30 January 2020 – trading update

The animal feed additives group has issued a trading statement for the year to 31 December stating that revenues and EBITDA should be in line with market expectations.  The increase in the value of sterling has impacted the overall results as realised exchange gains have been materially outweighed by unrealised losses.  Sales in the second half of the year improved, helped by strong performances in Latin America and the Middle East and a welcome recovery in Asia.  Gross margins have also improved due to a focus on higher margin products and more direct routes to market whilst costs are also being closely controlled.  Year end cash balances were higher than a year ago at £13.8m (2019: £12.9m) and the shares remain GOOD VALUE.