**Summary of Fevara PLCs Full Year Results for FY25**
**Overview**
Fevara PLC, an international specialist in livestock supplements, reported strong full-year results for FY25 (ended 31 August 2025), marking a year of turnaround, transformation, and progress. The company achieved revenue growth, improved profitability, and made significant strategic advancements, including divestitures, acquisitions, and operational streamlining.
**Financial Highlights (Continuing Operations)**
**Revenue**Increased by 4.1% to £78.8 million (5.7% at constant exchange rates), driven by strong performance across key markets and growing demand for livestock supplements.
**Adjusted Operating Profit**Rose by 69.2% to £3.7 million, reflecting improved margins and operational efficiency.
**Profit for the Year**Turned positive at £3.0 million, compared to a loss of £4.5 million in FY24.
**Adjusted Earnings per Share**Increased by 69.2% to 4.4 pence.
**Net Cash**Reduced to £2.6 million from £8.0 million in FY24, primarily due to strategic investments and shareholder returns.
**Segment Performance**
**UK/Europe**Revenue grew by 8.4% to £41.4 million, with adjusted operating profit up 66.7% to £2.8 million, led by strong demand for Crystalyx®-branded products.
**US**Revenue remained stable at £37.4 million (2.9% growth at constant currency), with adjusted operating profit at £3.5 million, despite challenges in the US beef cattle market.
**Strategic and Operational Highlights**
**Divestitures**Completed the sale of the majority of the Engineering Division to Cadre Holdings, Inc. for £75 million and returned £70 million to shareholders via a Tender Offer.
**Acquisition**Announced the acquisition of Macal in Brazil, marking entry into the significant Brazilian cattle market with over 200 million cattle.
**Operational Streamlining**Closed the Animax manufacturing site in the UK and the Afgritech commodity feed business in the US. Established a manufacturing partnership with Vétalis in France for advanced Tracesure® boluses.
**Leadership**Appointed Joshua Hoopes as CEO, bringing expertise in scaling international agriculture businesses.
**Post-Period Highlights**
**Name Change**Rebranded to Fevara PLC to reflect the focus on livestock supplements.
**Banking Facility**Secured a new £30 million banking facility with HSBC UK to support expansion in southern hemisphere markets.
**Acquisition Progress**The Macal acquisition is expected to complete by January 2026, adding to FY26 earnings and margins.
**Dividends**
Proposed a final dividend of 1.2 pence per share, bringing the total FY25 dividend to 2.4 pence per share, down from 5.2 pence in FY24. The Board plans to move towards a progressive dividend policy, targeting a 2x cover.
**Outlook**
Strong start to the northern hemisphere winter trading period, with expectations for existing markets ahead of last year.
The Macal acquisition is expected to be earnings and margin accretive in FY26, supporting long-term growth.
**CEO Commentary**
Joshua Hoopes highlighted the transformative year, emphasizing progress against the refreshed strategy and the potential of the Macal acquisition to drive growth in the Brazilian market.
**Chair’s Statement**
Tim Jones noted the successful strategic repositioning, strengthened balance sheet, and focus on sustainable agriculture. The company is well-positioned for growth, supported by a strong management team and a clear strategy.
**Conclusion**
Fevara PLC demonstrated resilience and strategic focus in FY25, achieving financial improvements and positioning itself for future growth through divestitures, acquisitions, and operational enhancements. The company remains optimistic about its prospects in the global livestock supplements market.