10 December 2025

Fevara plc

("Fevara", the "Company" or the "Group")

 

Full year results for the year ended 31 August 2025

 

A year of turnaround, transformation and strong progress

 

 

Fevara plc (LSE: FVA), an international specialist in livestock supplements, is pleased to announce its results for the year ended 31 August 2025 ("FY25" or the "Period").

 

 

	FY25	FY24	Change
Continuing operations
Revenue	£78.8m	£75.7m	+4.1%
Adjusted operating profit	£3.7m	£2.2m	+69.2%
Operating profit/(loss)	£2.4m	£(6.8)m	+135.1%
Adjusted profit before tax	£4.2m	£2.5m	+67.0%
Profit/(loss) for the year	£3.0m	£(4.5)m	+167.4%
Net cash1	£2.6m	£8.0m	-68.1%
Adjusted earnings per share	4.4p	2.6p	+69.2%
Group
Profit/(loss) from discontinued operations2	£16.9m	(£1.2)m	+1473.4%
Profit/(loss) for the year	£19.9m	(£5.7)m	+448.5%
Basic EPS: Continuing	3.5p	(4.8)p	+172.9%
Basic EPS: Discontinued	19.6p	(1.3)p	1607.7%
Final dividend per share	1.2p	2.85p	-57.9%
Total dividend per share	2.4p	5.20p	-53.8%

¹excludes restricted cash (see pension disclosures)

²includes profit on disposal in FY25

 

 

Financial highlights (continuing operations only)

 

·        Total revenue increased by 4.1% (5.7% at constant exchange rate) to £78.8m (FY24: £75.7m), reflecting a strong performance across our key markets, underpinned by the growing demand for performance-led, research-proven livestock supplements.

 

·        Group adjusted operating profit increased by 69.2% to £3.7m (FY24: £2.2m), and adjusted profit before tax increased by 67.0% to £4.2m (FY24: £2.5m), driven by a strong performance in the UK business.

 

·        UK/Europe performed strongly with revenue up 8.4% at £41.4m (FY24: £38.2m) and adjusted operating profit up 66.7% at £2.8m (FY24: £1.7m), led by our Caltech business which was largely driven by strong demand for Crystalyx^®-branded products.

 

·         Revenue in the US was stable at £37.4m (FY24: £37.5m) on a reported basis (with growth of 2.9% on a constant currency basis) and adjusted operating profit at £3.5m (FY24: £3.5m) against a backdrop of further declines in US beef cattle production.

 

·         Adjusted earnings per share increased by 69.2% to 4.4 pence (FY24: 2.6 pence).   

·        Strong operating cash generation of £3.9m (FY24: £4.2m) which represents 112% of adjusted EBITDA and a net cash position of £2.6m as at the end of FY25 (FY24: £8.0m).  

 

·        The Board has proposed a final dividend of 1.2 pence per share, bringing the total dividend for FY25 to 2.4 pence per share (FY24: 5.2 pence per share).

 

Operational and strategic highlights

 

·         Significant progress in implementing the transformational strategic initiatives announced in FY24 in line with refreshed strategy as an international specialist in livestock supplements.

 

·        Completed the sale of the majority of our Engineering Division to Cadre Holdings, Inc. for an enterprise value of £75m in April 2025.

 

·          Returned £70m of cash to shareholders via a successful Tender Offer in June 2025.

·       Appointed Joshua Hoopes as new Chief Executive Officer, bringing significant experience in scaling international business in the agriculture sector,

 

·         Completed the closure of Animax manufacturing site in the UK and commodity feed business Afgritech in the US.     

 

·         Established a manufacturing partnership with Vétalis in France to develop an advanced range of Tracesure^® boluses. 

·        Completed first year of a distribution partnership with Seales Winslow in New Zealand, delivering improvements in both volume and margin growth.               

Post period-end:

 

·       On 25 September 2025, the Company announced its change of name to 'Fevara plc', reflecting the Group's new strategic focus as an international specialist in livestock supplements.      

·       On 17 November 2025, the Group announced the completion of a new banking facility with HSBC UK Bank PLC which will support Fevara's expansion in complementary, counter-seasonal southern hemisphere and extensive grazing-based growth markets.

 

·       On 3 December 2025 announced an agreement to acquire Domino Industria E Comercio LTDA (trading as 'Macal') based in Campo Grande, Brazil, representing the Group's first move into the strategically important Brazilian cattle market with over 200 million cattle.

 

·      Macal is an established, cash-generative business with a strong management team that provides us with an excellent platform for growth and the opportunity to introduce higher-margin products in the region.

 

Current trading and outlook

 

·        The key northern hemisphere seasonal winter trading period has started strongly with outlook for existing markets ahead of last year and in line with expectations.

 

·       The agreement to acquire Macal, is expected to complete before the end of January 2026 and be earnings and margin accretive in FY26.

 

Joshua Hoopes, Chief Executive Officer of Fevara plc commented:

 

"I am pleased to report my first set of full year results as Chief Executive Officer, in what has been a transformative year for our business. We've delivered strong progress against our refreshed strategy, which will enable us to deliver long-term, sustainable shareholder value by leveraging our market-leading brands, patented and research-proven products, scalable and cash-generative operations, and trusted long-term customer relationships. The recent announcement of our agreement to acquire Macal represents our first entry into the significant Brazilian market and offers transformational growth potential. I am very confident about the opportunities which lie ahead for the Group."

