Anpario Plc - Trading Statement and Board update
This content has been sourced from: https://www.investegate.co.uk/anpario-plc/rns/trad...
("Anpario" or the "Group")
Trading Statement and Board update
Anpario, the independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity, provides the following trading update for the year ended 31 December 2020.
The Group has delivered a very strong operating performance despite a very difficult year around the world due to the pandemic. Full year sales are now expected to be not less than £30m and profit to be well ahead of expectations. This performance is reflected in the Group's strong cash generation with year-end cash balances of £15.8m (31 Dec 2019 £13.8m) after a £1m buyback programme and in addition to increased dividend distributions.
There were strong performances in the Americas, Europe and in China where sales showed a strong recovery as farmers restocked their pig operations and the ban on the use of anti-biotic growth promoters (AGPs) in animal feed benefited sales of Orego-Stim®. The Middle East experienced continued weakness in the second half. The strongest growth was experienced in our subsidiaries where local sales teams were able to fully support customers throughout the pandemic.
The Board would like to thank all stakeholders, especially our staff around the world, who have adapted to new ways of working and put every effort into ensuring continued production and delivery of our products to customers and our subsidiaries around the world.
Richard Wood has given notice to Anpario that he will retire as Non-Executive Director, Senior Independent Director and Chair of the Remuneration Committee with effect from 31 March 2021. Peter Lawrence has informed Anpario that he will retire as Non-Executive Chairman, Chair of the Audit and Nomination committees at Anpario's AGM on 17 June 2021. Anpario recently announced two new Non-Executive Directors, Matthew Robinson and Kate Allum. A further announcement will be made regarding the positions of Senior Independent Director and Chairman.
Richard Edwards, Chief Executive, commented; "I would personally, and on behalf of the Board, like to take this opportunity to thank Peter and Richard for their contribution, commitment and invaluable guidance and support to both Karen and me during their time on the Board in the development of Anpario."
The Group expects to announce its preliminary results for the year ended 31 December 2020 on 17 March 2021.