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The response from ChatGPT when asked if a stock re-rating is warranted now: Anpario’s H1 2025 results present a compelling case for a valuation re-rating based on fundamentals alone. EPS grew by 43% year-on-year, significantly outpacing the market and particularly impressive for an AIM-listed business. Revenue rose 34% headline, with 16% organic growth — demonstrating genuine momentum beyond the contribution from recent acquisitions.

Margins also expanded meaningfully, with gross margin up 390bps to 51.4% and operating leverage driving further EBITDA improvement. The company remains debt-free and increased its net cash position to £11.1 million, reinforcing balance sheet strength and financial discipline. Importantly, the interim dividend was raised by 11%, reflecting management’s confidence in the outlook and continued cash generation.

Despite these strong metrics, Anpario trades on a trailing P/E of ~13–14x and EV/EBITDA of ~11x — well below the typical 16–22x P/E seen across quality small- and mid-cap growth peers. On fundamentals alone, the business warrants a re-rating toward a 15–18x P/E multiple, implying upside potential of 15–40% from current levels.

Results & Comment via ChatGPT:

Key Highlights from Anpario’s H1 2025 Results (30 June 2025)

• Sales rose by 34% to £22.7 million (H1 2024: £17.0 million).

• Gross profit increased by 45% to £11.7 million, lifting the gross margin to 51.4% (H1 2024: 47.5%).

• Adjusted EBITDA surged by 53%, reaching £4.1 million (H1 2024: £2.7 million).

• Profit before tax climbed 62% to £3.4 million (H1 2024: £2.1 million).

• Diluted adjusted earnings per share (EPS) jumped 43% to 16.01 pence (H1 2024: 11.16 pence).

• The interim dividend was increased by 11% to 3.60 pence per share (H1 2024: 3.25 pence).

• Cash and cash equivalents stood at £11.1 million as of 30 June 2025 (compared to £10.5 million at 31 December 2024)

What Makes These Results Stand Out

1. Top- and Bottom-Line Acceleration

Revenue growth of +34% and profit before tax growth of +62% suggest the business has turned a corner — from a margin-compressed environment into one with structural profitability returning.

2. Margin Expansion Is Key

Gross margin rising to over 50% is a hallmark of a company either:

• Reducing cost of sales (e.g. better procurement, mix shift),

• Gaining pricing power (suggesting customer stickiness or brand strength),

• Or expanding value-added product lines.

3. Cash Generative

Increasing net cash balance shows this is profitable growth, not driven by capital burn or debt — a key difference from many small/mid-cap AIM peers.

4. Dividend Growth

In this climate, raising the interim dividend shows confidence in future cash flows and long-term strategy — especially given capex likely required for global expansion.

5. Operational Leverage

EBITDA and EPS growing faster than revenue shows high operational leverage, a strong indicator of scalability.

Summary (Investor View)

✅ Strong Results — H1 2025 is a materially positive update

✅ Margins, cash flow, and dividend all point in the right direction

✅ Operational leverage and balance sheet strength = robust foundation

Strong set of results, with momentum likely to carry into H2 assuming no macro disruptions. Stock could re-rate if growth proves sustainable and confidence in FY25–26 earnings builds.

Excellent results deserving of a stock re-rating. If the UK market is working efficiently (which is highly debatable), this stock should be re-rated.

Thanks for posting , good to read. I’ve been surprised by the recent decline for no obvious reason, based on the signposting I’m looking forward to positive results on the 10th.

I suspect today's news will be particularly positive for Anpario given their partnership with Saife Vetmed India (announced end 2023) targeting both agriculture & aquaculture markets. Icing on the cake, on top of their well timed US acquisition (just prior to Trump).

Excellent results which were unfortunatly clouded by BDO not being on the ball to initially sign off which is unexcusable, otherwise the stock should have been up last week. For those that did panic sell there is an opportunity to buy back as the stock is inexplicably slightly down this morning. I am considering attending the AGM to raise the need for a new auditor.

