integration of Bio-Vet operations into a combined commercial and administrative function for the Americas; \n -    integration projects, some of which have already been completed, related to products, production and IT systems; \n \n \n \n \n Future plans: \n -    continued active search for acquisition opportunities within defined criteria. \n \n \n \n \n   \n \n \n \n \n Operations  \n High quality, consistent and efficient manufacturing. \n \n \n \n \n Delivered through: \n -    further automation of production facilities; \n -    key industry quality accreditations; and \n -    quality supply partners. \n \n \n \n \n Actions in 2025: \n -    continued refinements to operational practices and procedures; \n -    UK operations and production teams working closely with Bio-Vet to share expertise and operational insight; \n -    collaboration has supported short-term efficiency improvements and informed longer-term production growth planning at the US site; and \n -    work undertaken to enable US site to manufacture selected Anpario products, supporting cross-selling and improved SKU management. \n \n \n \n \n Future plans: \n -    Continue to evaluate and respond to the operational needs of the combined Anpario and Bio-Vet operations to ensure efficient and flexible processes that can respond to the needs of the business. \n \n \n \n \n   \n \n \n \n \n Environmental, Social and Governance \n Anpario seeks to ensure a sustainable future, conducting business in a socially, ethically and environmentally responsible manner engaging with all our key stakeholders, including the communities in which we operate. \n \n \n \n \n Delivered through: \n -    our three-pillar framework, 'People; Planet; and Promise'; \n -    robust governance structures appropriate for our business size; and \n -    engagement with our stakeholders. \n \n \n \n \n Actions in 2025: \n -    through various activities with employees, we raised money and awareness for the staff chosen charity of the year, Prostate Cancer UK \n \n \n \n \n Future plans: \n -    continued evaluation of ways to reduce our carbon emissions; \n -    continue steps towards implementation of TCFD framework; and \n -    work with our staff chosen Charity of the year, Children with Cancer UK. \n \n \n \n \n   \n   \n   \n Section 172 Statement \n   \n Introduction \n As a Board, collectively and as individual Directors, we recognise our obligations and our duties as Directors. Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so, each Director has regard, amongst other matters to: \n -       the likely consequences of any decision in the long term; \n -       the interests of the Company's employees; \n -       the need to foster the Company's business relationships with suppliers, customers and others; \n -       the impact of the Company's operation on the community and the environment; \n -       the desirability of the Company maintaining a reputation for high standard of business conduct; and \n -       the need to act fairly as between members of the Company. \n   \n How the Board fulfils its Section 172 duties \n We ensure that the requirements of section 172 are met and the interest of our stakeholder groups are considered through, amongst other means, a combination of the following: \n -       review of strategic objectives and achievement thereof; \n -       annual budgets and review of resource allocations; \n -       results presentations to shareholders and staff; \n -       audit and risk management processes conducted through the year; \n -       health and safety reports; \n -       reviews of employee matters; \n -       annual performance appraisals for all staff including personal development reviews; \n -       consideration of these matters in relation to major decisions made within the year; \n -       regular meetings with customers and key suppliers; and \n -       other ad-hoc engagement with stakeholders. \n   \n Stakeholders and their key interests \n The section below outlines the key stakeholders the Company has identified, their key interests and where in this annual report that further details on matters such as engagement and key decisions made in the year in relation to each stakeholder group can be found. \n   \n \n \n \n \n   \n Shareholders \n Anpario recognises the importance of engaging with existing and potential investors to understand their views and objectives. This can enhance strategic and governance decision making processes of the Board. We welcome investor contact and those wishing to engage with us can email on [email protected] . \n   \n Key interests \n -    Delivering sustainable, profitable growth over the long-term. \n -    Robust governance and appropriate controls to mitigate risk. \n -    ESG initiatives and responsible management practices. \n   \n Key actions and decisions in the year relevant to this stakeholder group \n -    Increase in dividend per share proposed (see Chairman's statement). \n -    Held the 2025 AGM in London, varying venues from our UK headquarters, to make it more accessible to shareholders. \n -    Continued to hold Investor Meet Company presentations, following their success, enabling shareholders to join a live presentation and Q&A session with Executive Directors; further increasing shareholder engagement. \n   \n \n \n \n \n   \n   \n \n \n \n \n   \n Customers \n Anpario values our customers and has extensive long-term relationships across the world. Our network of local and regional account management teams are in place to understand the needs and challenges faced by our customers so that we as a Group can deliver the product and service solutions that they require. \n   \n Key interests \n -    Innovative, high-quality products that help overcome the challenges of modern-day farming. \n -    Reliable logistics networks with good stock availability and timely delivery. \n   \n Key actions and decisions in the year relevant to this stakeholder group \n -    Continued to engage directly with customers to better understand changing needs and challenges, leading to several innovations in both presentation of products and further trial activity on new applications. \n   \n \n \n \n \n   \n Employees \n Following the Bio-Vet acquisition, Anpario now has over 150 employees across the world in a range of different roles. All staff are key to delivering on the strategic plans and success of the Group and we