 

For further information, please contact:

Enquiries

Fevara plc	+44 (0) 1228 554 600
Joshua Hoopes, Chief Executive Officer Gavin Manson, Chief Financial Officer
Hudson Sandler	+44 (0) 20 7796 4133
Hattie Dreyfus / Nick Moore

 

About Fevara plc:

 

Fevara is an international specialist in livestock supplements.

 

Fevara's purpose is to empower farmers in extensive grazing systems with research-proven products that boost profitability, improve resource efficiency and support sustainable agriculture.  The Group develops, manufactures and markets research-proven supplements, including feed licks, blocks, bagged minerals, and boluses for cattle, sheep and horses, sold under recognised and trusted brands, including Crystalyx^®, HorsLic^®_, Horslyx^®, Scotmin Nutrition^®, SmartLic^® and Tracesure® Advanced.

 

Headquartered in Carlisle, Cumbria, in the UK, Fevara has four manufacturing sites in the UK and the US, with three operational joint ventures in Germany and the US. It serves customers in more than 20 countries through its expansive international distribution and support network.

 

Fevara has been listed on the London Stock Exchange since 1972.

 

For more information, visit: www.fevara.com

 

 

CHAIR'S STATEMENT

 

I was appointed in FY23 to support the Board in steering the business through a significant strategic repositioning. In FY25, we successfully streamlined the business, strengthened our balance sheet and reduced central costs.

 

Significant scale of opportunity

 

Global market fundamentals in the sector are very strong, driven by high-volume demand for animal protein to feed a growing global population. I have spent time at all our manufacturing sites, as well as those of our joint venture partners in the US and Germany. I have also spoken to employees, customers and distributors, including prospective partners in new regions. Their energy is infectious, and the scale of opportunity is significant. I am as enthused by our growth prospects as our teams are motivated to achieve them.

 

Supporting sustainable agriculture

 

We are focused on developing and manufacturing products for pasture-fed ruminants - including cattle, sheep and goats. Ruminants are the ultimate 'upcyclers' - ingesting grass and cellulose that we humans cannot eat to turn into animal protein that we can, and feeding on pasture where crops cannot easily - or at all - be grown. 

 

Our products are research-proven to help optimise the performance and value of this vital source of global protein, and this is reflected in our refreshed purpose. In essence, we aim to empower farmers to improve resource efficiency and create economic benefits, while supporting sustainable agriculture.

 

The right team for the job

 

We have built a strong management team and a stable, supportive Board. The values, deep expertise and cohesion across our renewed leadership and wider organisation position us well to deliver our revitalised, long-term growth strategy. 

 

I must also acknowledge, with deep gratitude, the patience and commitment of our employees, many of whom experienced a time of uncertainty as we streamlined the business, closing two sites and disposing of the majority of the Engineering Division. Our imperative was to implement these changes professionally and fairly by engaging with people as early as possible and keeping the Board informed throughout the process. We are committed to listening to our employees as we grow.

 

Looking ahead

 

Acknowledging the evolution of the Company and its focus as an international specialist in livestock supplements, we undertook a name change. Fevara stems from the word 'feoh', meaning wealth through cattle. The name change reinforces our new business focus and symbolises our optimism for future growth. Our research-proven products are backed by patents and well-respected brands; and they are marketed through a growing international sales network.

 

Our strengthened leadership team is optimistic - confident in fact - about finding revenue growth through new routes to market in existing and new regions. With opportunities for growth, there are also challenges - exposure to global trading uncertainties, cultural and legal differences and regional climate considerations. These will need appropriate risk mitigation and I am confident in our team and our plans. I am more than encouraged by our growth prospects and motivated by our ability to bring economic and sustainable benefit to the vital food chain in which we operate.

 

Reflecting the Group's renewed focus on growth, on 9 December 2025, the Board agreed to move towards a progressive dividend policy, targeting cover of at least 2x. A copy of the updated Dividend Policy can be found at www.fevara.com.

We face our future with enthusiasm.

Tim Jones, Non-Executive Chair 

 

 

CEO REVIEW

 

I am pleased to present my first full year results as Chief Executive Officer of Fevara plc after being appointed on 1 July 2025. Since first joining the Group in March 2024, I have seen first-hand the scale of transformation under way across our business. FY25 has been a pivotal year, during which we completed the sale of the majority of our Engineering Division, returned £70m to shareholders via a successful Tender Offer, and launched a new, refocused strategy as an international specialist in livestock supplements.

 

A transformative year, unveiling a refocused strategy and bold new identity

 

The planned disposal of the majority of our Engineering Division to Cadre Holdings, Inc. for £75m on 22 April 2025 represented a major milestone in our transformation, reshaping our strategic focus as an international specialist in livestock supplements and strengthening the balance sheet. A process remains ongoing to realise the value for the remaining Chirton Engineering business.

 

Our refreshed strategy is designed to deliver sustainable shareholder value by leveraging our competitive strengths: market-leading brands, patented and research-proven products, scalable and cash-generative operations and trusted long-term customer relationships.

 

We are focused on three strategic pillars to drive disciplined, sustainable growth and enhance returns for shareholders:

 

1.    Improve operating margins: by shifting our portfolio away from lower-margin and commodity-based products, delivering a programme of operational excellence and cost improvement plan and sharpening our raw material and margin management processes.

