25 May 2012

Anpario on track

01/02/2012 Miles Nolan

AIM listed Anpario (ANP) formerly known as Kiotech, has unveiled a positive trading update in which it states it is on track to meet profit forecasts for 2011.

Anpario is a leading suppler of natural high performance feed additives, largely used for enhancing health and growth. With sales into 60 countries, it has enjoyed solid trading despite volatility in the Middle East and certain areas in Southern Europe such as Greece.

It has worked hard to minimise the effect of countries deemed to have financial or political concern, instead focusing its efforts on growth territories such as South America and China. In addition, it has divested the commodity business from its UK agriculture arm which has led to reduced sales but maintained profitability.

The cash balance is strong at £4.3 million and represents a significant chunk of its current £16.3 million market value. Although the current year has started well, house broker finnCap has edged its 2012 pre-tax profit forecast down £200,000 to £2.1 million (EPS of 9.2p). We urged readers to buy the shares at 80p in July, and the current price is trending the right way - up 2p to 83.5p.

The sum of the parts of Anpario is clearly far greater than the market gives it credit for. Buy.

Tags: AIM market, Feed for animals, Growth company, Growth in population

Sector: Pharmaceuticals & Biotechnology

Companies: Anpario

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