continue to develop our HR strategy and policies. \n   \n Key interests \n -    Fair and equitable recruitment and remuneration practices and policies. \n -    Safe working environments. \n -    The opportunity for personal growth and career progression. \n   \n Key actions and decisions in the year relevant to this stakeholder group \n -    Regular company newsletters and company updates distributed to keep all staff well informed. \n -    Regular onsite meetings across management groups and departments to facilitate communication and decision making at all levels. \n -    Continued to support staff training programmes and the internal coaching programme, we now have several qualified coaches and continually seek to encourage new coaching relationships for staff. \n -    Participation encouraged in SAYE awards scheme. \n   \n \n \n \n \n   \n Community and Environment \n Anpario seeks to ensure a sustainable future, conducting business in a socially, ethically, and environmentally responsible manner. Anpario's team seek to meet environmental challenges with sustainability at their heart and progressing on a journey of continuous evolution and progression. Further information on the matters below can be found in the Environment and Social Responsibility Report. \n   \n Key interests \n -    Conducting business in an ethically and environmentally responsible manner. \n   \n Key actions and decisions in the year relevant to this stakeholder group \n -    Publication of the Sustainability Report with climate related reporting and disclosures also made in this Report. \n -    Internal fundraising events for our selected charities including an annual charity of the year chosen by staff. \n For 2025, the Charity chosen by staff was Prostate Cancer UK. \n -    Staff are encouraged to volunteer and offered one paid day a year to support a charity of their choice. \n -    ISO14001 accreditation maintained. \n -    Membership of SEDEX to enable sharing of workplace standards, environmental practice and business ethics across global supply chains. \n   \n \n \n \n \n   \n   \n   \n \n \n \n \n   \n Suppliers \n Our external supply chains are critical to the success of the business and integral in our ability to deliver high-quality and consistent products to our customers. \n   \n Key interests \n -    Mutually beneficial relationships with fair business practices. \n -    Supply chain resilience. \n -    Prompt payment. \n   \n Key actions and decisions in the year relevant to this stakeholder group \n -    Ensuring that in the current difficult economic conditions we have continued to support our supply chain by making prompt payment for supplies to ease any working capital pressure on our suppliers. \n -    Held regular review meetings with key suppliers and Anpario management to discuss and review matters such as pricing, supply and service levels. \n   \n \n \n \n \n   \n   \n Key decisions affecting multiple stakeholders \n   \n The section below outlines the key decision which affect more than one stakeholder group and outlines the actions taken and the groups considered as part of the decision-making process.  \n   \n \n \n \n \n Acquisition of Bio-Vet Inc. \n   \n Actions taken \n -    Continued engagement and working closely with the former owners and management to successfully deliver forecast earnout period returns and completion consideration. \n -    Commenced planning for integration of operations across UK and US teams. \n -    Integrated and restructured teams in Americas to optimise management and resource utilisation. \n -    Undertook a strategic review of cross selling opportunities and future branding strategy. \n -    Identified and started to implement changes to business administration, finance and systems to maximise efficiencies and benefits and consolidate resources. \n   \n Key stakeholder groups considered \n -    All stakeholder groups were impacted by the positive returns generated from the acquisition and future growth expectations. \n \n \n \n \n   \n   \n   \n Risk management \n   \n Risk Register and Management Process \n We continually examine in detail the key risks facing our business in the context of our overall business strategy and evaluate their likelihood and potential impact. The risks we have examined are the most significant but not necessarily the only ones associated with the Group and its businesses. In common with all businesses, we face risks of a generic nature for example failure of projects, foreign exchange impacts and the recruitment, development and retention of employees. In considering our risks during the year we have performed detailed assessments at a global and regional level. We assess the likelihood of their occurrence and potential impact and implement appropriate and proportionate risk mitigation measures. \n   \n As part of our continual risk management process, we consider new and emerging risks. As highlighted last year, economic uncertainty is still prevalent and further exacerbated by political uncertainty in respect of trade and tariff imposition and foreign exchange controls creating concern in various markets. However, across our key geographic sectors and product sectors we have seen a continued recovery in performance which increases our resilience against any potential impacts. The further expansion of sales into aquaculture and ruminant markets, organically and from Bio-Vet acquisition is generating further species diversification. \n   \n The explosion of Artificial Intelligence with enormous potential impacts is a relatively unknown factor under consideration with focus on potential opportunities and efficiencies for the business and clear strategy and guidance for our employees. \n   \n We remain committed to our focus on sustainability and climate change related issues which command attention across all stakeholder groups. We continue to consider global meat consumption patterns as opportunities as Anpario's products which utilise ethically sourced raw materials, and offer solutions to minimise carbon intensity of livestock production continue to be recognised as viable solutions by producers.  . \n   \n Stock market impacts are recognised, in particular the poor liquidity of Aim and small cap stocks arising from lack of appetite from larger fund holders, and whilst attractive to smaller retail investors this creates some volatility in our share price. \n   \n The Group's risk management process through engagement of the Executive Management team and global management team is conducted on at least an annual basis and reviewed by the Board, as follows: \n 1.       