The Company has announced robust interim results alongside significant leadership changes as the company completes its transformation into a specialist agriculture manufacturer.
For the six months ended 28 February 2025, continuing operations delivered impressive growth:
- Revenue increased 7.0% to £50.6 million (H1 2024: £47.3 million)
- Adjusted operating profit surged 62.6% to £5.9 million (H1 2024: £3.6 million)
- Basic earnings per share rose 242.1% to 6.5p (H1 2024: 1.9p)
The Company maintained net cash of £15.7 million at half-year end.
Group CEO David White will step down on 30 June 2025, with Josh Hoopes, currently CEO Global Agriculture, becoming CEO. The transition reflects the company’s evolution into a pure-play agriculture specialist following the disposal of its Engineering Division.
UK Agriculture delivered exceptional performance with revenue growth of 15.0% to £27.6 million and Crystalyx® low moisture block volumes up 13% year-on-year.
US Agriculture maintained steady progress with overall volumes growing 3% despite challenging southern market conditions.
Transformation Milestones
- Engineering Sale: The bulk of the Engineering Division was sold to Cadre Holdings for £75 million enterprise value, completing on 22 April 2025.
- Capital Return: A tender offer to return up to £70 million to shareholders will be initiated in May 2025, expected to conclude in early July.
- Cost Savings: Central costs reduced 31% to £1.1 million, with further savings expected.
- Simplification: Completed sale of eight properties for £7 million and successfully de-risked the pension scheme.
The Company’s focused agriculture strategy is already beginning to deliver results. Operating margins have improved to 13.9%, up from 11.2% in the prior period, reflecting early progress in driving efficiency and profitability. Core low-moisture block volumes rose by 6.7%, signalling strong demand and momentum in key markets. The Group also completed the exit from non-core operations, including Afgritech, further streamlining the business and sharpening its focus.
The Company anticipates continued positive momentum, though performance will be more seasonal given the focus on northern hemisphere agriculture markets. Trading conditions in the US south remain challenging, with herd recovery expected later than anticipated. An interim dividend of 1.2 pence per share will be paid on 20 June 2025, with future dividends expected to increase in line with earnings.