Fevara – continuing its corporate progress, while Brazil looks good, shares 133p, TP 160p

Mark Watson-Mitchell – 22.04.2026

This morning’s Interim Results from Fevara (LON:FVA) reported that the international specialist in livestock supplements had a strong first-half performance.

The good news helped to push the group’s shares up over 5% to 133.24p in early dealings.

The Business

Based in Carlisle, Cumbria, Fevara which was set up as the Carr’s Group in 1831, has been a Listed company since 1972.

Today it is an international specialist in livestock supplements, with 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.

The group considers that its purpose is to empower farmers in extensive grazing systems with research-proven products that boost profitability, improve resource efficiency and support sustainable agriculture. 

It 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®.

The Interim Trading Update

The group saw its results for the six months to end-February, showing a stable revenue of £50.6m, while declaring a significant 22% increase in its adjusted operating profit to £7.2m and an 18.8% rise in adjusted pre-tax profit to £7.0m.

The group stated that its growth was driven by a 9% volume increase in Low Moisture Block products in the UK and Europe, alongside a 4% volume increase in the US, though the latter was impacted by unusual weather in northern states.

Impressively, the company also highlighted a 115.6% surge in its adjusted earnings per share to 11.0p, which was attributed to a combination of its increased earnings and a reduced share count following a tender offer.

Fevara maintained its interim dividend at 1.2p per share and noted its strategic entry into Brazil, with acquisitions costing £5.0m and £4.3m respectively, positioning it for future growth in the world's largest beef producing country.

The company also announced medium-term financial ambitions, targeting full-year revenue of £120m, EBITDA of £15m, an EBIT margin of 10%, and ROCE of 20%.

Management Comment

CEO Joshua Hoopes stated that:

"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."

Adding his comment Chairman Tim Jones declared that:

"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."

My View

The consensus for Adjusted Operating Profit, prior to the release of today’s announcement, was £5.5m for FY26.

Analysts Salvatore Verdoliva and Alex Brooks, at Canaccord Genuity Capital Markets, have a Target Price for the group’s shares at 190p.

They look for 2026 to show £5.3m profits, with 8.5p earnings and paying a dividend of 2.9p per share.

For the coming year they see £7.9m profits, 11.6p earnings and a 3.9p dividend.

With the shares at 133p, I would now set a Target Price for 160p.

(Profile 22.04.26 @ 133p set a Target Price of 160p)