identify the risk and likelihood for each function and regional operation; \n 2.       analyse and assess the risk, its potential severity and the impact and priority for the business; \n 3.       consider risk rating and trends on a low to high scale; \n 4.       plan to mitigate or treat the risk and identify resources or investment required; \n 5.       implement mitigation procedures by obtaining resources and approvals necessary and put in place necessary  actions; and \n 6.       monitor, measure and control the risk and its likely impacts which will change and evolve so that we can respond and react in a timely efficient manner. \n   \n The Risk Framework below shows those risks that are more specific to our business together with details of the controls and mitigation in place to manage our exposure. More information on our approach to effective risk management can be found in the Corporate Governance section, Principle 4. \n   \n Risk management actions taken in the year \n Some of the key risk management actions taken in the year include: \n -       The earn ‑ out structure for the Bio ‑ Vet acquisition mitigated valuation risk, with performance exceeding targets and the contingent consideration paid in the year. \n -       Increased operational resilience through combined US operations including the ability to produce some key Anpario products in this territory, reducing reliance on single production site. \n -       Integration of Bio-Vet onto Anpario IT systems and security practices to improve cyber security. \n -       Management consideration of emerging risks, such as AI, leading to increased staff communication and refreshing of related policies. \n -       Continued diversification of the Group's product portfolio, through both the development and trials of 2 new products for launch in 2026 and expansion of Bio-Vet products internationally. \n   \n   \n   \n Risk framework \n   \n \n \n \n \n Market Risk \n \n \n \n \n Risks \n \n \n Control and mitigation \n \n \n Risk rating \n \n \n \n \n -      Gaining market entry for products and access to end users. \n -      Competition from global operators. \n -      M&A activity resulting in market consolidation. \n -      Human movement restrictions e.g. Covid-19, SARS. \n -      Animal diseases e.g. African Swine Fever, Avian Influenza, PEDV. \n -      Low farm profitability. \n -      Global commodity prices affecting both supply of inputs and demand for our products. \n -      Climate and environmental changes. \n -      IP theft e.g. trademark infringements. \n -      Loss of key talent to competitors. \n -      \n \n \n -      Establishing a global marketing strategy with clearly defined product and species related goals for each region. \n -      Regular monitoring of sales budgets and sales prospects by the management and the Board.. \n -      Effective disaster planning communicated on a timely basis. \n -      Extensive range of products with new product development and launches. \n -      Geographic and species diversity to reduce singular market dependence. \n -      A clear and effective marketing strategy communicating the benefits of Anpario sustainable solutions. \n -      Close customer engagement, relationships to understand and address their needs. \n -      Extensive global trademark registrations in line with brand strategy, supported by proactive watch services and pre-emptive legal actions. \n -      Competitive employment packages, supported by external benchmarking. \n -      Investment in internal and external talent to strengthen capability in key roles. \n   \n \n \n Likelihood: \n \n \n Medium \n \n \n \n Impact: \n \n Medium \n \n \n \n Trend: \n \n No change \n \n \n \n   \n \n \n \n \n \n \n Potential impact \n \n \n \n \n \n \n \n \n \n \n -      Lower sales revenue and profit. \n -      Reduction in customers or target customers. \n -      Loss of market and/or market share . \n -      Dilution of brand identity and loss of reputation. \n -      Inadequate talent with sufficient sector experience. \n   \n \n \n \n \n \n \n \n \n \n \n Political and Economic Risk \n \n \n \n \n Risks \n \n \n Control and mitigation \n \n \n Risk rating \n \n \n \n \n -      Global wars and internal political instability. \n -      Interest and Inflationary pressures. \n -      Exchange rate fluctuations. \n -      Foreign exchange controls preventing repatriation of funds \n -      International and individual targeting sanctions. \n -      Bad debts or trade disputes. \n -      Internal unrest or disruption such as industrial action. \n \n \n -      Wide geographic diversity reduces dependency in a single country or region. \n -      Proactive and continual management of pricing. \n -      Close communication with customers on key pricing and supply issues. \n -      Limiting and hedging of foreign currency exposure. \n -      Extensive customer and supplier due diligence and monitoring of regional and customer exposures. \n -      Rigorous processes involving close liaison with legal teams being applied as appropriate. \n -      Use of credit insurance and letters of credit. \n -      Rigorous cash flow and working capital management. \n -      Strong banking relationships and supportive investor base anticipated for acquisitions. \n -      Expertise in global logistics. \n \n \n Likelihood: \n \n \n High \n \n \n \n Impact: \n \n Medium \n \n \n \n Trend: \n \n Increasing \n \n \n \n   \n \n \n \n \n \n \n Potential impact \n \n \n \n \n \n \n \n \n \n \n -      Volatility in markets impacting sales to internal or export market. \n -      Customer resistance to price increases. \n -      Supply chain disruption,  delays, additional costs, tariffs, or lack of continuity. \n -      Regulatory changes. \n -      Shipping/logistic restriction and border delays. \n -      Reduced revenue, increased costs and lower profitability. \n -      Criminal offences and other possible penalties. \n -      Unable to meet liabilities when due. \n   \n \n \n \n \n \n \n \n \n \n \n Product Development Risk \n \n \n \n \n Risks \n \n \n Control and mitigation \n \n \n Risk rating \n \n \n \n \n -      Failure to deliver new products due to lack of innovation, pipeline