Anpario Plc - AGM Statement
Anpario plc, the international producer and distributor of natural feed additives for animal health, hygiene and nutrition, is holding its AGM later today. At this meeting, Peter Lawrence, Chairman, will make the following comments:
"As highlighted at the time of our 2018 full year results announcement on 6 March this year, our industry is facing a number of challenges. However, Anpario's gross margins have improved, driven by a change in product mix and the ongoing implementation of the Company's strategy to develop more direct routes to market, control costs and make sensible investments; this indicates that the Company remains in line with our full year expectations.
We expect the farming crisis in China, due to African Swine Fever, to alleviate as the year progresses and, with pig prices now at record high levels, Chinese farmers are beginning to restock. In addition, our focus on poultry in China is gaining momentum. We expect other regions such as Latin America to benefit by satisfying the production shortfalls in China and this bodes well for Anpario's growing global business and is testament to our geographic spread and our multi-species product portfolio.
The Anpario Direct online platform was recently launched for the UK market, targeting smaller farm enterprises and niche segments such as equine and game birds. It is pleasing to report that we have already received our first sales and the focus now is to drive website traffic through innovative direct and online marketing techniques, supported by our existing account management teams.
Inevitably, there will be a gestation period before the affected markets pick up but we believe, they will do so later this year so that expanding profitable sales and distribution channels around the world remains our top priority. Our strong balance sheet is reflected in the current cash balance of over £13m and makes the Company well placed to invest if the short term industry problems offer opportunities for acquisitions or provide a platform from which to continue to make profitable progress.
The Company's interims for the six months period ended 30 June 2019 are expected to be announced on 11 September."