Ruminant livestock supplement specialist Fevara plc – formerly the Carr’s Group – has posted its first full year results in what was a transformative year of change for the business.
The company has reported an operating profit of £2.4 million from continuing activities on revenues of £78.0m in the year ended 31 August 2025, compared to a loss of £6.8m and £75.7m in the previous twelve months. After adjustment, operating profit was £3.7m (£2.2m) while net cash stood at £2.6m (£8.0m).
Fevara says the figures reflect a strong performance across its key markets, underpinned by the growing demand for performance-led and research-proven livestock supplements. The UK/Europe business saw revenue growth of 8.4% to £41.4m (FY24: £38.2m), while adjusted operating profit was 66.7% higher at £2.8m (FY24: £1.7m). Caltech’s margin increased from 17% to 28%, while that for Scotmin rose from 8% to 14% through improved product mix and cost control. But the Animax margin fell from 53% to 42%, due to early-year downtime and additional labour costs.
Underlying trading at Caltech grew by £1.1m (or 45%), with strong demand for its Crystalyx-branded products; Scotmin was up £0.1m (or 41%), while there was a £0.9m (or 147%) reduction in losses at Animax.
In the US market, revenues were stable at £37.4m (FY24: £37.5m) as was adjusted operating profit at £3.5m (FY24: £3.5m) – but despite the further decline in US beef cattle production.
The latest year saw the Carr’s Group consolidate its activities into an international specialist in livestock supplements, through the sale of its nuclear Engineering Division to Cadre Holdings for £75m in April 2025. £70m of the proceeds was returned to shareholders.
The Group closed the loss-making Animax bolus manufacturing site in the UK and the by-pass protein Afgritech factory in the US. Instead, it established a bolus manufacturing partnership with Vétalis in France. Direct feedblock and lick sales in New Zealand were ended in favour of a distribution partnership with Seales Winslow, leading to improvements in volumes and margin growth.
Since the year end, the company has rebranded as Fevara plc to reflect its pureplay strategic focus on livestock supplements; completed a new banking facility with HSBC UK to support its expansion into complementary, counter-seasonal southern hemisphere and extensive grazing-based growth markets; and made its first acquisition in line with that strategy through the purchase of Domino Industria E Comercio (Macal) in Brazil.
Turning to current trading, Fevara says its key northern hemisphere seasonal winter trading period has started strongly, while the outlook for its existing markets is ahead of the prior year and in line with expectations.
“I am pleased to report my first set of full year results as chief executive, in what has been a transformative year for our business,” says Joshua Hoopes who became group chief executive in June 2025.
“We’ve delivered strong progress against our refreshed strategy, which will enable us to deliver long-term, sustainable shareholder value by leveraging our market-leading brands, patented and research-proven products, scalable and cash-generative operations, and trusted long-term customer relationships.
“The recent announcement of our agreement to acquire Macal represents our first entry into the significant Brazilian market and offers transformational growth potential. I am very confident about the opportunities which lie ahead for the Group,” Mr Hoopes concludes.