Announcement • Apr 29
Anpario plc (AIM:ANP) announces an Equity Buyback for 2,044,524 shares, for £3 million. Anpario plc (AIM:ANP) announces a share repurchases program. Under the program, the company entered into irrevocable and non-discretionary agreement with Shore Capital Stockbrokers Limited to repurchase up to 2,044,524 ordinary shares, for £3 million. The purchase price per share cannot exceed 105% of the average of the middle market quotations taken from the London Stock Exchange Daily Official List for the five business days preceding any Ordinary Shares being purchased; and the higher of the price of the last independent trade and the highest independent bid for Ordinary Shares on the trading venue where the purchase is carried out. The minimum price shall be no less than (exclusive of expenses) a price of 23 pence per Share, being the nominal value of a Share. The purpose of the program is to return surplus cash to shareholders and reduce the share capital. The repurchased shares will be cancelled.. The offer is valid till July 31, 2026. Announcement • Apr 02
Anpario plc Recommends Final Dividend, Payable on 24 July 2026 Anpario plc will recommend at the forthcoming Annual General Meeting a ?nal dividend of 8.90 pence per share (2024: 8.00 pence) resulting in a total of 12.50 pence per share for the year (2024: 11.25 pence), an increase of 11%. This dividend, payable on 24 July 2026 to shareholders on the register on 10 July 2026 (ex-dividend date of 9 July 2026), re?ects the Group's ability to generate strong cashflows. Declared Dividend • Apr 02
Final dividend increased to UK£0.089 Dividend of UK£0.089 is 11% higher than last year. Ex-date: 9th July 2026 Payment date: 24th July 2026 Dividend yield will be 2.7%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is well covered by both earnings (0.9866% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 9.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 01
Full year 2025 earnings released: EPS: UK£0.40 (vs UK£0.25 in FY 2024) Full year 2025 results: EPS: UK£0.40 (up from UK£0.25 in FY 2024). Revenue: UK£47.2m (up 24% from FY 2024). Net income: UK£6.75m (up 64% from FY 2024). Profit margin: 14% (up from 11% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
Anpario plc, Annual General Meeting, Jun 18, 2026 Anpario plc, Annual General Meeting, Jun 18, 2026. New Risk • Mar 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.0% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£5.50, the stock trades at a trailing P/E ratio of 22x. Average forward P/E is 12x in the Food industry in the United Kingdom. Total returns to shareholders of 75% over the past three years. Upcoming Dividend • Nov 06
Upcoming dividend of UK£0.036 per share Eligible shareholders must have bought the stock before 13 November 2025. Payment date: 28 November 2025. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (5.4%). Lower than average of industry peers (2.9%). Declared Dividend • Sep 12
First half dividend increased to UK£0.036 Dividend of UK£0.036 is 11% higher than last year. Ex-date: 13th November 2025 Payment date: 28th November 2025 Dividend yield will be 2.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (117% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 11
First half 2025 earnings released: EPS: UK£0.16 (vs UK£0.10 in 1H 2024) First half 2025 results: EPS: UK£0.16 (up from UK£0.10 in 1H 2024). Revenue: UK£22.7m (up 34% from 1H 2024). Net income: UK£2.75m (up 60% from 1H 2024). Profit margin: 12% (up from 10% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 10
Now 35% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to UK£5.05. The fair value is estimated to be UK£3.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.6%. Buy Or Sell Opportunity • Aug 22
Now 21% overvalued Over the last 90 days, the stock has fallen 4.8% to UK£4.31. The fair value is estimated to be UK£3.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.6%. Buy Or Sell Opportunity • Jul 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to UK£4.30. The fair value is estimated to be UK£3.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.6%. Upcoming Dividend • Jul 03
Upcoming dividend of UK£0.08 per share Eligible shareholders must have bought the stock before 10 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (3.7%). Announcement • Jun 19
Anpario plc Approves Final Dividend, Payable on 25 July 2025 The Board of Anpario plc announced that all the resolutions proposed at the Company's Annual General Meeting held earlier 19 June 2025 were duly passed, including approval of the final dividend of 8.0p per ordinary share to be paid on 25 July 2025 to shareholders on the register at close of business on 11 July 2025 (ex-dividend date of 10 July 2025). Announcement • Jun 19
Anpario plc to Report First Half, 2025 Results on Sep 10, 2025 Anpario plc announced that they will report first half, 2025 results on Sep 10, 2025 Buy Or Sell Opportunity • May 06
