22 April 2026

 

Fevara plc

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

 

Interim results for the six months ended 28 February 2026

 

Continued strategic progress in H1; successful entry into Brazil establishes platform for significant long-term growth 

 

Fevara plc (LSE: FVA), an international specialist in livestock supplements, announces its unaudited interim results for the six months ended 28 February 2026 ("H1 FY26" or the "Period").

 

Continuing Operations	H1 FY26	H1 FY25	Change (%)
Revenue	£50.6m	£50.6m	-
Adjusted operating profit	£7.2m	£5.9m	22.0
Adjusted profit before tax	£7.0m	£5.9m	18.8
Net cash	£1.4m	£15.7m	(91.0)
Adjusted earnings per share	11.0p	5.1p	115.6
Group
Adjusting Items (cost)/income	£(1.0)m	£1.4m	(171.8)
Profit/(loss) from discontinued operations	£(0.0)m	£0.9m	(101.7)
Profit/(loss) for the period	£4.6m	£7.1m	(34.8)
Basic earnings per share	8.9p	7.5p	18.7
Interim dividend per share	1.2p	1.2p	-

 

Financial Highlights (continuing operations only)

 

·       Total revenue was £50.6m (H1 FY25: £50.6m), +2% at constant foreign exchange rate, reflecting continued progress across core markets, with Low Moisture Block ("LMB") volume growth of 6% year-on-year, offset by planned reductions in lower margin products in the UK and Ireland.

 

·         Adjusted operating profit increased by 22% to £7.2m (H1 FY25: £5.9m) for the first half with adjusted profit before tax increasing by 19% to £7.0m (H1 FY25: £5.9m).

 

·         Well positioned for seasonally weaker second half with LTM adjusted operating profit of £5.0m, increased by 35%        from full year FY25: £3.7m.

 

·        Adjusted earnings per share growth of 116% driven by a combination of increased earnings and reduction in the number of shares in issue following last year's tender offer.

 

·        UK/Europe fully owned adjusted operating profit increased by 26% to £3.7m (H1 FY25: £3.0m), driven by robust demand for LMB, with core LMB volumes up 9% year-on-year.

 

·          In the US fully owned, adjusted operating profit increased by 5% to £2.7m (H1 FY25: £2.6m). While volumes increased by 4%, as strong demand in southern states offset a weaker performance in northern states which were impacted by highly unusual absence of snowfall through peak season.        

 

·         Following increased management focus over the past 18 months, performance across the Group's Joint Ventures (''JV'' or ''JV's'') in the US and Germany has materially improved versus FY25, with an 12% increase in profit contribution to the Group's performance.

 

·     Following the strategic entry in the significant Brazil market in December 2025, early trading has been in line with management's expectations, and there continues to be the opportunity for material growth opportunities ahead. 

 

·         Closing net (unrestricted) cash position of £1.4m as at 28 February 2026 (28 February 2025: £15.7m) in line with expectations following the FY25 tender offer to achieve our targeted capital structure and funding levels.

 

·       Central costs (adjusted) of £0.8m (H1 FY25:£1.1m) are a 27% reduction on the prior year as part of the Group's disciplined and ongoing approach to cost savings.

 

·        Interim dividend of 1.2p per share (H1 FY25: 1.2p) returning £0.6m to shareholders in respect of H1 FY26, to be paid on 19 June 2026 to shareholders on the register at close of business on 15 May 2026.

 

Operational and Strategic Highlights

 

·      Entered the strategically important Brazilian market, establishing a presence in the Southern Hemisphere, in line with Group's growth strategy:

 

-         Acquisition of Domino Industria E Comercio LTDA, trading as Macal ("Macal"), announced on 3 December 2025, for an initial consideration of £5.0m in cash.              

-       Post-period end acquisition of a high-specification production facility in São Paulo State, announced on 18 March 2026, for an initial consideration of £4.3m in cash.

 

-         The Group remains committed to progressing its low-risk strategy of building its presence in the Brazil market and is exploring a number of opportunities to both expand operations and launch new products in this strategically important market.

 

·           Continued focus on leveraging operations to create value:

 

-         Post period end launch of five-year distribution agreement with Oceana Minerias Marinhos Ltda (''Oceana Minerals'') to distribute LithoNutri products across the UK and Ireland. 

 

·           Underpinned by a clear strategy and disciplined capital allocation, the Board today sets out its medium-term financial ambitions, targeting at least: full-year revenue of £120m, a full-year EBITDA of £15m, a full-year EBIT margin of 10% and full-year ROCE of 20% with increasing confidence.