 

2.   Deliver profitable, commercial growth: by reinvigorating our commerciality and sales capabilities, strengthening new product development to enhance our differentiated and patented product portfolio and prioritising branded products with enhanced marketing.        

      

3.   Expand into new growth markets: by leveraging strategic partnerships in selected geographies, exploring investment opportunities in new high potential markets and capitalising on our international product portfolio and intellectual property.

 

Reflecting our new strategic focus as an international specialist in livestock supplements, post period end on 13 October 2025, we changed the parent Company's name to Fevara plc. The name Fevara is derived from the Old English word 'feoh', meaning 'wealth through cattle', and reflects the Group's commitment to the principles of sustainable livestock farming and supporting farmers to meet global food security needs.

 

I am encouraged by the progress we have made to date as we continue to execute against our refreshed strategy and build momentum for the future.

 

Performance overview

 

The Group delivered strong progress in the year ended 31 August 2025, with revenue from continuing operations of £78.8m compared to £75.7m in FY24, a 4.1% increase. In line with our strategic focus on improving margins, adjusted operating profit was £3.7m (FY24: £2.2m), a 69.2% increase on the prior year.

 

This performance, achieved during a period of significant operational change and continued cost discipline, highlights the tangible progress we are making in reshaping the Group and provides a strong platform for future growth as an international specialist in livestock supplements.

 

Performance across our markets remained resilient, underpinned by the strength of our brands and growing demand for sustainable, performance-led livestock nutrition solutions.

UK and Europe

 

In the UK, the business continued to benefit from the streamlining of commercial and operational activities that supported volume growth in our high-value Crystalyx® range, margin improvement and enhanced overall efficiency. In June 2025, we completed the strategic closure of the Animax manufacturing site in the UK, followed in July 2025 by the establishment of a strategic manufacturing partnership with Vétalis in France to develop an advanced range of Tracesure® boluses. This partnership represents a key step in our growth strategy, driving innovation, improving on-farm productivity and enhancing product delivery. Post period end, in November 2025, we launched Tracesure® Advanced as part of our product portfolio, with the initial customer response proving encouraging.

 

Growth was also supported by increased sales into the New Zealand market through our new distributor, Seales Winslow. The operational transition and customer migration are now complete and delivering improvements in both volume and margin growth.

 

US

 

In the US, performance was primarily driven by strong volumes in the northern states served by our South Dakota manufacturing site, reflecting robust demand and high market penetration despite an overall reduction in the US beef market. Efforts to increase market share in the southern states are beginning to gain momentum, with plans in place to accelerate this growth. In October 2024, we announced the planned closure and sale of our commodity feed business Afgritech, enabling the Group to focus on its higher margin and value-add business areas in the US.

 

Strategic growth markets               

 

As outlined in our strategy, we are exploring opportunities to enter new, pasture-based livestock geographies with strong growth potential. At a global level, fundamental market trends are positive: populations are rising, affluence is increasing and demand for animal protein continues to grow. While growth rates vary across regions and socio-economic groups, we remain confident in our overall long-term growth potential, supported by high volumes of livestock and the significant addressable market value across our target markets.

 

Today, for example, we actively sell into less than 15% of the global cattle market, leaving us significant scope to leverage our existing intellectual property into new, large and growing markets. Our focus remains on identifying complementary opportunities, particularly in southern hemisphere geographies where cattle, sheep and goat populations continue to expand, underpinning the rising global demand for protein. This directly supports our third strategic pillar of expanding into new extensive growth markets to deliver long-term, sustainable growth.

 

We continue to recognise the economic pressures farmers face and the evolving practices in livestock farming required to improve yields, while addressing increasing social and environmental expectations. Sustainability sits at the heart of our purpose, which is to empower farmers in extensive grazing systems with research-proven supplements that boost profitability, improve resource efficiency and support sustainable agriculture.

 

Overall, we are well positioned to realise significant global market growth opportunities while addressing the challenges of sustainable production. We remain encouraged by our prospects in new growth markets and continue to carefully assess opportunities.

 

Post balance sheet update

 

On 3 December 2025, the Group announced that it had entered into an agreement to acquire Domino Industria E Comercio LTDA (trading as Macal) ('Macal'), based in Campo Grande, Brazil. This comes after a period of extensive local research and evaluation and marks our entry into the strategically significant Brazilian market. 

Macal is a leading provider of minerals and supplements, offering a range of synergistic products across several branded lines for cattle, sheep and horses, and a compelling strategic fit with our ambition to gain medium-term access to Brazil's considerable population of more than 200 million cattle. Subject to completion, I look forward to partnering with Macal's experienced team, leveraging its established commercial network to expand distribution and introducing our specialist products to the Brazilian market.

 

ESG framework developments

 

In FY25, reflecting our new focus as an international specialist in livestock supplements, we developed a refreshed ESG strategy and framework structure. Our new framework focuses business activities in the areas of People, Production and Product, where the Group believes it can make tangible and positive environmental and societal impacts. Our ESG commitments are underpinned by our focus on Governance and transparency and overseen by our Sustainability and Impact Committee (SIC) that I chair. In FY25, we also renewed the SIC's members and Terms of Reference to better support our new framework.

 

Looking ahead

 

FY25 has been a year of transformation and strong progress. We have taken strategic actions, including the sale of the majority of our Engineering Division, and initiatives to simplify operations and reduce costs. The renaming of our parent Company, post period end, to Fevara plc marks the completion of a significant phase in our transition and the start of an exciting new chapter as an international specialist in livestock supplements.