Now 20% overvalued Over the last 90 days, the stock has fallen 3.4% to UK£4.30. The fair value is estimated to be UK£3.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.6%. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to UK£3.85, the stock trades at a trailing P/E ratio of 19.1x. Average forward P/E is 13x in the Food industry in the United Kingdom. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£3.58 per share. Announcement • Apr 07
Anpario plc (AIM:ANP) announces an Equity Buyback for 2,031,313 shares, for £1 million. Anpario plc (AIM:ANP) announces a share repurchases program. Under the program, the company entered into irrevocable and non-discretionary agreement with Shore Capital Stockbrokers Limited to repurchase up to 2,031,313 ordinary shares, for £1 million. The purchase price per share cannot exceed 105% of the average of the middle market quotations taken from the London Stock Exchange Daily Official List for the five business days preceding any Ordinary Shares being purchased; and the higher of the price of the last independent trade and the highest independent bid for Ordinary Shares on the trading venue where the purchase is carried out. The minimum price shall be no less than (exclusive of expenses) a price of 23 pence per Share, being the nominal value of a Share. The purpose of the program is to return surplus cash to shareholders and reduce the share capital. The repurchased shares will be held in treasury. The offer is valid till May 31, 2025. Declared Dividend • Apr 02
Final dividend increased to UK£0.08 Dividend of UK£0.08 is 6.7% higher than last year. Ex-date: 10th July 2025 Payment date: 25th July 2025 Dividend yield will be 3.0%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (33% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 2.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 31
Full year 2024 earnings released: EPS: UK£0.25 (vs UK£0.14 in FY 2023) Full year 2024 results: EPS: UK£0.25 (up from UK£0.14 in FY 2023). Revenue: UK£38.2m (up 23% from FY 2023). Net income: UK£4.11m (up 63% from FY 2023). Profit margin: 11% (up from 8.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. New Risk • Mar 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.4% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Price Target Changed • Jan 14
Price target increased by 35% to UK£5.00 Up from UK£3.70, the current price target is provided by 1 analyst. New target price is 12% above last closing price of UK£4.48. Stock is up 83% over the past year. The company posted earnings per share of UK£0.14 last year. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to UK£4.33, the stock trades at a trailing P/E ratio of 29.3x. Average forward P/E is 14x in the Food industry in the United Kingdom. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£3.28 per share. Buy Or Sell Opportunity • Jan 10
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to UK£4.10. The fair value is estimated to be UK£3.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 18%. Announcement • Jan 10
Anpario plc to Report Fiscal Year 2024 Results on Mar 26, 2025 Anpario plc announced that they will report fiscal year 2024 results on Mar 26, 2025 Recent Insider Transactions Derivative • Dec 18
Executive Vice Chairman & CEO exercised options to buy UK£156k worth of stock. On the 13th of December, Richard Edwards exercised options to buy 42k shares at a strike price of around UK£2.90, costing a total of UK£123k. This transaction amounted to 21% of their direct individual holding at the time of the trade. Since March 2024, Richard has owned 203.40k shares directly. Company insiders have collectively bought UK£230k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Dec 18
Corporate Responsibility Director recently bought UK£114k worth of stock On the 13th of December, Karen Prior bought around 30k shares on-market at roughly UK£3.80 per share. This transaction amounted to 3.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought UK£85k more in shares than they have sold in the last 12 months. Upcoming Dividend • Nov 07
Upcoming dividend of UK£0.033 per share Eligible shareholders must have bought the stock before 14 November 2024. Payment date: 29 November 2024. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (5.9%). In line with average of industry peers (3.4%). Announcement • Sep 30
Anpario plc (AIM:ANP) acquired Bio-Vet, Inc. for $7.3 million. Anpario plc (AIM:ANP) acquired Bio-Vet, Inc. for $7.3 million on September 30, 2024. A cash consideration of $6.3 million will be paid by Anpario plc. Anpario plc will pay an earnout payment of $1 million cash. As part of consideration, $7.3 million is paid towards common equity of Bio-Vet, Inc.
For the period ending December 31, 2023, Bio-Vet, Inc. reported total revenue of $8.2 million. As of December 31, 2023, Bio-Vet, Inc. reported total assets of $5.4 million.
