Applied Nutrition has comfortably beaten sales guidance given at the time of its IPO as the sports nutrition group published a maiden trading update.
The group said it made “good progress” in the first half to 31 January, with revenues of £47.6m, above the £46m forecast at the time of its flotation.
It added “robust” adjusted EBITDA margin and cash conversion were both also in line with market expectations.
Applied Nutrition said it had delivered significant progress towards its growth strategy as it leveraged NPD to drive increased shelf space with new and existing customers, including a Coleen Rooney wellness supplement to be stocked nationwide by Holland & Barrett from March.
Shares rose 1.3% to 150.6p as markets opened this morning and are up 7% since the October float.
The group will report interim results in April.
CEO Thomas Ryder said: “Our successful IPO in October has had the positive impact we hoped for on the profile of Applied Nutrition and our industry recognition. I am pleased to report we have made strong progress in the first half, delivering performance ahead of our IPO guidance.
“Our focus is on delivering the growth strategy outlined at IPO of taking our brand to an increasing number of customers globally. This is underpinned by our in-house NPD engine and supported by our strong partnerships. We are running into the second half of the year with confidence and remain committed to delivering our vision of being the world’s most trusted and innovative sports nutrition, health and wellness brand.”
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