I was disappointed with the news, but as a long term shareholder I’ve gained respect for the management and the Board must be confident enough of the numbers to approve the RNS. I also note that similar confusion has occurred with other audits led by BDO such as with Galliford Try & Halfords. Given this I’m treating the confusion as a buying opportunity and bought this morning at 3.79p.

Looking forward to the results this morning which will arrive whilst I await a flight . I am expecting good results and a positive outlook. If they are as expected it will make my flight much more enjoyable!

I agree ANP still has room to run given their recent exceptional notification of better than FC trading ahead of results. Their recent US acquisition appears to be a very smart move. Just one correction to your post, the 2023 event was a stock buyback in the range of 15%-18% of the issued stock, the opposite of a dilution - another reason why the stock has runway as it previously touched 600p pre-buyback.

Completely agree. The acquisition is looking increasingly beneficial with either v. smart or fortunate timing.

A highly positive in-depth research note on Anpario by Simon Thompson was recently published. However I believe he has made a minor mistake in his valuation calculation (p13). He uses a historic multiple of 14 x £6.5m EBITDA coming to an Enterprise Value of £91m, he then subtracts ANPs cash of £7m to get £84m, however he should have added the cash to get £98m, which would give a share price of 483p, whereas Simon has arrived at a valuation of 420p. Either way it's significantly above today's stock price of 347p. It also appears the number of shares is will be lower than calculated as the Employee Benefit Trust works on a sliding scale depending on what the share price is (see slide 8 from ANPs investor meet presentation). So he (Simon) has taken the worst-case number of shares, which is understandable, but at £5 the number of dilutive shares is around 18.1m.

In summary just underlines the attraction of ANP as a buy and hold investment.

It could be the case that UK fund managers are forced sellers if their compliance rules require businesses which fall under a specific market cap threshold to be sold. This happened to another stock I hold early this summer, however they had a robust balance sheet and took the opportunity to buy back 20% of their stock, since when their stock has recovered. IQE unfortunately is not in the same boat, however a stock buy-back at this level could make a lot of sense.

On a separate note I hope IQE are considering a move to a US listing as I don't believe the UK public market, for a multitude of reasons including all powerful compliance depts, works well for small to medium sized tech businesses.

The fall over the last this week presents a buying opportunity. I've folloed this stock for more than a decade and I suspect that the fall is due to a forced FI seller as the stock was in a recent upward trajectory following a positive trading update.

I have just emailed coplsharewatch to ask to join the class action. Does anyone know if it is still possible please?

The NICE guidance also states that the Genedrive test "is cheaper per test than laboratory tests and the Genomadix Cube."

Dear RBM - Its been some time since I looked at this discussion board and from what I understand the company has been grossly mismanaged and the stock manipulated. It appears that you are one of the key good guys who is challenging the situation on behalf of stockholders. I am a holder of a few years and just wanted to know if I need to register my details if there is a class action or equivalent please?

Further to my previous message I note the house broker, Shore Capital, has issued an update today rating Anpario as a recovery play, trading at a 50% discount to their 5 year average EV/EBITDA and have upgraded their 2024 FC by +12% (EBITDA) and +17% (adjusted EBIT).

I suspect the "huge upgrade" to eps which "turnkey17" mentions is partly due to the 20% stock buy back which is only now, and slowly, starting to be recognised by the market, as well as the more favourable forecast trading environment going forward.

Finally, my last word here as I don't post often, I like Anpario as they significantly benefit for the UK's patent box on qualifying worldwide revenue. The benefit a fixed 10% Corporation Tax rate on sales of one of their biggest products, Orego-Stim, and is now extended to their toxin binders. They don't appear to give a breakdown of total global revenue from these products, but from a little research I estimate it probably falls between 30% and 40% and growing. Thus revenue uplift has an outsized bottom line impact.

The 2023 results are no surprise, as guided and are the reason the stock price halved. However I am optimistic given the Q4 and forward commentary. It also appears that the buy back of 20% of the stock is not yet recognised by the market whilst I am positively surprised that despite the buy back their cash position is nearly recouped. Their trading outlook, cash position, and a 4%+ dividend, justifies my stock purchases over the last few months which I am happy to tuck away.