Anpario plc (AIM:ANP) completed the acquisition of Bio-Vet, Inc. on September 30, 2024. Price Target Changed • Sep 19
Price target increased by 8.8% to UK£3.70 Up from UK£3.40, the current price target is provided by 1 analyst. New target price is 18% above last closing price of UK£3.13. Stock is up 28% over the past year. The company posted earnings per share of UK£0.14 last year. Declared Dividend • Sep 13
First half dividend increased to UK£0.033 Dividend of UK£0.033 is 1.6% higher than last year. Ex-date: 14th November 2024 Payment date: 29th November 2024 Dividend yield will be 3.3%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 34% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.3% EPS decline seen over the last 5 years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£3.13, the stock trades at a trailing P/E ratio of 25.1x. Average forward P/E is 16x in the Food industry in the United Kingdom. Total loss to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£5.55 per share. Announcement • Sep 11
Anpario plc Approves Interim Dividend, Payable on 29 November 2024 The Board of Anpario plc approved an interim dividend of 3.25 pence per share (H1 2023: 3.20 pence per share), an increase of 2% compared to the prior period. This dividend, payable on 29 November 2024 to shareholders on the register on 15 November 2024 (ex-dividend date is 14 November 2024). Upcoming Dividend • Jul 04
Upcoming dividend of UK£0.075 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 26 July 2024. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.4%). Announcement • Jun 25
Anpario plc to Report First Half, 2024 Results on Sep 11, 2024 Anpario plc announced that they will report first half, 2024 results on Sep 11, 2024 Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£3.08, the stock trades at a trailing P/E ratio of 24.7x. Average forward P/E is 13x in the Food industry in the United Kingdom. Total loss to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£4.26 per share. Announcement • Mar 26
Anpario plc, Annual General Meeting, Jun 25, 2024 Anpario plc, Annual General Meeting, Jun 25, 2024. Declared Dividend • Mar 22
Final dividend increased to UK£0.075 Dividend of UK£0.075 is 2.0% higher than last year. Ex-date: 11th July 2024 Payment date: 26th July 2024 Dividend yield will be 4.6%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 12% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.6% EPS decline seen over the last 5 years. Reported Earnings • Mar 20
Full year 2023 earnings released Full year 2023 results: Revenue: UK£31.0m (down 6.4% from FY 2022). Net income: UK£2.53m (down 24% from FY 2022). Profit margin: 8.2% (down from 10.0% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in the United Kingdom. Upcoming Dividend • Nov 02
Upcoming dividend of UK£0.032 per share at 4.5% yield Eligible shareholders must have bought the stock before 09 November 2023. Payment date: 24 November 2023. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of British dividend payers (6.7%). Higher than average of industry peers (2.5%). Reported Earnings • Sep 17
First half 2023 earnings released: EPS: UK£0.059 (vs UK£0.10 in 1H 2022) First half 2023 results: EPS: UK£0.059 (down from UK£0.10 in 1H 2022). Revenue: UK£15.3m (down 7.3% from 1H 2022). Net income: UK£1.22m (down 42% from 1H 2022). Profit margin: 8.0% (down from 13% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. New Risk • Sep 15
New major risk - Revenue and earnings growth Earnings have declined by 0.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.4% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (7.6% net profit margin). Market cap is less than US$100m (UK£43.6m market cap, or US$54.1m). Announcement • Sep 14
Anpario plc Approves an Interim Dividend, Payable on 24 November 2023 The Board of Anpario plc has approved an interim dividend of 3.20 pence per share (first half 2022: 3.15 pence per share), an increase of 2%. This dividend, payable on 24 November 2023 to shareholders on the register on 10 November 2023, reflects the Board's continued confidence in the Group and its ability to generate cash. Announcement • Aug 01
Anpario Appoints Tim Pollock as Non-Executive Director Anpario announced the appointment of Tim Pollock as Non-Executive Director with effect from 1 August 2023. Tim has an extensive track record at executive director level for several multi-national groups covering agriculture, animal nutrition, soft commodities, and the food ingredient sector. These roles include Director of Strategic Development and M&A for Lallemand Animal Nutrition, a leading global producer of specialty feed additives and as the Food & Agriculture Investment Director for British International Investment, the development finance institution of the British Government. He founded AgCap in 2018, which provides consultancy advice to the food and agribusiness sectors.Tim also brings public markets experience from his time as a Non-Executive Director and Interim Group Managing Director of London Stock Exchange AIM quoted Zambeef Products plc. Upcoming Dividend • Jul 06
