See in today's press that McDonalds is to stop purchases of USA chicken injected with antibiotics. ANP produces and distributes natural feed additives for mainly pigs and poultry to 71 countries - most important markets are Brazil, China and the USA. Solid results for 2014 yesterday showed 18% rise in underlying eps and good momentum from recently established US subsidiary. No debt and cash £6.6M at year end. Dividend increase 29% gives yield about 1.5%. ANP still very small, with annual sales just over £26M, so under the radar for many. Market cap £58M suggests not cheap on fundamentals, but Novartis recently sold its (very much larger) animal health division for around 4x annual revenues. Those with a longer term view might want to take a look. I have held for a couple of years and pleased with progress, but always dyor.

Solid set of interim results today. Focus on profit over sales has seen GP rise 9% on revenue slighty down post disposal, with cash generation also remaining strong - cash at 30th June increased to £7.9M despite large reduction in payables. Second half "has started well". Locked away in the ISA, but always dyor.

Financial highlights of Interim results

11% rise in adjusted EBITDA2 to �1.9m (2014: �1.7m)
9% improvement in gross profit to �5.0m (2014: �4.6m)
8% increase in profit before tax from continuing operations to �1.6m (2014: �1.5m)
5% increase in underlying earnings per share from continuing operations3 to 7.53p (2014: 7.14p)
Cash balances of �7.9m at 30 June 2015 (31 Dec 2014: �6.6m)
Operational highlights

Strong profit growth in the Americas and Asia Pacific of 17% and 11% respectively
UK division continues to develop strongly with 27% growth in gross profit
China subsidiary progresses with 31% growth in sales
Brazilian subsidiary secures ownership of product registrations and import licence
Group focused on higher margin additive products following sale of Organic feed division

Here is my view

At most I expect 18p EPS for the full year
have 11% of market cap in cash for that needs a bit of premium
but @ 332.50p the shares are trading at a very high PE of 18 when EPS at Half are only growing at 7%

Fair comment mentor, thanks - we probably have different investment horizons. Most of my holdings held for at least five years - ANP so far only for just over two, so as long as they keep performing steadily I will hold. Strong management team, excellent growth peospects and if they can be making 25p EPS in another three years, than share price should look after itself. Still maybe too small to attract a predator, but might grow to become a nuisance to one of the big boys. Sector is a "hot" one and higher than normal PE in my view justified.

ANP suddenly ahead by a significant amount. Anybody have any idea why?

No idea, but volume is very thin, so advise caution.

Thanks for that Harrycat, volumes normally thin with ANP, having said that, has exceeded 360p twice in past 18 months. Maybe its on its way for a third time. No way of telling. I've a small holding in ANP and divi is OK. Shall just hang in there and see what happens.

Rating not very demanding on historic numbers, but difficulty has been in growing sales. Weak sterling should certainly help and if they can increase volumes of product that would be a double whammy, but always dyor.

Fairly uninspiring year end trading update, but second half trading an improvement on the first. We wait to see the level of investment made/cash spent in moving to direct selling in certain key markets -results 8th March. Still a very slow burner, patience needed! Always dyor.

Did not have to wait long for more news - acquired Australian distributorship in announcement today.

Rather odd RNS to say that cash balance at 31st Dec was £700K higher than the £10.4M notified in Feb trading update. Not sure whether that is good or bad news, but with half year end cash £10.9M and sales higher in second half, which in nrmal circumstances would mean higher working capital need, increase in cash looks encouraging for results due 8th March. Always dyor.

No great surprises in the results. Exceptional costs reduced profit from 2015, but encouraging signs particularly in growth of US sales, albeit from a low base and gross margin benefiting from factory improvements. A small company with global reach and it will continue to be slow process, but prudent finances and gradual market recognition of the products persuade me to keep mine. Always dyor.

Recent rises have put me back into the black with ANP. That, with good dividends, makes this a decent little earner.

There was a confident tone at the AGM in June, reflected in September interims and steady share price appreciation of late. Not likley to set the world alight, but imo a good one for the bottom drawer, which might give a nice surprise in a couple of years or so, but always dyor

Nice move up today ahead of year end trading update. A very good, steady performer over a number of years - who needs to go chasing rainbows? Thank goodness for ISAs. Always dyor

Bouncing back today after AGM trading statement first thing yesterday not well received. Could be some like me who added this morning after attending the AGM. Impressive management team presentations at that AGM and whilst there are certainly some (hopefully short term) difficulties in markets like Brazil and Argentina, the growth story looks intact and prospects imo still good for the medium term. Always dyor