 

·       The Company also today announces the appointment of Gavin Manson, the Group's Chief Financial Officer, as an Executive Director to the Board, with immediate effect. Gavin will stand for re-election along with the Company's other Directors at the Company's next Annual General Meeting. Further information in accordance with UKLR 6.4 relating to Gavin Manson is set out at the end of this announcement.

 

Current Trading and Outlook

 

·        The Board does not anticipate any near-term material impact on the business from current geopolitical developments. Where possible, Fevara procures and sells using local manufacturing and distribution with contractual cover in place on key raw materials through the end of FY26 which provides resilience against global supply chain disruption. As a livestock-focused business, Fevara's core customer base of beef and sheep farmers have less exposure to fertiliser cost inflation than mainstream agriculture activity such as arable farming and continue to enjoy robust retail meat pricing supporting their profitability. 

 

·       Trading since the half year has been encouraging, with continued strong performance in the UK and further margin improvement. The Board is confident in delivering a full year outcome in line with market expectations*. 

 

*Company compiled consensus for Adjusted Operating Profit prior to the release of this announcement for FY26 is £5.5m

 

Joshua Hoopes, Chief Executive of Fevara commented:

 

"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.

 

Alongside this, we marked our first successful steps into the highly significant Brazilian market, demonstrating the strength and resilience of our core business during a period of strategic investment. Post period end, the acquisition of a high-specification production facility in São Paulo establishes a platform which offers compelling long-term growth potential in the world's largest beef producing country.

 

Whilst we are mindful of the current geopolitical environment, our regional based model provides resilience against supply chain disruption. We remain well positioned to continue delivering against our long-term growth strategy and realise significant global market growth opportunities."

 

Tim Jones, Chair of Fevara commented:

 

"We entered the new financial year with a refocused strategy, a bold new identity and an ambition to be the global expert in extensive livestock supplements. Under this new identify, we have made strong progress in delivering our growth strategy supported by attractive acquisitions which have established our Southern Hemisphere presence.  Global market fundamentals in the sector remain very strong, driven by high demand for animal protein. Supported by our position as a leader in research-proven livestock supplements, and our refocused strategy, I believe that Fevara is strongly positioned to benefit and drive sustainable value for all shareholders."

 

 

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/Francesca Rosser

 

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®, Tracesure® Advanced and Macal®.

 

Headquartered in Carlisle, Cumbria, in the UK, Fevara has manufacturing sites in the UK, US and Brazil with 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

 

 

Gavin Manson - Regulatory Disclosures:

 

Pursuant to UKLR 6.4.10 the Company confirms that save for the information set out below there is no additional information to be disclosed in accordance with UKLR 6.4.8 in relation to Gavin Manson's appointment.

 

Shares

 

Gavin holds 44,011 ordinary shares of 2.5p each in the Company.  Gavin was granted an award of options ("Options") over 130,708 ordinary shares of 2.5p each in the Company on 11 December 2025 ("Award Date") pursuant to the Company's Long Term Incentive Plan 2023 ("LTIP"). The Options were awarded for nil-cost subject to the rules of the LTIP and will be exercisable from the third anniversary of the Award Date to the tenth anniversary of the Award Date. 

 

Current and Former Directorships

 

·       Director of Electra Private Equity PLC (now called Unbound Group plc) (March 2017 to date). Company delisted from trading on AIM on 18 January 2024.

·         Non-Executive Director of Hostmore plc from November 2021 until June 2023.

·         Non-Executive Director of Windar Photonics plc (February 2024 to date).

·       Non-Executive Director of Beaconsfield Footwear Ltd (former portfolio company of Electra Private Equity PLC) at the time of its administration in July 2023. Notice to move from administration to dissolution was filed on 16 January 2026.

INTERIM MANAGEMENT REPORT

 

Overview: further transformational strategic progress

 

The strong strategic delivery and trading turnaround evident in FY25 has continued into FY26 despite uncertain political environments and challenging trading conditions in certain markets.

 

As a result, Group Adjusted Operating Profit increased by 22% in the first half, representing a 35% improvement on a "last 12 months" ("LTM") basis. This reflects continued focus against the first two pillars of the Group's renewed strategy announced in December 2024, 1) margin improvement and 2) profitable commercial growth, across the Group's established Northern Hemisphere markets.

 

This increased profitability was achieved through overall volume growth in our core Low Moisture Block ("LMB") products of 6% with a 14% planned reduction in our minerals volume as we focus on higher margin products. This growth in LMB reflects the blended impact of normal market conditions in the UK/Europe and Southern US with highly abnormal and challenging conditions in the Northern US states in the first half (detailed below).