 

I would like to thank our employees, customers, shareholders and partners for their continued support and commitment during this significant period of change. With a clear strategy for sustainable and profitable growth, we are well positioned to create long-term value for all stakeholders and enter FY26 with strong momentum. The key northern hemisphere seasonal winter trading period has started strongly with the outlook for FY26 for the Group's existing markets ahead of last year and in line with the Board's expectations.

 

I am hugely excited by our future prospects as we continue to build on our position as an international specialist in livestock supplements. Our portfolio of market-leading brands, patented and research-proven products, strong leadership and talent across the business and our refreshed strategic direction provide a solid foundation for future success.

 

 

Joshua Hoopes

Chief Executive Officer

 

FINANCIAL REVIEW

 

Overview

 

In FY25, the Group made significant progress in implementing the transformational strategic initiatives announced in FY24 to position the business as an international specialist in livestock supplements.

Improved performance across our UK/Europe and US divisions, aligned to our strategic pillars of 1) Improve operating margins and 2) Deliver profitable, commercial growth, has driven FY25 EBIT growth.

 

We also made progress in line with our third strategic pillar 3) Expand into new growth markets, as we announced, post year end, the agreement to acquire Domino Industria E Comercio LTDA (trading as Macal) ('Macal'), based in Campo Grande, Brazil. This represents the Group's initial entry into the strategically significant Brazilian market of over 200 million cattle, with the opportunity to develop a wider southern hemisphere footprint. Macal is an established, cash-generative business with a strong management team that provides us with an excellent platform for growth and the opportunity to introduce higher-margin products in the region. The acquisition agreement is underpinned by the new banking facilities, also announced post year end.

 

The Group will adopt a conservative approach to leverage when utilising these facilities to support the implementation of its strategy over the coming years. In combination with the return of £70m to shareholders through the Tender Offer in June 2025, this reflects our commitment to improving operating margin and return on capital employed, and to generating shareholder value through sustainable growth.

 

FY25 performance summary

 

The overall performance of the continuing Group in FY25 reflects a strong improvement in trading activities combined with a period of transformation in central costs and non-core activities. The reduction in central costs, associated directly with the sale of the majority of the Engineering Division in April 2025, and the resulting reduction in scale arising from that disposal, took effect largely over H2 FY25 and has continued into FY26. 

 

The resource necessary for the delivery of the strategy to transition to an international specialist in livestock supplements was put in place over H2 FY24 and H1 FY25. The resultant overlap of some costs means that the full effect of net cost reduction is not fully apparent in FY25; however, the implementation of cost reductions and anticipated final position are in line with management expectations. 

 

The non-core activities of the Group were significantly simplified in FY25 through the disposal of nine investment and/or unused properties, with a further three (including the former Animax site) currently being marketed. In addition, the de-risking of the Group's pension scheme progressed, with the completion of the 'buy-in' process started in FY24 and the contingent cash requirement placed in escrow (see below), as identified on the balance sheet as 'restricted cash'.

 

Following the disposal of the majority of the Engineering Division, the discontinued activities of the Group at the year end comprised the Chirton Engineering business (Chirton) and, in respect of non-current assets held for sale on the balance sheet, the three properties being marketed. Chirton was not included in the main engineering disposal because of its oil and gas industry focus (in contrast to the nuclear focus of the businesses sold). We have received interest in the Chirton business from a number of parties and a focused sales process is continuing. 

 

Presentation of results for the year

 

The statutory presentation of financial results under IFRS is intended to give the reader the information required to assess future performance. These reflect the continuing operations of the Group. Businesses and assets within the Group that are not expected to remain part of the Group are disclosed as being 'discontinued'.

 

The results of 'discontinued activities' in the profit and loss account reflect the trading of discontinued activities up to the point of disposal or for the full year if not disposed at the year end.  Discontinued activities are reflected in the balance sheet based on holding value less estimated disposal costs.

 

Continuing operations

 

The continuing operations of the Group during FY25 represent its direct interests in the feed supplements markets for pasture based livestock in the UK and US and its joint ventures in US and Germany.

 

The Group also operates through joint ventures in Germany and the US. The contribution of these joint ventures is reported as the Group's share of post-tax results.

 

	FY25                                            £'m	FY24                           £'m	Movement                                   %
Revenue
UK/Europe	41.4	38.2	+8.4%
US	37.4	37.5	-0.2%
Total	78.8	75.7	+4.1%
Adjusted operating profit
UK/Europe: Fully owned	2.2	1.1	+89.2%
Uk/Europe: Joint ventures	0.7	0.6	+19.9%
UK/Europe Total	2.8	1.7	+66.7%
US: Fully owned	2.8	2.7	+5.4%
US: Joint ventures	0.7	0.8	-16.3%
US Total	3.5	3.5	+0.3%
Central	(2.7)	(3.0)	-11.7%
Total	3.7	2.2	+69.2%
Adjusting items
UK/Europe	(1.4)	(2.7)	-47.2%
US	(0.3)	(1.8)	-84.8%
Central	0.4	(4.5)	+109.3%
Total	(1.3)	(9.0)	-85.7%
Operating profit/(loss)
UK/Europe	1.4	(1.0)	+239.0%
US	3.2	1.7	+88.7%
Central	(2.3)	(7.5)	-70.0%
Total	2.4	(6.8)	+135.1%

 

UK/Europe

 

During the year, the UK/Europe Division comprised the Group's Crystalyx® operations: Caltech in Silloth, Cumbria, Scotmin in Ayr, Ayrshire, Animax near Bury St Edmunds, Suffolk, and the joint venture with Crystalyx Products GmbH in Oldenburg, Germany. In July 2025, the Animax plant was closed, with production outsourced and sales of enhanced product transferred to Scotmin.

