Anpario delivered its strongest financial performance on record in FY2025, with revenue advancing 24% to £47.2m (FY2024: £38.2m) and adjusted EBITDA surging 38% to £9.6m, demonstrating compelling operational leverage in a business model that is increasingly scaling. Critically, gross margin expanded by 400 basis points to 50.9%, a level that reflects both the mix-shift towards higher value-add premium products and the accretive contribution of the Bio-Vet range. Global regulatory tightening on antibiotic use in livestock, across the EU, US, and China is driving durable displacement demand for natural alternatives, with Orego-Stim well-positioned as a clinically evidenced market leader in phytogenics, a segment expected to grow at a high single-digit CAGR through 2030. PBT grew 54% to £8.0m, with basic EPS rising 63% to 40.20p, while the Board's decision to increase the full-year dividend by 11% to 12.50p per share signals sustained confidence in the quality and durability of earnings. A £12.4m net cash position provides further firepower for value-accretive bolt-ons in a fragmented specialty feed additives sector. BUY.