 

Our focus on cost control contributed to overall performance and is reflected by a 27% reduction in central costs in the first half.

 

Capital Allocation and Medium-Term Strategic Ambition

 

The focus of the Group is on optimising performance, growth and shareholder returns through disciplined capital allocation and a conservative approach to gearing.

 

Our key metrics (set out below) of operating margin and return on capital employed reflect our strategic priorities. Whilst the business remains highly seasonal, we continue to make sequential progress on both a H1 year-on-year basis and on an LTM basis.

 

 

	H1 FY26	H1 FY25		LTM	FY25	FY24
Adjusted EBITDA Growth %	22.0%	62.6%		35.1%	62.6%	(23.8)%
EBIT Margin %	14.2%	11.7%		6.3%	4.7%	3.5%
ROCE %	13.1%	11.5%		9.1%	8.6%	7.8%

 

 

With a clear strategy and defined plans for delivery, Fevara is well positioned to drive continued transformation of the Group's performance, within its established risk appetite and without the requirement for additional capital.

 

Underpinned by this strategy, the Group is pleased to set out its medium term (three to five years) financial ambition, to deliver at least:

 

·           Full-year revenue of £120m

·           Full-year EBITDA of £15m

·           Full-year EBIT Margin of 10%

·           Full-year ROCE of 20%

 

The delivery of this ambition is based on targeted gearing below 1x and with dividend cover of 2x.

 

Financial Summary

 

	H1 FY26              £'m	H1 FY25              £'m	%		LTM              £'m	FY25              £'m	%
Revenue
UK/Europe	26.8	27.6	(2.9)		40.6	41.4	(1.9)
US	22.9	23.0	(0.7)		37.3	37.4	(0.4)
Brazil	0.9	0.0			0.9	0.0
Total	50.6	50.6	(0.0)		78.8	78.8	(0.0)
Adjusted Operating Profit
UK/Europe Fully Owned	3.7	3.0	25.6		3.0	2.2	34.6
JVs	0.5	0.4	17.3		0.8	0.7	9.7
Total	4.2	3.4	24.6		3.8	2.9	28.6
US Fully Owned	2.7	2.6	5.0		2.9	2.8	4.6
JVs	1.1	1.0	9.9		0.8	0.7	14.6
Total	3.8	3.6	6.4		3.7	3.5	6.6
Brazil Fully Owned	(0.1)	0.0			(0.1)	0.0
Central	(0.8)	(1.1)	(26.7)		(2.4)	(2.7)	(11.1)
Total	7.2	5.9	22.0		5.0	3.7	35.1

 

Performance Summary by Region

 

UK and Europe - Owned Operations

 

First half adjusted operating profit grew by 26% in the fully owned UK and Europe operations, driven by LMB volume growth of 9%, with increased profit contribution from our minerals business despite a 14% planned volume reduction away from low margin products.

 

Whilst our minerals business is regionally focussed in Scotland and the North of England our LMB business sells throughout the UK and Ireland. The LMB business has opportunity for further growth throughout the UK and Ireland with significant opportunity for market share gains through improved distribution in underserved regions.

 

The UK/Europe business also benefited from newly profitable exports to New Zealand and a first positive profit contribution from third party produced boluses.

 

UK and Europe - Joint Ventures

 

During the first half the UK/Europe JV delivered 17% profit growth from 8% volume growth, in line with the Group's focus on optimising joint venture relationships and performance.

 

Fevara benefited from increased co-operation with our Crystalyx LMB JV in Lower Saxony, Germany. Benefits from this co-operation will continue to develop and be reflected in the results of our owned businesses and those of the JV. The improved performance of the JV is indicative of the potential for market share gains within the Group's largely mature markets of continental Europe.

 

United States - Owned Operations

 

First half adjusted operating profit grew by 5% in the fully owned US business as overall volumes grew by 4%, reflecting the significantly contrasting trading conditions across the Northern and Southern states. On a constant currency basis, revenue grew by 4%.

 

Management took decisive action in the second half of FY25 following underperformance at the Oklahoma facility, serving Southern states, in the early part of that year. This drove an improved performance from Q4 FY25. This improvement has continued to build strong momentum in FY26 with year-on-year volume growth of 28% in the first half.

 

In the Northern United States, served from the Group's South Dakota plant, weather conditions over the key winter months were the second warmest in the 132 years since records began. The absence of the usual persistent snow coverage on pasture, which typically drive supplementation demand, created highly challenging trading conditions. Volume in these Northern states fell 11% against a strong comparative performance in H1 FY25. Whilst weather conditions have shown signs of returning to more normal levels in early spring, this is not expected to offset volume shortfall incurred over the winter months.

