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(Alliance News) - Anpario PLC on Wednesday said its full-year performance was helped by a strong second half, but revenue and earnings are still expected to fall below last year's figures.
The Nottinghamshire-based animal feed additive manufacturer expects 2023 sales to be no less than GBP30.8 million, down from GBP33.1 million a year ago.
Adjusted earnings before interest, tax, depreciation and amortisation is now anticipated to be ahead of current market expectations, and not less than GBP4.4 million. Last year, Anpario posted adjusted Ebitda of GBP5.2 million.
This comes as the company said it delivered a stronger operating performance in the second half of 2023, in particular within its Orego-Stim product brand.
At December 31, Anpario had cash balances of GBP10.6 million, up from GBP7.3 million at June 30.
"Our strong balance sheet enables the group to invest in innovative natural product solutions, expand our global reach and explore earnings enhancing and complementary acquisitions to continue the profitable development of the group," the firm said.
In addition, Anpario announced that it has received a UK patent for its flagship toxin-binder product, known as Anpro. The company expects a GBP100,000 tax benefit as a result.
Anpario will publish its full-year results on March 20.
Shares in Anpario were up 6.0% at 254.44 pence each in London on Wednesday afternoon.
By Sabrina Penty, Alliance News reporter
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