 

The UK businesses continued to benefit from the management and operational integration initiated in H2 FY24. Programmes focused on margin improvement, growth and working capital efficiency were embedded into core business practices. These initiatives are delivering both tactical and structural benefits through a culture of continuous improvement, supported by enhanced performance management and targeted employee development.

 

In Q2 FY25, the Group exited its sub-scale New Zealand distribution operations and entered an agreement with a local distributor with an established sales infrastructure. As a result, sales of product to New Zealand (now recorded within UK sales) increased by 3.9% year-on-year.

 

Volume

Sales of manufactured tonnage across the UK businesses increased by 7.0% during the year. Caltech achieved strong growth of 14.5%, driven by demand for Crystalyx®, its low-moisture block range. Scotmin recorded a 4.9% reduction, reflecting the planned rationalisation of legacy products to restore competitive margins.

 

Revenue

Net revenue from the UK businesses increased by 8.4% to £41.4m. The improvement was led by Caltech with a year-on-year revenue increase of 14.0%. Despite reporting lower tonnage volumes, Scotmin's revenue grew 3.5%, supported by stronger sales of bagged minerals and concentrates and the transfer of bolus sales from Animax in July 2025.

 

Animax's revenue decreased by 4.9% to £4.8m, reflecting the conclusion of the Aquaculture contract (FY24: £1.2m; FY25: £0.2m). Excluding Aquaculture, bolus sales increased by 29.6% to £5.0m, supported by operational improvements that increased throughput and positioned the business for the Tracesure® 2.0 launch in Q1 FY26.

 

Margins

 

Gross margins in the continuing businesses improved strongly, reflecting gains in procurement, operational efficiency and commercial execution. Caltech's margin increased from 17% to 28%, and Scotmin's from 8% to 14%, with both businesses benefiting from improved product mix and cost control. Animax's margin declined from 53% to 42%, due to early-year downtime and additional labour costs associated with throughput measures.

 

EBIT

 

The UK businesses, including share of results from joint ventures, delivered adjusted EBIT of £2.8m, an increase of £1.1m (or 67%) on the prior year. This improvement reflected strong underlying trading at Caltech, up £1.1m (or 45%) and Scotmin, up £0.1m (or 41%), alongside a £0.9m (or 147%) reduction in losses at Animax.  Business results are also inclusive of the previous investment in UK leadership team in line with the Group's strategic growth objective.

 

Joint venture

 

Our joint venture Crystalyx Products GmbH (Oldenburg, Germany), manufactures and distributes Crystalyx® products across mainland Europe. Fevara's post-tax share of profits increased by £0.1m (or 20%) to £0.66m, reflecting continued demand growth in core European markets and sustained operational efficiency at the facility.

 

US

 

The US Division comprises the New Generation Supplements (NGS) feed block operations at Belle Fourche, South Dakota, and Poteau, Oklahoma, together with two joint ventures Gold-Bar Feed Supplements LLC ('Gold-Bar') in Sioux City, Iowa and ACC Feed Supplement LLC ('ACC') in Shelbyville, Tennessee. The loss-making Afgritech business in Watertown, New York was closed on 31 October 2024 and sold on 1 November 2024; results are reported under 'discontinued operations'.

 

Volume

 

Strong demand in the northern states supported the Belle Fourche operations, which achieved 10.5% volume growth. At the Poteau plant, we undertook an operational and commercial restructure, which resulted in a 2.3% decline for the full year. However, the benefits of management's actions and commercial activity were apparent in Q4 FY25 and into Q1 FY26 as volumes rebounded. The closure of the Silver Springs plant in Nevada (January 2024) provided a natural offset. Overall, US output increased by 2.4%, or 5.0% across continuing plants.

 

Revenue

 

Revenue reflected these volume trends, with gains at Belle Fourche offset by reductions at Poteau and Silver Springs. On a constant currency basis, revenue increased by 2.6%, or 5.2% across continuing plants. After translation to the reporting currency, reported revenue decreased marginally by 0.2% year-on-year.

 

Margins

 

Gross margins in our US Division improved from 19.6% in FY24 to 21.0% in FY25, reflecting greater utilisation and efficiency at Belle Fourche, partly offset by the restructuring activities earlier in the year, as described above. Operational and commercial initiatives delivered during the year supported these improvements and are expected to benefit margins in FY26.

 

EBIT

 

Adjusted EBIT performance mirrored volume trends: Belle Fourche's EBIT increased 23.0%, while Poteau decreased by 70.1% due to lower volumes and higher labour costs. The closure of Silver Springs, which was loss-making in FY24, contributed to a net divisional improvement of 32.3% on a constant currency basis.

 

After translation and overhead allocation, divisional adjusted EBIT before results from joint ventures increased by £0.15m (or 5.4%) to £2.8m. A £0.13m (or 16.3%) reduction in post-tax joint venture profits brought the total US divisional profitability to £3.5m, a modest 0.3% improvement on the prior year and a creditable result in a market that experienced declining cattle numbers in the year.