 

Whilst the US is a mature market our focus is on realising growth through a combination of optimised pricing, margin improvement and market share gains. The benefits arising from these actions are expected to optimise performance across varying market conditions and will support future growth. Early signs suggest the bottom of the seven-to-ten-year cattle herd cycle has been reached, which the Group views as a meaningful opportunity for the coming years.  Whilst material herd increases are expected to become apparent over a two-to-three-year timeframe, this marks a significant shift from the sustained declines of recent years.

 

United States - Joint Ventures

 

The Group's JV in Tennessee is performing strongly and is now seeing the benefit of the second production line installed by Fevara engineers in FY24, following investment by both JV partners.  The JV relationship works well in the supply of largely customer own label LMB and has significant opportunity for further growth building on 17% volume growth in the first half.

 

On 21 April 2026, due to strategic and operational differences, Fevara exited its JV operating in Iowa, USA. This exit will have no material negative impact on future results.

 

Brazil

 

Brazil is the world's largest beef cattle market, with more cattle than all of Fevara's Northern Hemisphere markets combined. The market exhibits many of the characteristics of the US market 20 to 30 years ago and presents significant growth potential, with clear demand for more effective supplementation to improve yields, beef quality and labour efficiency. The Group's LMB products are well suited to meet these requirements.

 

In late December 2025, Fevara completed its first acquisition in Brazil. In 2025 Macal, based in Mato Grosso do Sul generated EBITDA of approximately £0.7m.  Initial consideration on completion was £5.0m with further deferred consideration of £0.8m-£1.9m due in March 2028, subject to business performance.

 

In March 2026 Fevara completed the acquisition of Cia do Sal, based in São Paulo State. Initial consideration on completion was £4.3m, £4.0m of which related to freehold business premises. Excess capacity within these premises will be utilised by Fevara for the installation of a LMB production line at a cost of £4.0m which will be funded from existing resources. It is expected this will start to generate revenue in early 2027. The Cia do Sal business operates at a breakeven EBITDA level (after notional rental) and provides the platform for expansion within the cattle rich northern São Paulo state.

 

Together, these acquisitions establish a strong entry within the world's largest cattle market and provide an initial platform for the production and distribution of LMB in Brazil.

 

Trading at Macal in the final two months of the first half was in line with expectations. The Group is taking a low risk, limited integration impact to its development in Brazil, and early progress at both Macal and more recently at Cia do Sal is encouraging.

 

Our near-term priorities within Brazil are to:

 

1.         Optimise the performance of Macal and Cia do Sal, individually and in combination.

2.         Commence production of LMB, customised for the Brazilian market, in early 2027.

3.        Establish LMB distribution across additional regions, initially in Goiás and Minas Gerais, to complement the distribution within Mato Grosso do Sul and São Paulo state available through Macal and Cia do Sal.

 

The Group continues to take a measured approach to its entry into and development within Brazil. Early indications support the Group's ability to deliver its targeted growth objectives and management remain highly optimistic about the future transformational prospects of this market.

 

Strategic Partnerships and Product Development

 

In 2025, the Group established its first strategic partnerships of the new strategy, with Vétalis for the supply of bolus product in the UK and Ireland, and with Seales Winslow for distribution of LMB in New Zealand. Both partnerships are performing in line with expectations and have successfully converted previously loss-making areas of the business into sources of profit.

 

As we develop our market share in the Northern Hemisphere and distribution in the Southern Hemisphere, we will continue to add high margin, complementary products to our portfolio. In April 2026 the Group signed a distribution agreement for LithoNutri, a calcified marine algae product by Brazilian manufacturer Oceana Minerals, covering the UK and Ireland. This product has the potential to contribute to increased milk yield in dairy and enhanced growth rates in beef.

 

The Group will shortly be launching an insect control product in the US market, drawing on established product experience from our UK/Europe operations. This product is also considered to be highly applicable to the Brazilian market in due course.

 

Whilst we are actively looking for opportunities to develop our range of high margin products we continue to take a science-backed approach to all product development. This is supported by our catalogue of over 40 documented trials with universities across the world. We have recently filed for additions to our range of manufacturing process patents and are continuing to develop the next generation of flexible and proprietary low moisture block production processes.

 

Corporate Simplification

 

Continuing Operations

 

Following the completion of the Engineering sale in FY25 we have continued with the simplification and right sizing of our central operations and of the focus of our capital on strategic priorities.

 

In early 2026 we completed the outsourcing of our IT infrastructure and support and anticipate concluding the disposal of our final investment/unused properties by or around the end of FY26.

