London-listed Anpario (AIM:ANP) has told investors that it continues to operate ‘with little disruption’ in terms of production and delivery to its customers on a worldwide basis.
The animal feed additives producer said measures taken in early March in response to the pandemic has enabled it to meet the increase in demand from customers and subsidiaries.
The group said it has seen ‘a strong performance’ in the first quarter due to customers increasing stock levels and recent business development initiatives coming to fruition.
Anpario said it entered this crisis with a strong balance sheet and as at 25 April 2020 has a cash balance of £13.8m.
The board has reaffirmed its commitment to the previously announced final dividend of 5.5p, subject to shareholder approval at the AGM on 25 June 2020.
Shares in Anpario were trading 5.56% higher at 380p during Wednesday morning.
Meanwhile, the group has recently filed an international patent application for an invention following a combined and successful research programme with the University of Reading.
The research showed that Anpario has developed a natural essential oil composition that could reduce the presence of certain antimicrobial resistant bacteria in the gut of young cattle.
This resistance can occur when calves are fed 'waste milk' or colostrum containing antibiotic residues or when calves acquire antimicrobial resistance from the environment.
“We are seeing departments merging into one team determined to succeed; everyone is sharing in the common goal of keeping our customers supplied,” said Richard Edwards, CEO.
The company added that it sees new opportunities to grow market share through remote sales calls, consistent customer service and its continued product development.
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