 

Joint ventures

 

The US Division includes joint ventures Gold-Bar (Sioux City, Iowa) and ACC (Shelbyville, Tennessee). The Group's post-tax share of joint venture profits decreased by 16.3% to £0.69m, reflecting a £0.2m reduction at ACC, partially offset by a £0.07m increase from Gold-Bar.

 

Central

 

To reflect the Group's focus as a single business operating globally, as evidenced by the Group's disposal of the majority of its Engineering Division in April 2025, the Group is engaged in an ongoing process to reduce the scale, complexity and cost of its central operations.

 

While the timing of the disposal reduced the impact of these cost reductions in FY25, the process has continued into FY26 and is proceeding in line with expectations. Run-rate central costs are currently c.65% of the level in FY24, prior to the engineering sale.

 

Discontinued operations

 

The result of the discontinued operations of the Group reflects:

 

	£'m
Adjusted operating profit	5.4
Adjusting items	12.6
Operating profit from discontinued activities	18.0

 

Adjusted operating profit

 

		£'m
1	Afgritech business prior to closure in October 2024	−
2	Engineering businesses disposed in April 2025	5.4
3	Chirton Engineering business throughout FY25	−
	Adjusted operating profit from discontinued activities	5.4

 

1        The Afgritech business in Watertown, New York was an agricultural feed business supporting the dairy cattle industry in upper New York State. The business viability was compromised by relative structural movements in the commodity price for Canola vs Soya. In FY24, the business lost £0.5m and the decision to dispose was taken prior to the end of FY24. The business closed on 31 October 2024 and the assets of the business were sold on 1 November 2024. Closure costs net of a small gain on sale of the assets of the business of £0.5m is reflected within 'adjusting items'.

 

2     The Engineering Division, less Chirton (see below), was sold to Cadre Holdings, Inc. in April 2025. The adjusted operating profit of the disposed businesses in the period up to the point of disposal was £5.4m. The gain on sale of the businesses (net of disposal costs) of £16.2m is reflected within 'adjusting items'.

 

3        The Chirton Engineering business was retained throughout the FY25 financial year - however, it remains the intention of the Group to sell the business and a sales process is under way. The adjusted operating profit of the business in FY25 was £nil (FY24: loss £0.6m). Actions have now been taken to further improve the profitability and prospects of the business.

 

Adjusting items

 

In FY25, the Group recognised net adjusting items of a gain of £11.3m. This comprised net costs of £1.3m within continuing operations and a net gain of £12.6m within discontinued operations, driven by a gain on the sale of the Engineering businesses.

 

M&A activity costs

 

A key pillar of the Group's future strategy, announced in December 2024, is the entry into new structural growth markets. In the lead up to the Group's announcement on 3 December 2025 of its entry into the Brazilian market through an agreement to acquire Domino Industria E Comercio LTDA based in Campo Grande, Brazil, the Group conducted thorough research on the Brazilian and other potential target markets. In conducting this research and preparation for entry into new markets, the Group incurred costs of £0.4m.

 

Restructuring costs

 

Restructuring costs of £2.4m were incurred in continuing operations, primarily in relation to the central organisation and UK/Europe and UK management structure. In discontinued operations, costs of £0.6m were incurred relating to the closure of Afgritech.

 

Profit on disposal, fair value measurement and impairment

 

A profit of £16.2m was recognised in relation to the sale of the majority of the Engineering Division that completed in April 2025. Discontinued operations also included costs relating to the preparation for sale of Chirton Engineering £0.3m together with an impairment against the business assets of £2.8m.

 

Continuing operations of £2.8m related to the net gains realised on disposal of the property sales concluded in the period.

 

Non recurring costs incurred centrally

Costs of £0.6m incurred in the year centrally related to the Engineering Division/disposal process that are non recurring.

Pension de-risking

 

During the year, the Group completed the first stage of de-risking its defined benefit pension scheme through the purchase by the scheme trustees of a 'buy-in' annuity policy to insure the liabilities of the scheme. Costs associated with this process of £0.4m were incurred.

 

Adjusting items

 

The adjusting items reflected in FY25 are:

 

Costs/(Profits)	Continuing                 £'m	Discontinued                 £'m	Total       £'m
M&A activity costs	0.4	−	0.4
Restructuring/closure costs	2.4	0.6	3.0
Profit on disposal of disposal group and non-current assets previously classified as held for sale	(2.8)	(16.2)	(19.1)
Loss on fair value less costs to sell and impairment of disposal group assets	−	3.1	3.1
Non-recurring costs incurred centrally that related to the Engineering Division and transaction	0.6	−	0.6
Costs related to pension scheme buy-in	0.4	−	0.4
Other	0.3	−	0.3
Total Note 3	1.3	(12.6)	(11.3)

 

Sale of Engineering Division

 

The Group entered into an agreement with Cadre Holdings, Inc. on 16 January 2025 for the sale of the majority of its Engineering Division for an enterprise value of £75m. Following regulatory approval, on completion in April 2025 the Group received cash proceeds of £68.6m with a further £1.5m due on receipt of related RDEC tax claims. Costs of disposal were £2.4m.

 

Tender Offer

 

In June 2025, the Group completed a Tender Offer process to return £70m of the combined net proceeds of the Engineering and property sales to shareholders. This resulted in the repurchase and cancellation of 42,944,785 shares (approximately 45% of the issued share capital) at a price of £1.63 per share. Costs of £0.9m were incurred.

