Anpario posted a strong set of 1H, 25 results driven by organic revenue growth, margin enhancement and improved margins. Bio-Vet performance validated management’s decision to acquire and we believe there is more to come from this acquisition, with cross-selling between Bio-Vet and Anaprio product lines identified as a growth lever. Management continues to drive their strategy of broadening species and territorial coverage to stabilise revenue streams. In our view, the margin improvements represent a near-term structural shift rather than one-off gains. Anpario’s differentiated higher-margin and value-add offerings, position it well for sustained growth and improving margins. We raise our PT to 571p. BUY.