delays or products not meeting commercial expectations. \n -      Failed or aborted trials during development or customer acceptance stages. \n -      Lack of significant financial, R&D and other resources. \n -      Failure to meet regulatory requirements. \n \n \n -      Continual monitoring and review of the lifespan and potential return from current products. This varies by region. \n -      Acquisition of new product technology through M & A activity. \n -      Potential new development projects are evaluated from a commercial, financial and technical perspective. The pipeline is reviewed regularly by the Board. \n -      Each research project or trial is managed by qualified technical managers. Projects and trials are monitored to ensure that they are completed on time, deliver expected outcomes and provide useable data. Final review and evaluation to ensure learning. \n -      Multiple studies are conducted to assess the effects of a product on target species. \n -      In respect of all new product launches a detailed marketing plan is established and progress against that plan is regularly monitored. \n -      Patent filings to retain competitive risk and tax advantages. \n   \n \n \n Likelihood: \n \n \n Medium \n \n \n \n Impact: \n \n Medium \n \n \n \n Trend: \n \n Reducing \n \n \n \n   \n \n \n \n \n \n \n Potential impact \n \n \n \n \n \n \n \n \n \n \n -      Reduction in competitiveness in the market. Lost opportunities. \n -      A succession of trial failures could adversely affect our ability to deliver shareholder expectations. \n -      Our market position in key areas could be affected, resulting in reduced revenues and profits. \n -      Where we are unable to develop and launch a product this would result in impairment of intangible assets. \n -      Valuable resources may be wasted. \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n Production, Quality and Logistics Risk \n \n \n \n \n Risks \n \n \n Control and mitigation \n \n \n Risk rating \n \n \n \n \n -      Global disruption to supply routes from geo-political events. \n -      Failure to source supply of raw materials. \n -      Inadequate or poor adherence to quality systems allow faulty product to reach customer. \n -      Sub-standard raw materials. \n -      Failure to secure timely shipping of goods to customers. \n -      Plant or line closures due to major accident, incident, disaster, or sabotage. \n -      Defective plant and equipment in our manufacturing facility. \n -      Subcontractor quality standards falling below accredited requirements. \n \n \n -      Subsidiary stockholdings of finished goods. \n -      Rigorous planning of production runs and shipping container requirements. \n -      Acquisition of US operation and additional manufacturing site facilities, \n -      All products can be produced at approved toll manufacturers. \n -      Business interruption and property insurance policies arranged. \n -      Business Continuity Plan in place along with Product Security, Food Defence and Product authenticity Plans. \n -      Comprehensive liability insurance in place. \n -      Supplier accreditation, UFAS and FEMAS certification, HACCP and Trading Standards compliance. Public and product liability insurance arranged. \n -      SEDEX membership increasing transparency of supplier standards and ethics. \n -      Rigorous monitoring and checking by Quality Assurance team to ensure adherence to protocols and standards. \n   \n \n \n Likelihood: \n \n \n High \n \n \n \n Impact: \n \n Medium \n \n \n \n Trend: \n \n Increasing \n \n \n \n   \n \n \n \n \n \n \n Potential impact \n \n \n \n \n \n \n \n \n \n \n -      Failure or Increased lead-time to obtain raw materials and supply customers. \n -      Loss of production for a significant period e.g., more than one month potentially leading to loss of sales. \n -      Accidents or fatality leading to possible closure or fine. \n -      Site security compromised, external or internal acts of sabotage. \n -      Poor product quality, contamination, counterfeit or passing off. \n -      Damage to customer relationship, reputation, and financial loss. \n -      Loss of key quality accreditation. \n   \n \n \n \n \n \n \n \n \n \n \n Climate Change Risk \n \n \n \n \n Risks \n \n \n Control and mitigation \n \n \n Risk rating \n \n \n \n \n -      Lack of Board approved strategy to meet our specific challenges. \n -      Lack of tangible verifiable measures to achieve carbon zero targets in line with government and or industry requirements. \n -      Failure to make required disclosures in line with TCFD and regulatory bodies. \n -      Impact of climate change on suppliers' key raw materials, agricultural commodities, and markets. \n   \n \n \n -      Board approved global sustainability strategy and implementation plan. \n -      Engagement of management in understanding and implementing operational and reporting obligations. \n -      Executive and management performance related targets in line with Group strategic objectives. \n -      Investment and research on emissions reduction in animal production. \n -      Collaboration with suppliers and other third parties with common goals relating to climate change challenges. \n -      Executive workshops to review key climate change risks and opportunities. \n -      Implementation of ISO 14001 Environmental Management Standard. \n -      Industry and public recognition for example, King's Award for Sustainable Development. \n   \n \n \n Likelihood: \n \n \n Medium \n \n \n \n Impact: \n \n Medium \n \n \n \n Trend: \n \n No change \n \n \n \n   \n \n \n \n \n \n \n Potential impact \n \n \n \n \n \n \n \n \n \n \n -      Loss of key customers, suppliers, investor base. \n -      Loss of raw material sources and potential income stream. \n -      Lower sales revenue and profit. \n -      Failure to attract, recruit and retain high quality and skilled employees. \n   \n \n \n \n \n \n \n \n \n \n \n Environmental, Social and Governance (ESG) Risks \n \n \n \n \n Risks \n \n \n Control and mitigation \n \n \n Risk rating \n \n \n \n \n -      Failure to lead the feed additive market in supporting our customers producing sustainable animal protein production. \n -      Breach of bribery and/or corruption laws or international sanctions. \n -      Failure to adhere to labour laws and standards globally. \n -      Poor ESG ratings