Anpario

Anpario Dividend Analysis and Summary

• Dividend: 3.60p per share (interim)
• Ex-dividend date: 13/11/2025
• Record date: 14/11/2025
• Payment date: 28/11/2025
• Change vs prior year interim: +11% (H1 2024: 3.25p)
• Dividend cover (H1 2025): ~4.5x by basic EPS (16.34p) and ~4.4x by diluted adjusted EPS (16.01p)
• Estimated cash cost: ~£0.6m (based on ~16.8m shares)
• Liquidity: cash and cash equivalents £11.1m; net cash position; modest lease liabilities

• Earnings momentum: H1 revenue +34%, gross margin 51.4% (up 3.9 ppts), adjusted EBITDA +53% to £4.1m, PBT +62% to £3.4m. The 3.60p interim is well covered and supported by improved mix and pricing.
• Cash generation: Net cash from operations of £1.36m despite £1.7m working-capital absorption (inventory rebuild and growth). Cash rose by £0.6m to £11.1m. Coverage of the interim cash outflow is comfortable.
• Capital allocation: Balanced approach—progressive dividend (+11%), small buyback (29k shares, ~£0.1m), modest capex (£0.3m), and integration of Bio-Vet while maintaining net cash. This supports ongoing dividend growth capacity if trading remains robust.
• Payout stance: Interim payout equates to roughly ~21–22% of adjusted EPS, leaving ample reinvestment headroom.