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AIM-listed animal feed additive outfit Anpario (LON:ANP) saw its shares drop by 1.92% to 460p (as of 12:45 BST) as sales flatlined at £14.8 million in the six months ended 30th June. Despite this, there was a 19% increase in pre-tax profits during the first half. The interim divided was also increased by 10% to 2.2p.
Management believed that the second half of the year would offer a more beneficial foreign exchange environment, helping the company to make progress on its strategic objectives while keeping costs controlled.
Chairman Peter Lawrence commented that: “Our business development strategy will progressively improve sales and distribution, while control of costs will ensure that they do not move ahead of the growth we achieve. Our strong balance sheet and consistent cash generation provide Anpario with a sound platform from which to make selective earnings enhancing acquisitions and to further invest in new product development for the future. With a favourable foreign exchange environment more likely in the second half year, I look forward to reporting good progress from the above initiatives early next year.”