Applied Nutrition (LSE:APN) reported a strong performance for the six months to 31 January 2026, with revenue rising 57% year-on-year to £74.5 million. Adjusted EBITDA increased 56% to £21.5 million, while profit before tax climbed 54% to £20.9 million, with all key metrics exceeding management expectations.
The group ended the period with net cash of £26.4 million. Free cash flow conversion was lower due to increased investment across the business, while statutory operating profit rose 80% and earnings per share improved to 6.2p.
Operationally, Applied Nutrition strengthened its presence across UK retail, expanding relationships with high street chains and discounters while securing new customer wins and distribution channels. The company also agreed an out-licensing arrangement with Morrisons to supply high-protein food products and continued to grow internationally across Europe, Latin America and Asia.
Product innovation remained a key focus, with launches including the new 40+ range and a Slush Puppie-branded ABE line. At the same time, the group has begun construction of a new global distribution centre alongside factory expansion that is expected to increase production capacity to support up to £300 million in annual revenue.
Despite disruption to shipping routes in the Middle East, the company reaffirmed its guidance for approximately £140 million in full-year sales. It also strengthened board committees to align with UK corporate governance standards.
Applied Nutrition’s outlook is supported by strong financial performance, including rapid revenue growth, solid profitability, low leverage and healthy cash generation. Technical indicators also point to a strong upward trend, though overbought signals suggest the potential for short-term volatility. Valuation remains a consideration, with the shares trading at around a 30x P/E multiple and no dividend yield currently reported.
More about Applied Nutrition PLC
Applied Nutrition plc is a UK-based sports nutrition, health and wellness company that develops and manufactures more than 120 products across brands including Applied Nutrition, ABE, BodyFuel and Endurance. The group primarily operates through a global B2B distribution model, supplying products to more than 85 countries and targeting athletes, gym users and health-focused consumers with an emphasis on rapid in-house innovation and profitable international expansion.
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