Anpario has released its FY25 trading update this morning flagging financial performance that is expected to be ahead of consensus and our expectations. We upgrade our forecasts to reflect the new outlook for FY and make adjustments to FY26. FY25E is expected to be ahead of expectations, with revenue expected to be +23.4% to £47.1m (SCMe, FY25 £45.0m) and adj. EBITDA +34% to not less than £9.4m (SCMe, FY25 £8.0m). Net cash is also expected to be higher at £12.4m (SCMe, FY25 £11.9m). Accordingly, we raise our PT to 626p (from 571p) and re-iterate our BUY recommendation.
