Shares in Anpario PLC (LSE:ANP) rose as much as 8% earlier in Monday's session after the animal nutrition group said trading in the second half of its financial year had been stronger than expected, continuing a run of outperformance.
The specialist manufacturer of natural animal feed health additives said full-year results for 2025 are now expected to come in ahead of board and market expectations, reflecting broad-based growth across its regions and product lines.
The update marks another step-change for the group, which has expanded in scale and product breadth since the acquisition of Bio-Vet in September 2024.
Performance was driven by solid momentum across Asia, the Americas and Europe, alongside high growth in India, while Bio-Vet delivered a near-record second half. The company also benefited from operational gearing as volumes rose, lifting margins and cash generation.
Analysts at Shore Capital, reacting to the update, said the results represented Anpario’s sixth upgrade to full-year forecasts since March 2024.
The broker lifted its revenue and profit estimates, pointing to faster-than-expected growth and stronger margins, and noted that net cash was also likely to be higher than previously forecast.
Despite the upgrades, Shore said the shares still trade at a discount to historic valuations and comparable transactions, arguing that the group’s stronger balance sheet, diversified geographic exposure and focus on natural feed solutions leave scope for further rerating if execution continues.
After an initial burst higher, the shares settled at 500p, up 5.2%.