leading to failure to attract high quality employees. \n -      Unsafe, inadequate, or non-compliant health and safety issue or response to environmental, infrastructure or other significant corporate failures. \n -      Stagnation of ESG initiatives and development due to difficulty or lack of implementable initiatives. \n \n \n -      Board level role responsibility with the Corporate Responsibility Director specifically focused on the risks and leading appropriate action plans. \n -      Attainment of ISO 14001 accreditation and training internal auditors. \n -      3 Pillars: People, Planet and Promise framework for action plans, communication and Company-wide involvement \n -      Specific ESG targets for all key Executive and group management. \n -      Established policies, procedures and training to ensure awareness of obligations and compliance. \n -      High standards of working conditions and market benchmarked pay exceeding the living wage. \n -      Code of Conduct requiring internal and third-party acceptance and anti-bribery and anti-corruption guidance issued for business partners. \n -      SEDEX membership increasing transparency of own and business partners' standards and ethics. \n \n \n Likelihood: \n \n \n Medium \n \n \n \n Impact: \n \n Medium \n \n \n \n Trend: \n \n No Change \n \n \n \n   \n \n \n \n \n \n \n Potential impact \n \n \n \n \n \n \n \n \n \n \n -      Loss of and negative Investor sentiment and withdrawal of support. \n -      Shareholder action and votes against Board re-election. \n -      Fines, criminal action against the Company, Directors, or employees. \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n Systems Risk \n \n \n \n \n Risks \n \n \n Control and mitigation \n \n \n Risk rating \n \n \n \n \n -      IT or communications failure, due to, accident or sabotage. \n -      Cyber-attack. \n -      Data breach. \n -      Loss of IP or sensitive data through AI or LLM. \n -      Lack of utilisation of AI \n \n \n -      Internal review and implementation of enhanced digital security measures to detect and prevent possible cyber-attacks. \n -      Regular back up of data, third party provider for storage and system support. \n -      Firewall, regular back up of data, crime and cyber insurance in place. \n -      Continual review and strengthening of processes, controls, and security. \n -      Information Policy, Privacy Policy, Breach Notification Policy and Disaster Recovery Plan in place. \n -      Staff and partner awareness communication and training. \n -      Embracing AI across the group in a clear, structured and managed process. \n \n \n Likelihood: \n \n \n Medium \n \n \n \n Impact: \n \n High \n \n \n \n Trend: \n \n Increasing \n \n \n \n   \n \n \n \n \n \n \n Potential impact \n \n \n \n \n \n \n \n \n \n \n -      Unable to operate. \n -      Criminal attack could be aimed at stealing money, extortion, fraud, data theft etc. \n -      GDPR imposes heavy financial penalties, plus reputational damage. \n -      Serious security breach and confidential information, IP or sensitive data made available in public domain. \n -      Third party rights violated and breach of agreements and financial loss. \n -      Reduced operational efficiency and slower innovation and product development \n   \n \n \n \n \n \n \n \n \n \n \n Legislation, Regulatory and Non-compliance Risk \n \n \n \n \n Risks \n \n \n Control and mitigation \n \n \n Risk rating \n \n \n \n \n -      Changing market, legislative and regulatory needs. \n -      Divergence between UK and EU regulatory frameworks. \n -      Failure to comply with export controls and sanctions. \n -      Failure to comply with anti-bribery and anti-corruption legislation. \n -      Non-compliance with tax, legal or regulatory obligations. \n -      Failure to comply with regulatory requirements. \n \n \n -      Members and Anpario representation of key industry bodies, regulating and advising on feed additives. \n -      Vigilance and monitoring of all appropriate notifications to ensure compliance and pre-emptive actions. \n -      Clear communicated policies and Code of Conduct issued to all employees and partners. \n -      Internal training and awareness communications. \n -      Support from external experts in all countries in which we operate. \n -      Reasonable due diligence is carried out on all customers and end users. \n -      Sanction checking processes are implemented and documented. \n   \n \n \n Likelihood: \n \n \n Medium \n \n \n \n Impact: \n \n Medium \n \n \n \n Trend: \n \n No change \n \n \n \n   \n \n \n \n \n \n \n Potential impact \n \n \n \n \n \n \n \n \n \n \n -      Loss of market presence and or share. \n -      Litigation against Anpario, potential fines and reputational damage. \n -      Financial penalties, reputational damage, unable to operate in certain jurisdictions. \n -      Prevented from trading with countries even though our products are exempt from sanctions. \n   \n \n \n \n \n \n \n \n \n \n \n   \n   \n The strategic report was approved by the board and signed on its behalf by: \n   \n   \n   \n Richard Edwards \n Chief Executive Officer \n 30 March 2026 \n   \n   \n   \n Board of Directors \n   \n Non-Executive Directors \n   \n \n \n \n \n   \n Matthew Robinson, MA, ACA. \n Non-Executive Chairman \n (A,N,R) \n   \n Matthew Robinson was appointed to the Board in January 2021 and became Chair on 29 June 2023. Matthew has spent much of his career working with and advising growth companies and was formerly Non-Executive Chairman of AIM listed Goldplat plc and Inland Homes plc. Matthew started his career as a Chartered Accountant and was previously a Corporate Finance Director at finnCap and Panmure Gordon. \n   \n \n \n \n \n   \n Tim Pollock \n Non-Executive Director \n (A,N,R) \n   \n Tim Pollock was appointed to the Board in August 2023. Tim has an extensive track record at executive director level for several multi-national groups covering agriculture, animal nutrition, soft commodities, and the food ingredient sector. These roles include Director of Strategic Development and M&A for Lallemand Animal Nutrition, a leading global producer of specialty feed additives and as the Food & Agriculture Investment Director for British International Investment, the development finance institution of the British Government. He founded AgCap in 2018, which provides consultancy advice