Applied Nutrition (LSE:APN) expects to deliver full-year revenue and adjusted EBITDA ahead of market forecasts after strong demand across its geographic markets and sales channels drove substantial growth during FY26.
For the year ended 31 July 2026, revenue is expected to reach approximately £160 million, representing growth of around 50%. Adjusted EBITDA is forecast to increase by about 40% to £43.3 million, with both figures exceeding previous market expectations.
The sports nutrition group ended the financial year with net cash of £15.9 million despite completing the Nutrablend asset acquisition and investing further in production capacity. The position reflects continued strong cash generation while the business expands its manufacturing capabilities.
FY27 forecasts point to further double-digit growth
Applied Nutrition expects its growth trajectory to continue into FY27, forecasting revenue of approximately £205 million and adjusted EBITDA of around £49 million.
The projections imply further double-digit increases in both measures and are ahead of current market consensus, providing additional evidence of management’s confidence in the group’s international expansion strategy.
Growth in the US is expected to make an increasingly important contribution as Applied Nutrition expands its presence and capacity in the market.
Higher whey costs expected to put pressure on margins
Despite the stronger growth outlook, management expects adjusted EBITDA margins to moderate slightly during FY27.
One factor will be the increasing contribution from US sales, while higher whey protein costs are also expected to affect profitability. The group’s product mix is becoming more heavily weighted towards whey-based products following the successful relaunch of Critical Whey.
Applied Nutrition will therefore be balancing rapid international growth and rising volumes against input-cost pressures as it seeks to maintain attractive profitability.
The company’s wider outlook remains supported by strong revenue growth, solid margins, low leverage and healthy free cash flow. Increased guidance, additional US capacity and a significant licensing partnership also provide potential corporate catalysts.
These strengths are partly offset by weaker near-term share-price momentum and a relatively elevated price-to-earnings multiple, while no dividend yield is currently provided.
More about Applied Nutrition PLC
Applied Nutrition plc is a UK-headquartered sports nutrition, health and wellness company that develops and manufactures products for professional athletes, gym users and health-conscious consumers.
The company primarily operates through a global business-to-business distribution model and offers more than 120 products across four principal ranges. Its products are sold in more than 85 countries, supported by a vertically integrated operating model covering product formulation, manufacturing and international distribution.
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