 

Post balance sheet events

 

Banking facilities

 

On 17 November 2025, the Group announced that it had entered into new Group banking facilities with HSBC, comprising £20m committed facilities and £10m uncommitted facilities. The facilities comprise a revolving credit facility with an expiry period of three years, extendable by two further one-year periods.

 

Agreement to acquire Domino Industria E Comercio LTDA ('Macal')

On 3 December 2025, the Group announced that it had reached an agreement to acquire Domino Industria E Comercio LTDA (trading as 'Macal') based in Campo Grande, Brazil. The transaction is expected to complete in six to eight weeks, with initial purchase consideration of £5.0m and a further £0.8m to £1.9m payable in March 2028, subject to business performance.

 

Alternative performance measures

 

The Strategic report and this Financial Review include references to both statutory and alternative performance measures (APMs). The principal APMs are intended to give the reader visibility of the potentially recurring performance of the business and, as such, measure profitability excluding items regarded by the Directors as adjusting items (Note 3). These APMs, generally referred to as 'adjusted' measures, are used in the management of the business and also in assessing some performance objectives under the Group's incentive plan. A glossary of the APMs is included in Note 11.

 

Finance costs

 

Net finance income from continuing activities of £0.5m reflects net operational interest plus the one-off deposit interest on the proceeds of the sale of the majority of the Engineering Division in April 2025, prior to distribution to shareholders through the Tender Offer in June 2025.

 

Profit before tax

 

Adjusted profit before tax of £4.2m for continuing operations represents a 67% increase on the £2.5m equivalent from FY24. This reflects the improvement in performance of the underlying business.

 

Profit before tax from continuing operations of £2.9m (FY24: loss £6.5m) reflects the combination of that improved performance and the significant reduction in adjusting items within continuing operations.

 

Taxation

 

The net tax credit on continuing operations of £0.1m reflects a tax charge on continuing operations of £0.8m (FY24: credit of £0.035m), offset by a reduction in deferred tax of £0.9m (FY24: increase of £0.6m).

 

Earnings per share

 

The total profit attributable to the equity shareholders of the Company amounted to £19.9m, equating to basic earnings per share of 23.1 pence (FY24: loss of 6.1 pence). The basic earnings per share on continuing operations was 3.5 pence (FY24: loss of 4.8 pence). The adjusted earnings per share for continuing operations was 4.4 pence (FY24: 2.6 pence).

 

Foreign exchange impact

 

Foreign exchange movements principally impact the Group through the translation of profits earned in the US and Europe.

 

The impact of foreign exchange on revenue and adjusted EBIT for continuing operations for FY25 was:

 

	Reported		Constant Currency
	£'m	Growth %	£'m	Growth %
Revenue	78.8	4.1%	80.0	5.7%
Adjusted EBIT	3.7	69.2%	3.8	72.8%

 

Cash flow and net cash/debt

 

During the year, the continuing operations of the Group generated £3.9m cash from operating activities, prior to the investment of £1.3m in fixed assets.

 

Net cash available for continuing operations as at the end of FY25 was £2.6m (FY24: £8.0m) with an additional £4.6m (FY24: £nil) of restricted cash, held in escrow in respect of the pension scheme (see below).

 

Non-trading cash movements in the year related to items described above - principally the sale of the majority of the Engineering Division and other assets, the Tender Offer and the establishment of the pension scheme escrow account. In addition, dividends of £3.8m were paid to shareholders. Details are available in the Consolidated statement of cash flows.

 

Pensions

 

The Group operates defined contribution and defined benefit pension schemes.

 

In FY24, the Group began the process to de-risk its defined benefit pension scheme. As a consequence of uncertainties over the potential future liabilities of the scheme as a result of issues identified over the application of legislative changes in the 1990s, in FY24 the Group agreed to place £4.5m in escrow (jointly with the pension scheme trustees). In FY25, that money was placed in escrow and is disclosed on the Group balance sheet as 'restricted cash'.

 

In January FY25, the trustees completed the purchase of a bulk annuity policy to insure the liabilities of the scheme - subject to resolution of the issues referred to above. On resolution of the issues and the completion of the process for the insurer to enter into contracts directly with scheme members, any unutilised balance from the escrow account will be returned to the Group.

 

The movement in the retirement benefit obligation/asset from FY24 to FY25 reflects the buy-in accounting where the fair value of the assets match the liabilities to the extent they are covered under the policy. The liabilities not currently covered include liabilities to be determined during the data cleanse exercise which will be brought under the policy when the final premium is determined. The Company has set aside funds to cover expenses and liabilities of the scheme during this period. This is shown as restricted cash on the balance sheet.

Dividends

 

During the year, the Group paid dividends totalling £3.8m comprising a final dividend for FY24 of 2.85 pence per share and an interim dividend for FY25 of 1.2 pence per share. A final dividend for FY25 of 1.2 pence per share, making a total for the year of 2.4 pence per share (FY24: 5.2 pence), will be proposed to shareholders at the Company's AGM in February 2026.  Subject to shareholder approval, the final dividend will be paid on 13 March 2026 to shareholders on the register at close of business on 23 January 2026, and the shares will go ex-dividend on 22 January 2026.

 

Reflecting the Group's renewed focus on growth, on 9 December 2025, the Board agreed to move towards a progressive dividend policy, targeting cover of at least 2x. This approach ensures we can continue to invest in the business in line with our growth strategy, while sustaining an appropriate level of shareholder returns.  A copy of the updated Dividend Policy can be found at www.fevara.com.