to the food and agribusiness sectors. \n   \n Tim also brings public markets experience from his time as a Non-Executive Director and Interim Group Managing Director of London Stock Exchange AIM quoted Zambeef Products plc, the largest vertically integrated food retailing brand in Zambia. \n   \n \n \n \n \n   \n   \n   \n Executive Directors \n   \n \n \n \n \n   \n Richard Edwards, B Eng (Hons), C Eng, MBA. \n Chief Executive Officer \n (N) \n   \n Richard Edwards joined the Board in November 2006 as Chief Executive following the acquisition of Agil. He was appointed Executive Vice-Chairman in April 2011 with specific responsibility for implementing acquisition strategy. In January 2016, Richard was appointed to the position of CEO. \n   \n Richard has extensive general management and corporate strategy experience gained in the sales and distribution sector both in the UK and internationally. Previously he was Director and General Manager of WF Electrical, a £140 million turnover division of Hagemeyer (UK) plc, a distributor of industrial products, and gained significant experience in corporate development at Saint Gobain UK building materials business. \n   \n \n \n \n \n   \n Marc Wilson, BA (Hons), ACMA. \n Group Finance Director \n   \n Marc Wilson has been with Anpario since 2010 and was appointed Group Finance Director in 2021. He has played a key role in supporting the Group's long ‑ term growth and managing the increasing complexity of its global operations. Marc has been closely involved in M&A strategy and integration, including the Bio ‑ Vet acquisition, as well as significant capital initiatives such as the 2023 Tender Offer. He also supported the business through a multi ‑ year period of restructuring and cost management during challenging market conditions. Marc has extensive experience in foreign exchange risk management, capital allocation and strategic financial planning. \n   \n \n \n \n \n   \n Karen Prior, BSc (Hons), FCA. \n Corporate Responsibility Director & Company Secretary \n   \n Karen joined the board in 2009, originally as Group Finance Director until 2021 when she relinquished the role and became Corporate Responsibility Director. Previously, Karen has had roles as Finance Director of Town Centre Securities PLC, a listed property group and UK Finance Director of Q-Park. \n   \n Karen spent 10 years of her early career with Ernst and Young specialising in providing audit and business services to entrepreneurial businesses. \n   \n \n \n \n \n   \n   \n Key \n A: Audit Committee N: Nomination Committee R: Remuneration Committee \n The Terms of Reference of the Audit, Nomination and Remuneration Committees are available on the Company's website: www.anpario.com/aim-26/ . \n   \n   \n   \n Corporate governance \n   \n Chairman's introduction \n The Company's shares are traded on the Alternative Investment Market (\"AIM\") of the London Stock Exchange. Anpario applies the Quoted Companies Alliance Corporate Governance Code (\"QCA Code\"). \n   \n Anpario offers natural solutions to the food farming industry which work in harmony with the natural aspects of an animal's biology to promote healthy growth at the least cost to the environment and the producer. Our products enable the production of top-quality protein that supports future farming practice around the world. This objective and our engagement with stakeholders ensure that we act in a manner that is responsible and beneficial to all. \n   \n The board and staff at the Company are committed to behaving professionally and responsibly to ensure that the highest standards of honesty, integrity and corporate governance are maintained. Enshrining these values through the Company's culture, objectives and processes is essential to support the success of the Company in creating long-term shareholder value. \n   \n Anpario is committed to conducting business in a socially, ethically and environmentally responsible manner. We do this by focusing on a 3 Pillars framework: 'People; Planet; and Promise'. More detail is provided in our Environmental and Social Responsibility Report. \n   \n Principle 1: Our strategy and business model to promote long-term value for shareholders \n Anpario is well positioned to benefit from the trends in growth of the world's population, the increasing demand for meat and fish protein in developing countries and the tightening of global regulation favouring more natural feed additive solutions. Seizing these opportunities is how Anpario intends to deliver long-term shareholder value. More information is included in the Strategic Report. \n   \n Anpario has specific resource and processes in place to proactively identify and manage risk to protect the continued growth and long-term future that is possible as outlined above and acquisitions remain a key part of our strategy. Our annual report details specific financial and non-financial risks and uncertainties facing the business and measures in place to mitigate them. \n   \n Principle 2: Understanding and meeting shareholder needs and expectation \n Communications with shareholders are given high priority and Anpario recognises the importance and value in reciprocal and open communication with its many investors. This is key to ensure alignment between the motivations and expectations of our shareholders and our strategy and business model. \n   \n This communication takes place in many forms to serve different purposes. Our Interim Statements and Annual Reports contain detailed information for shareholders to understand our performance, strategy and future plans. Between these disclosures, the Company also issues RNS announcements, as required, which serve to keep shareholders updated about regulatory matters or changes that they should be notified of. These RNS announcements, as well as wider news articles about the Company, are available on our website www.anpario.com/investor/ . \n   \n Anpario engages in the Investor Meet platform following interim and final results to provide meaningful engagement and a Q & A forum for shareholders and prospective investors. \n   \n The Annual General Meeting (\"AGM\") is the main opportunity for all shareholders to engage with Anpario. Shareholders are notified in advance of the date and location of the meeting as well as the resolutions that are to be voted on. A presentation about the most recent published results and our strategy is