Anpario plc, suppliers of natural feed additives, has announced increased profits and earnings per share in its results for the year ended 31 December 2011.
Total underlying profit before tax increased to £2.1m from total revenues of £19.2m.
Whilst overall gross profit was slightly lower at £5.8m (2010: £5.9m) gross margins improved as a result of the company’s strategy to focus on its higher value-add products and to exit low margin commodity type products supplied in the UK market.
Underlying earnings per share increased 23% to 8.95 pence per share (2010: 7.27 pence per share).
A cash balance of £4.4m is expected to be used to invest in expansion through acquisitions such as Meriden Animal Health.
Anpario chief executive David Bullen commented, "This has been another successful and most encouraging year for the Group. The performance is driven by two key factors: firstly the success of our strategy to reposition the UK business to focus on higher margin products; and secondly achieving the synergy benefits from the Optivite acquisition."
"The results have demonstrated the strength of the Group’s broad geographic spread, which has enabled it to offset local issues in Middle Eastern and Southern European markets with strong performances in other territories. In addition we work closely with our national distributors, to minimise credit risk in those countries where there is financial or political concern."
