Revenues and profits at Applied Nutrition have soared as the sports performance business performed ahead of expectations set at the time of its London IPO.
In its first set of full-year results as a listed company, Applied Nutrition posted a 24.2% rise in sales to £107.1m in the 12 months to 31 July, delivering on recently upgraded forecasts.
Adjusted EBITDA increased 18.8% to £30.9m, while operating profits jumped 18.6% to £28.1m and pre-tax profits were up 17.3% to £28.5m.
CEO Thomas Ryder said underlying profit margins had been maintained despite additional costs of being a listed business.
Applied Nutrition won increased shelf space and distribution during the year as it deepened relationships with existing customers.
It launched new products and formats, such as Vimto-flavoured gels and hydration products, sparkling collagen protein water and a Coleen Rooney wellness supplement, which is stocked nationwide by Holland & Barrett.
The company, which won Exporter of the Year at the 2025 Grocer Gold Awards for its performance in the US, also expanded its global footprint in the year by entering new markets, including Latin America and Asia.
A factory extension in August 2024 has boosted Applied’s revenue capacity to about £200m and helped with efficiency gains.
Applied said the strong acceleration in sales growth experienced in the final quarter of its financial year had continued in Q1 of the new period.
However, it decided to be “prudent” and maintain current market expectations for FY26.
Shares in the business fell by 2.8% to 177p today on the muted outlook, but the stock remains 26% higher than its 140p-a-share IPO price in October 2024.
“This set of results shows us over-delivering on targets we set at IPO while setting the stage for the next phase of our growth,” Ryder said.
“The performance reflects the strength of our strategy, disciplined execution, and growing traction in the market. In the year we have deepened our relationships with existing customers and secured new customers across both existing and new geographies, all while continually broadening our ranges, formats, and flavours.
“With solid progress behind us and encouraging trading trends continuing, we are focused on key opportunities with a view to continuing our ambition to become the world’s most trusted and innovative sports nutrition, health, and wellness brand.”
Ryder added he was confident the 2024 IPO had helped increased the profile, awareness and credibility of Applied Nutrition.
Analysts at Peel Hunt lifted the broker’s target price for Applied Nutrition shares from 144p to 195p on the back of this morning’s results.
“Applied Nutrition is delivering strong revenue growth, driven by new product development, deeper penetration with existing retail partners and continued customer expansion across all channels,” said Peel Hunt’s John Stevenson.
Wayne Brown of Panmure Liberum added: “What is standing out is the group’s ability to address a wide spectrum of consumers – from lifestyle-focused users to performance athletes – which we believe is generating incremental revenue for its customers and allowing Applied to grow without always directly challenging larger incumbents.”
He expected Applied to deliver another strong year ahead.
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