also made available and shareholders are invited to send questions in advance or in person at the meeting. \n   \n The Directors actively seek to build strong relationships with institutional investors and investment analysts with meetings and presentations given to larger shareholders and brokers following Interim Statement and Annual Report announcements. Feedback is then sought and provided to the Board via the Company's advisers after these meetings reflecting shareholder views and perspectives and any specific concerns. A number of UK stockbrokers also prepare analysist reports and results forecasts. \n   \n Shareholders are encouraged to contact the Company directly should they have any questions or concerns and can do so using a dedicated email address [email protected] . This is actively used by our shareholders and successfully enables them to engage with the Board in addition to attaining assistance on individual shareholder specific matters with which we may be able to help. The Chairman and other Directors will meet or have contact with major shareholders as necessary. Where appropriate on specific matters the Board or its Committees will conduct shareholder consultations. \n \n All Directors have personal shareholdings and their interests are fully aligned with those of other shareholders.Executive Directors, management and staff participate in incentive plans also aligned with shareholder interests in the Company as appropriate. \n   \n Principle 3: Corporate social responsibilities and wider stakeholders \n Anpario seeks to ensure a sustainable business, behaving with social, ethical and environmental responsibility and engaging with all of its key stakeholders, including the communities in which the Group operates, its people and the environment. The 3 Pillars: 'People, Planet and Promise' is a framework extensively utilised to focus behaviours with respect to sustainability and our ESG objectives. This commitment is led by the Board, ensuring that responsible practices are embedded throughout the organisation. Full details of the Group's approach are outlined in the Environmental and Social Responsibility Report later in this annual report; fully set out in the Company's Sustainability Report; and on the website: www.anpario.com/about/sustainability/ . \n   \n Principle 4: Effective risk management \n Anpario has specific resources and processes in place to proactively identify and manage risk to protect its continued growth and long-term future. However, any such system of internal control can provide only reasonable, but not absolute, assurance against material misstatement or loss. The Board considers that the internal controls in place are appropriate for the size, complexity and risk profile of the Company and that they balance exploiting opportunities and protecting against threats. The Risk Management section of this annual report details specific financial and non-financial risks and uncertainties facing the business and where possible the measures in place to mitigate them. \n   \n Risk management and control \n Effective risk analysis is fundamental to the execution of Anpario's business strategy and objectives and our risk management and control processes are designed to make management of risk an integrated part of the organisation. The framework is used to identify, evaluate, mitigate and monitor significant risks and to provide reasonable but not absolute assurance that the Group will be successful in achieving its objectives. The focus is on significant risks that, if they materialise, could substantially and adversely affect the Group's business, viability, prospects and share price. \n   \n A formal Internal Audit function is not felt to be suitable for the Group at the current time due to its size, however this is kept under review alongside an appropriately robust internal control system. \n   \n Risk management process \n We recognise that a level of risk taking is inherent within a commercial business. Our risk management process is designed to identify, evaluate and mitigate the risks and uncertainties we face. \n   \n The CEO is the ultimate Risk Manager. The Board establishes our risk appetite, oversees the risk management and internal control framework and monitors the Group's exposure to principal risks. \n   \n The Executive Management Board (EMB) owns the risk management process and is responsible for managing specific risks. The EMB members are also responsible for embedding rigorous risk management in operational processes and performance management and review. They also have responsibility for preparing risk analysis, controls and mitigation plans for their individual section of the business. \n   \n The Audit Committee reviews the effectiveness of the risk management process and the internal control framework and ensures appropriate executive ownership for all key risks. \n   \n These processes ensure that all Directors receive detailed reports from management and are able to discuss the risks, controls and mitigations in place and therefore satisfy themselves that key risks are being effectively managed. \n   \n Internal control framework \n Anpario's internal control framework is designed to ensure the: \n -       effectiveness and efficiency of business operations; \n -       reliability of financial reporting; \n -       compliance with all applicable laws and regulations; and \n -       assignment of authority and responsibility. \n   \n Anpario's values underpin the control framework and it is the Board's aim that these values drive the behaviours and actions of all employees. The key elements of the control framework are: \n   \n Management structure \n The Board sets formal authorisation levels and controls that allow it to delegate authority to the EMB and other Managers in the Group. The management structure has clearly defined reporting lines and operating standards. \n   \n   \n Strategy and business planning \n -       Anpario has a strategic plan which is developed by the EMB and endorsed by the Board; \n -       Business objectives and performance measures are defined annually, together with budgets and forecasts; and \n -       Monthly business performance reviews are conducted at both Group and business unit levels. \n   \n Policies and procedures \n Our key financial, legal and compliance policies and procedures that apply across the Group are: \n -       Code of