Anpario (LSE:ANP), the Worksop-based animal feed additives group, reported higher sales and a sharper rise in Earnings for the first half of 2026, while also telling shareholders of the death of a non-executive director. The interim figures, published on 9 September 2026, show a Business growing profitably even as geopolitical disruption in part of its export footprint takes the edge off the start of the second half.

What the company does

Anpario develops, manufactures and sells natural feed additives for livestock, including products aimed at gut health, pathogen control and nutrition for poultry, pigs, cattle and aquaculture. It sells through distributors and direct customers in dozens of countries, which means its results are shaped as much by global agricultural conditions and currency moves as by its home market.

Latest results

For the six months to 30 June 2026, Anpario reported sales of 24.3 million pounds, an increase of 7%. Adjusted EBITDA rose 22% to 5.0 million pounds, and profit before tax advanced 11% to 3.8 million pounds. Diluted adjusted Earnings Per Share climbed 30% to 20.77 pence, a faster rate of growth than profit because of the smaller share count that follows the company's buyback activity. The Interim Dividend was raised 6% to 3.8 pence per share.

LSE:ANP said Asia had been affected by the conflict involving Iran, and that this had softened the start to the second half. Even so, the board said it remained confident in the group's prospects, pointing to business development initiatives, a solid order pipeline and the geographic spread of its sales.

Buybacks and Shareholder returns

Anpario has been returning Capital through market purchases of its own shares. A sequence of announcements in July 2026 recorded transactions in own shares and total voting rights, and on 27 July 2026 LSE:ANP announced the completion of a buyback programme. Holdings in company notifications followed in July and on 28 October 2026. Together with the higher interim dividend, this points to steady returns alongside Investment in the business.

Board change

On 17 August 2026 the company announced that Tim Pollock, a non-executive director who joined the board in August 2023, had died after an illness. He chaired the remuneration committee and sat on the audit and nominations committees. The announcement did not say who would take over those responsibilities, but the board said it had been reviewing the appointment of additional non-executive directors in line with the QCA corporate governance code and would provide updates in due course.

Sector and index context

Anpario (LSE:ANP) sits among the smaller industrial and agricultural-input names on the FTSE AIM All Share Index, an index that is dominated by smaller growth companies and is often more sensitive to sentiment than larger markets. Animal nutrition is a defensive end market in the sense that livestock must be fed whatever the economic cycle, but producers face volatile feed costs, disease outbreaks and trade restrictions.

Key risks

The most immediate risk flagged by the company is regional conflict affecting Asian sales. Other exposures include currency swings, since a large share of Revenue is earned outside the United Kingdom, regulatory change affecting feed additives in major markets, raw material costs, and dependence on distributor relationships.

What to watch next

Investors will look for evidence of how quickly Asian Demand recovers, any announcement on the appointment of new non-executive directors, and further shareholder notifications. The full-year trading update and final results, which would normally follow early in the new year, will show whether the solid first-half momentum in margins and earnings per share has been sustained through the second half.