Anpario

Anpario Dividend Analysis and Summary

• Declared dividend: Final dividend of 8.90p per share (FY24: 8.00p), taking the total FY2025 dividend to 12.50p (FY24: 11.25p), an +11% YoY increase.
• Ex-dividend date: 09/07/2026
• Record date: 10/07/2026
• Payment date: 24/07/2026
• Coverage: FY2025 basic EPS 40.20p implies dividend cover of ~3.2x (payout ratio ~31%).
• Cash cost: Company guidance indicates c. £1.62m for the final dividend; total FY2025 dividend c. £2.27m.
• Indicative yield: Using the 31 Dec 2025 share price of 475p, the FY2025 total dividend implies a trailing yield of ~2.6% (12.5p/475p).
• Status: Final dividend is subject to AGM approval (AGM scheduled 18/06/2026).

• Growth trajectory: The Board continues a progressive policy, raising both interim (3.60p vs 3.25p) and final (8.90p vs 8.00p), for an 11% total increase in FY2025.
• Earnings support: Strong operational year — revenue +24% to £47.2m, gross margin up to 50.9%, PBT +54% to £8.0m; EPS 40.20p comfortably covers the 12.50p dividend (c.3.2x cover).
• Cash flow and balance sheet: Operating cash flow £5.9m vs cash dividends paid £2.06m (c.35% of op cash); year-end cash £12.4m, no debt. This provides headroom to fund the dividend and modest investment.
• Capital intensity: Modest capex (£0.6m) with disciplined working capital; continued strong cash generation even after £1.0m Bio-Vet contingent consideration.
• FX risk management: Active USD hedging programme helps dampen earnings/cash flow volatility, indirectly supporting dividend stability.