Conduct; \n -       Designated authorities and approvals; \n -       ISO 14001 Environmental Management Systems; \n -       Anti-Bribery and Anti-Corruption Policy; \n -       Modern Slavery Policy; \n -       GDPR and Privacy Policy; \n -       Due diligence processes including rigorous sanctions checks; \n -       Use of AI software and \n -       All other legislated policy requirements within the UK, such as: whistleblowing policies, health and safety, Equality, Diversity and Inclusion, \n   \n Technical standards and operational controls \n Our operational control processes include: \n -       Product pipeline review: product pipeline is reviewed regularly to consider new product ideas and determine the fit with our product portfolio. We assess if the products in development are progressing according to plan and evaluate the expected commercial return on new products; \n -       Product Lifecycle management: lifecycle management activities are managed and reviewed for our key products to meet the changing needs of our customers, environmental and regulatory standards; \n -       Quality assurance: a manufacturing facility with an established Quality Management System operating under FEMAS and UFAS and designed to ensure that all products are manufactured to a consistently high standard in compliance with all relevant regulatory requirements; \n -       Product registration: a robust system operated by our regulatory team to ensure all products are correctly registered within the jurisdiction in which they are sold; and \n -       Pricing: a pricing structure which is managed and monitored to provide equitable pricing for all customer groups and compliance with regulatory authorities. \n   \n Financial controls \n Our financial controls are designed to prevent and detect financial misstatement or fraud. This provides reasonable, but not absolute, assurance against material misstatement or loss. They include: \n -       a formalised reporting structure which incorporates the setting of detailed annual budgets and key performance indicators which are updated on a regular basis to form forecasts; \n -       management and Board meetings where all key aspects of the business are presented, reviewed and discussed including comparison of current and historical performance as well as budgets and forecasts; \n -       defined authorisation levels for expenditure; the placing of orders and contracts; and signing authorities; \n -       transactional level controls operated on a day-to-day basis; \n -       daily reconciliation and monitoring of cash movements by the finance department and the Group's cash flow is monitored; \n -       segregation of accounting duties; \n -       reconciliation and review of financial statements and judgements; \n -       internal and external training to ensure staff are aware of the latest standards and best practice; and \n -       membership of professional bodies and compliance with associated code of ethics. \n   \n Principle 5: The Board \n The Board of Directors is collectively responsible and accountable to shareholders for the long-term success of the Company. The Board provides leadership within a framework of prudent and effective controls designed to ensure strong corporate governance and enable risk to be assessed and managed. \n   \n The Board regularly reviews the operational performance and plans of the Company and determines the Company's strategy, ensuring that the necessary financial and human resources are in place in order to meet the Company's objectives. The Board also sets the Company's values and standards, mindful of its obligations to shareholders and other stakeholders. \n   \n Full details and biographies of the Board are available on our website. The Board comprises two independent Non-Executive Directors and three Executive Directors. The Board acknowledges the Code's guidance on achieving appropriate board balance and continues to seek the appointment of an additional independent Non-Executive Director. Any such appointment will only be made where it is considered capable of making a meaningful and valuable contribution to the Group's business and overall performance. \n Executive Directors \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Key Committees \n \n \n \n \n Name \n \n \n Role \n \n \n Qualifications \n \n \n Audit \n \n \n Nom. \n \n \n Rem. \n \n \n \n \n Richard Edwards \n \n \n Chief Executive Officer \n \n \n B Eng (Hons), C Eng, MBA. \n \n \n \n \n \n M \n \n \n \n \n \n \n \n Marc Wilson \n \n \n Group Finance Director \n \n \n BA (Hons), ACMA. \n \n \n \n \n \n \n \n \n \n \n \n \n \n Karen Prior \n \n \n Corporate Responsibility Director \n \n \n BSc (Hons), FCA. \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Independent Non-Executive Directors \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Key Committees \n \n \n \n \n Name \n \n \n Role \n \n \n Qualifications \n \n \n Audit \n \n \n Nom. \n \n \n Rem. \n \n \n \n \n Matthew Robinson \n \n \n Non-Executive Chair \n \n \n MA, ACA. \n \n \n C \n \n \n C \n \n \n M \n \n \n \n \n Tim Pollock \n \n \n Non-Executive Director \n \n \n \n \n \n M \n \n \n M \n \n \n C \n \n \n \n \n   \n Audit = Audit Committee, Nom. = Nomination Committee, Rem. = Remuneration Committee \n C = Chair, M = Member \n   \n The Board considers that the Non-Executive Directors are independent. \n   \n All Directors are subject to reappointment by shareholders at the first AGM following their appointment and thereafter by rotation. \n   \n The Board delegates its authority for detailed consideration of certain matters to its Audit, Remuneration and Nomination Committees. The Board approves and reviews the terms of reference of each of the Committees which are available on the Company's website, www.anpario.com/aim-26/ . \n   \n The Board meets formally at least four times per annum. All Board members receive agendas and comprehensive papers prior to each Board meeting. The Corporate Responsibility Director is also the Company Secretary and is responsible to the Board for ensuring that Board procedures are followed and that applicable rules and regulations are adhered to. \n   \n In addition to formal Board and Committee meetings, ad hoc decisions of the Board and Committees are taken after discussion throughout the financial year as necessary through the form ...

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