Fevara (LSE:FVA), the livestock supplement's supplier, has reported adjusted operating profit rose 22% to £7.2m in the six months to 28 February, with total revenue steady at £50.6m. Adjusted profit before tax was £7m and adjusted EPS increased 116%, aided by lower share count after last year’s tender offer.
UK and Europe fully owned operations generated a 26% uplift in adjusted operating profit to £3.7m, driven by a 9% rise in core LMB volumes. US fully owned profit rose 5% to £2.7m as southern-state demand offset a weak northern season. Group LMB volumes were up 6% overall and joint ventures contributed 12% more profit to the Group.
The Group closed the period with £1.4m of unrestricted cash (28 Feb 2025: £15.7m), reflecting the FY25 tender offer and planned capital deployment. Central adjusted costs fell 27% to £0.8m.
Fevara has moved into Brazil with the December 3 acquisition of Domino Industria E Comercio LTDA (Macal) for £5m and, post-period, the purchase of a São Paulo production facility announced 18 March for £4.3m. The Board set medium-term targets of at least £120m revenue, £15m EBITDA, 10% EBIT margin and 20% ROCE, and says it is confident of a full-year outcome in line with market expectations (company‑compiled consensus Adjusted Operating Profit £5.5m).
"I am delighted to report a strong performance in the first half, driven by the UK, and I am pleased with the continued momentum across our core markets," Joshua Hoopes, Chief Executive of Fevara, commented.
