National Milk Records (NMRP), a dairy technology company, announced that it had been named Aquis Company of the Year at the 11th annual Small Cap Awards. The awards examine the best companies and participants in the small and micro-cap community (sub-£350m market cap).
National Milk Records (NMR) invests in a range of milk quality, herd health, and genomic testing services, generating data and building insights that are used by farmers to make informed decisions on cow productivity. Founded in 1943, the company was incorporated in 1997 after being a part of the Milk Marketing Board in the UK that regulated milk production and distribution.
NMR was recognised for its achievements as an Aquis-quoted company, with particular emphasis on the growth of its revenues, the increase of the underlying EBITDA, and its dividend payments.
The Small Cap category is quite competitive, which speaks to the positive image NMR has garnered recently. In its most recent Q3 results, the agritech provider reported a 15.1% increase in turnover year-on-year to £6.48m, and a 14.3% increase in core revenues to £650k. Revenues for milk recording services were up 15.4% to £2.64m, and revenues from testing for Johne's disease was up 21.2% to £1.42m. Sales of Genomics testing more than doubled to £250k. A final dividend of 2p/share for FY22 was paid on 18 November 2022, up from 1.5p/share for FY21.
Planning is also underway for NMR's launch of its GenoCells service in the UK and US later in 2023. GenoCells provides farmers with a genomically driven individual animal cell count analysis, based purely on the sample of milk from their bulk tank.
Two weeks ago on 6 June 2023, it was announced that Associated British Foods had agreed to purchase National Milk Records in a £48m deal aimed at boosting AB Foods' international agri-food business AB Agri. AB Foods agreed to pay 215p/share for National Milk Records, an 87% premium to the latter's closing price on 5 June 2023. Since then, shares of NMR have risen to just under the offer price.
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