CONSOLIDATED INCOME STATEMENT

for the year ended 31 August 2025

	Notes	2025 £'000	2024 (restated) £'000
Continuing operations Revenue	2	78,834	75,701
Cost of sales		(61,746)	(61,434)
Gross profit		17,088	14,267
Distribution costs		(1,012)	(1,186)
Administrative expenses		(15,040)	(21,250)
Share of post-tax results of joint ventures		1,350	1,374
Adjusted1 operating profit	2	3,668	2,168
Adjusting items	3	(1,282)	(8,963)
Operating profit/(loss)	2	2,386	(6,795)
Finance income		1,013	1,013
Finance costs		(505)	(681)
Adjusted1 profit before taxation	2	4,176	2,500
Adjusting items	3	(1,282)	(8,963)
Profit/(loss) before taxation	2	2,894	(6,463)
Taxation	4	133	1,974
Adjusted1 profit for the year from continuing operations		3,821	2,461
Adjusting items	3	(794)	(6,950)
Profit/(loss) for the year from continuing operations		3,027	(4,489)
Discontinued operations
Profit/(loss) for the year from discontinued operations (including held for sale)	5	16,906	(1,231)
Profit/(loss) for the year attributable to equity shareholders		19,933	(5,720)
Basic earnings/(loss) per Ordinary Share (pence)
Profit/(loss) from continuing operations	6	3.5	(4.8)
Profit/(loss) from discontinued operations	6	19.6	(1.3)
	6	23.1	(6.1)
Diluted earnings/(loss) per Ordinary Share (pence)
Profit/(loss) from continuing operations		3.5	(4.8)
Profit/(loss) from discontinued operations		19.4	(1.3)
		22.9	(6.1)

¹   Adjusted results are consistent with how business performance is measured internally and is presented to aid comparability of performance. Adjusting items are disclosed in Note 3. An alternative performance measures glossary can be found in Note 11.

 

During the year the Group has reviewed its policy on cost allocation in the income statement to ensure all of its businesses classify costs on a consistent basis. The current year is the first full year where the main continuing businesses are using the same ERP system, which has facilitated alignment of cost allocation. Costs classified as distribution costs include non-recoverable haulage costs and fixed costs of distribution such as vehicle and employee related costs. As a result of this policy review, the prior year has been restated to reflect £3.2m being reclassified from distribution costs to administrative expenses.  There has been no impact to profit.

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 August 2025

  

	2025	2024 (restated)
	£'000	£'000
Profit/(loss) for the year attributable to equity shareholders	19,933	(5,720)
Other comprehensive (expense)/income
Items that may be reclassified subsequently to profit or loss:
-     Foreign exchange translation losses arising on translation of overseas subsidiaries	(120)	(1,670)
-     Taxation credit on foreign exchange translation losses arising on translation of overseas subsidiaries	54	178
Items that will not be reclassified subsequently to profit or loss:
-       Actuarial losses on retirement benefit asset	(4,205)	(412)
-     Taxation credit on actuarial losses on retirement benefit asset	1,051	103
Other comprehensive expense for the year, net of tax	(3,220)	(1,801)
Total comprehensive income/(expense) for the year	16,713	(7,521)
Total comprehensive (expense)/income attributable to:
Continuing operations	(359)	(5,430)
Discontinued operations	17,072	(2,091)
	16,713	(7,521)

 

Total comprehensive (expense)/income attributable to discontinued operations includes net gains of £166,000 (2024: net losses of £860,000) in respect of foreign exchange translation movements relating to overseas subsidiaries.

 

The comparatives have been restated to separately present tax within foreign exchange translation losses arising on translation of overseas subsidiaries.

 

CONSOLIDATED BALANCE SHEET

as at 31 August 2025

		2025	2024
	Notes	£'000	£'000
Assets
Non-current assets
Goodwill		2,068	2,068
Other intangible assets		31	32
Property, plant and equipment		8,941	9,900
Right-of-use assets		853	656
Investment property		-	316
Interest in joint ventures		7,101	6,288
Other investments		21	26
Financial assets
Retirement benefit asset		-	1,807
Deferred tax asset		2,428	208
		21,443	21,301
Current assets
Inventories		12,298	12,062
Trade and other receivables		10,644	10,352
Current tax assets		6	712
Financial assets
- Restricted cash		4,573	-
- Cash and cash equivalents		7,855	13,714
Assets included in disposal groups and other assets classified as held for sale	5	2,939	85,663
		38,315	122,503
Total assets		59,758	143,804
Liabilities
Current liabilities
Financial liabilities
- Borrowings		(1,803)	(2,764)
- Leases		(183)	(267)
Trade and other payables		(11,741)	(10,707)
Current tax liabilities		(10)	-
Liabilities included in disposal groups classified as held for sale	5	(1,477)	(31,748)
		(15,214)	(45,486)
Non-current liabilities
Financial liabilities
- Borrowings		(3,492)	(2,913)
- Leases		(759)	(448)
Retirement benefit obligation		(2,896)	-
Deferred tax liabilities		-	(23)
		(7,147)	(3,384)
Total liabilities		(22,361)	(48,870)
Net assets		37,397	94,934
Shareholders' equity
Share capital		1,293	2,361
Share premium		11,189	10,945
Other reserves		24,915	81,628
Total shareholders' equity		37,397	94,934