Shares in Anpario (ANP:AIM) are up a portfolio-nourishing 67% over one year, the latest upward spike triggered by a fifth upgrade in a row (10 January) to full-year 2024 guidance from the natural sustainable feed additives supplier.

Following a stronger-than-expected second half, Anpario now expects revenue for the year to December 2024 to be £37.5 million implying 21% year-on-year growth.

Combined with the benefits of high operational gearing and favourable currency swings, this means adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) should come in ahead of the £5.7 million consensus estimate.

Anpario is profiting as food producers around the world transition to natural feed solutions and away from banned additives such as antibiotic growth promoters and as the safety and sustainability of global food production continues to increase.

The Nottinghamshire-based firm is winning market share and widening its moat, since competitors struggle to replicate its science-backed, patented products.

The company’s second-half outperformance was broad-based, albeit largely driven by very strong growth across the Middle East and Africa and a continued recovery across Asia, with recent acquisition Bio-Vet benefiting from greater product demand to support the health of dairy cows affected by avian influenza.

Year-end net cash of £10.5 million should enable the company to invest in innovative natural product solutions, expand its global reach and explore earnings enhancing and complementary acquisitions.

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