Liverpool city region sports nutrition business Applied Nutrition reports half year revenues of £47.6m – ahead of expectations – but sees profits fall. Tony McDonough reports
Sports nutrition venture Applied Nutrition is reporting “strong growth” a few months after it floated on the stock exchange in October 2024.
On Monday the Knowsley-based business posted its results for the six months to January 31, 2025. They showed revenues of £47.6m, “comfortably ahead” of the guidance of £46m provided at the time of the IPO.
This was driven by exceptionally strong year-on-year growth of 34% in its UK market. It saw further penetration of existing customers and won new customers. Europe also saw year-on-year growth of 39%, driven by broader distribution.
However, the company saw a 22% fall in pre-tax profits to £11.8m amid some issues in its Middle East market where it had to exit a distributor relationship and re-registration.
Its update said: “While very uncommon for the company, we decided to exit an agreement with a distributor in the Middle East that, in the short time we worked with, was not approaching the market in the manner we expect.
“In addition, in two countries within the region, market wide changes in regulation on packaging resulted in a re-registration of a number of SKUs, causing minor delays in customers receiving products. This is extremely uncommon, in any of our markets.”
Founded in 2014 by Kirkby-born Tom Ryder, in late October 2024 Applied Nutrition entered the London Stock Exchange in a £350m flotation. It remains on track for full-year revenues of £100m.
“We are pleased to have announced a positive set of maiden results, ahead of what we said we would do at the time of IPO, with the company delivering strong growth, expanding globally, and driving innovation in our industry,” said Tom.
“This has been a period of significant milestones and progress – our IPO in October, launching our first TV advert to promote our products starring Coleen Rooney, developing relationships with exciting new customers, and expanding into new geographies.
“The interest in our brand since our IPO has reached new heights and we are very grateful for the strong support we have received from our customers, partners and shareholders.”