Upcoming dividend of UK£0.073 per share at 5.1% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (2.5%). Announcement • Jun 30
Anpario plc to Report First Half, 2023 Results on Sep 13, 2023 Anpario plc announced that they will report first half, 2023 results on Sep 13, 2023 Reported Earnings • Jun 12
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: UK£0.16 (down from UK£0.23 in FY 2021). Revenue: UK£33.1m (flat on FY 2021). Net income: UK£3.30m (down 30% from FY 2021). Profit margin: 10.0% (down from 14% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Jun 08
Anpario plc (AIM:ANP) announces an Equity Buyback for 4,000,000 shares, representing 16.62% for £9 million. Anpario plc (AIM:ANP) announces a share repurchases program. Under the program, the company will repurchase up to 4,000,000 ordinary shares, representing 16.62% for £9 million. The shares will be purchased at price of 225p per share. The purpose of the program is capital reduction in the number of ordinary shares in issue company. Repurchased shares will be cancelled. The program is subject to approval from the General Meeting to be held on June 19, 2023. The offer is valid till June 22, 2023. As of June 7, 2023, the company had 24,063,131 ordinary shares in issue excluding 440,388 ordinary shares in treasury. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to UK£2.20, the stock trades at a trailing P/E ratio of 16x. Average forward P/E is 13x in the Food industry in the United Kingdom. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£1.98 per share. Announcement • May 06
Anpario plc Announces Directorate Change Anpario plc announced that Kate Allum will step down as Non-Executive Chairman and Chair of the Nomination Committee, leaving the Board at Anpario's AGM on 29 June 2023. Matthew Robinson will take over as Non-Executive Chairman from that date. Recent Insider Transactions • Apr 12
Executive Vice Chairman & CEO recently bought UK£51k worth of stock On the 6th of April, Richard Edwards bought around 25k shares on-market at roughly UK£2.03 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Richard has been a buyer over the last 12 months, purchasing a net total of UK£73k worth in shares. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£2.15, the stock trades at a trailing P/E ratio of 15.6x. Average forward P/E is 13x in the Food industry in the United Kingdom. Total loss to shareholders of 45% over the past three years. Reported Earnings • Mar 22
First half 2022 earnings released: EPS: UK£0.10 (vs UK£0.088 in 1H 2021) First half 2022 results: EPS: UK£0.10 (up from UK£0.088 in 1H 2021). Revenue: UK£16.5m (up 3.2% from 1H 2021). Net income: UK£2.11m (up 17% from 1H 2021). Profit margin: 13% (up from 11% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buying Opportunity • Mar 22
Now 32% undervalued after recent price drop Over the last 90 days, the stock is down 56%. The fair value is estimated to be UK£3.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 9.4%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings is forecast to decline by 7.1% per annum over the same time period. Price Target Changed • Jan 09
Price target decreased to UK£6.25 Down from UK£7.43, the current price target is an average from 2 analysts. New target price is 54% above last closing price of UK£4.05. Stock is down 34% over the past year. The company is forecast to post earnings per share of UK£0.14 for next year compared to UK£0.23 last year. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 15% share price gain to UK£5.05, the stock trades at a trailing P/E ratio of 24.3x. Average forward P/E is 14x in the Food industry in the United Kingdom. Total returns to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£2.44 per share. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Chairman Kate Allum was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 16% share price gain to UK£4.30, the stock trades at a trailing P/E ratio of 20.7x. Average forward P/E is 11x in the Food industry in the United Kingdom. Total returns to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£2.44 per share. Upcoming Dividend • Nov 03
Upcoming dividend of UK£0.032 per share Eligible shareholders must have bought the stock before 10 November 2022. Payment date: 25 November 2022. Payout ratio is a comfortable 42% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of British dividend payers (6.0%). In line with average of industry peers (2.8%). Reported Earnings • Sep 15
First half 2022 earnings released: EPS: UK£0.10 (vs UK£0.088 in 1H 2021) First half 2022 results: EPS: UK£0.10 (up from UK£0.088 in 1H 2021). Revenue: UK£16.5m (up 3.2% from 1H 2021). Net income: UK£2.11m (up 17% from 1H 2021). Profit margin: 13% (up from 11% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 14% per year. 