 

The process to complete the buy-out of our defined benefit pension scheme is ongoing. Whilst aspects of the timing of this are outside of our direct control, we expect the process to be complete in early 2027. 

 

Discontinued Operations

 

Following the sale of the nuclear focussed businesses within our Engineering Division in FY25 the single remaining business, Chirton Engineering, remains under Fevara ownership.

 

Through a combination of challenges within its core oil and gas segment and the loss of its business development resource, previously integrated with the other Engineering Division businesses, Chirton's order pipeline took a downturn immediately following the Engineering sale. This was addressed by establishing internal resource focussed on market share within oil and gas and development within the defence, automotive and aerospace sectors. Following the anticipated lead time Chirton's order pipeline is now showing sequential growth. We have continued discussions with several parties who are interested in the business and anticipate a transaction in the second half of calendar year 2026.

 

Central Costs

 

The Group remains focused on disciplined cost management, directing capital, resources and time towards areas that support strategic growth.

 

Central costs were reduced by 27% year-on-year in the first half, reflecting meaningful reductions that progressed throughout FY25 and have continued into FY26. Specific actions such as the outsourcing of IT infrastructure and support and a reduction in professional services, were completed late in the first half and will deliver further run-rate savings in the second half.

 

Balance Sheet

The net unrestricted cash position of £1.4m at the half year leaves the Group well positioned to continue to implement its strategy. The movement from £15.7m net cash at H1 FY25 is driven by 1) the £4.1m net outflow from the Engineering sale/tender offer 2) the establishment of the £4.5m restricted pension escrow and 3) the £5m acquisition of Macal and 4) £3.8m of dividends paid.

 

Working capital increased by £0.9m from H1 FY25, entirely due to the acquisition of Macal. Delivering working capital improvements to offset the impact of growth remains a focus for management.

 

Post Balance Sheet Events

 

A number of items referred to above occurred subsequent to the interim balance sheet date of 28 February 2026. These are:

 

·           The acquisition of Cia do Sal in Brazil on 17 March 2026

·           The signing of the distribution contract for LithoNutri in UK and Ireland on 16 April 2026

·           The exit from our Iowa US based JV on 21 April 2026

 

 

Financing

 

On 17 November 2025, Fevara announced the completion of a new £20m Revolving Credit Facility with HSBC. The facility extends to November 2028 with two further, one year extension periods available. In addition to the £20m committed facility the agreement covers the availability of a further £10m uncommitted facility over the same period.

 

The facility was negotiated in order to provide Fevara with the flexibility to fund its targeted growth over the coming years.

 

It remains the Group's intent to target Net Debt/EBITDA of no more than 1 times throughout this period.

 

Interim Dividend

 

Following the FY25 tender offer and revised strategy, the Board established a progressive dividend policy targeting dividend cover of at least 2x. The Board considers it appropriate to maintain the interim dividend at the same level as both the interim and final dividends paid in FY25. An interim dividend of 1.2 pence per ordinary share will be paid on 19 June 2026 to shareholders on the register at close of business on 15 May 2026. The ex-dividend date will be 14 May 2026.

 

Should the year conclude as anticipated with prospects unchanged, a modest increase in final dividend would be expected.

 

Principal Risks and Uncertainties

 

The Board maintains a conservative but balanced approach to risk, which is reviewed regularly in the context of the Group's strategy and operating environment.

 

The Principal Risks facing the Group in the delivery of its strategy remain unchanged from those disclosed in the FY25 Annual Report and Accounts (available on the Company's website at www.fevara.com).

 

Outlook

 

The Board does not anticipate any near-term material impact on the business from current geopolitical developments in the Middle East. Where possible, Fevara procures and sells using local manufacturing and distribution with contracts in place on key raw materials through the end of FY26 which provides resilience against global supply chain disruption. As a livestock-focused business, Fevara's core customer base of beef and sheep farmers have less exposure to fertiliser cost inflation than mainstream agriculture activity such as arable farming and continue to enjoy robust retail meat pricing supporting their profitability. 

 

Trading since the period end has been encouraging, with a strong performance in UK/Europe and continued margin improvement. In the US, performance has varied across the Northern and Southern states, though overall trading is ahead of the prior year. Whilst the Group's performance remains seasonal, the Board is confident in delivering a full year outcome in line with expectations.

 

The Group's strategic transformation continues to progress at pace, strengthening the focus and resilience of the business. The Board's ambition to deliver a step-change in performance and shareholder value remains central to its strategic priorities, and it views delivery of its medium-term ambitions (at least: full-year revenue of £120m, a full-year EBITDA of £15m, a full-year EBIT margin of 10% and full-year ROCE of 20%) with increasing confidence.