Top story
Sports supplements group Applied Nutrition has revealed plans to float on the London Stock Exchange in an IPO that is expected to value the Liverpool-based company at £500m.
Founded by Thomas Ryder in 2014, the business has developed four ranges under the umbrella of the Applied Nutrition brand and grown revenues to £86m.
This morning it announced an intention to publish a registration document as it considers applying for admission to the main market of the London exchange.
If Applied Nutrition proceeds with the IPO, it is expected that shares will be made available to institutional and retail investors.
“We are only scratching the surface of our growth opportunity and this IPO positions us ideally for the next step of our development,” Ryder said.
“With an exciting new product roadmap and opportunities to grow with new and existing customers, we are confident it will enable us to build the world’s most trusted and innovative sports nutrition, health & wellness brand.”
Chairman Andy Bell, founder of the investment platform AJ Bell, added: “A float on the London Stock Exchange would mark the next step in Applied Nutrition’s journey to becoming the world’s most trusted and innovative sports nutrition, health & wellness brand.
“The company has delivered impressive growth to date, driven by the increasing consumer interest in health and wellness, and the consistent delivery of new products to Applied Nutrition’s global customer base. We are excited at the prospect of widening our shareholder base and we are confident that a London-listing would further enhance our brand awareness and provide a platform for continued growth.”
Bankers at Deutsche Numis have been charged with handling the float.
Whilse the UK is the group’s largest market in terms of revenue in any single geography, international expansion has been a key growth driver, with Applied Nutrition’s products available in more than 80 countries worldwide.
Morning update
Pre-tax losses at Gusbourne have widened in the first half as saled came in below expectations.
Net revenue at the English wine producer fell 3% to £3.3m in the six months to 30 June.
Robust growth in DTC sales (up 22% to £1.1m) and overseas sales (up 13% to £800k) was offset by a 22% decline in UK sales to £1.3m as customers reduced stock levels.
Pre-tax losses widened from £1.4m in the same period a year ago to £1.9m as finance costs increased because of additional debt at the group.
However, the adjusted EBITDA loss narrowed to £300k.
CEO Jonathan White said the group had made “further strategic progress” in the first half of 2024 despite a challenging market backdrop.
“Looking forward to the second half of the year, the macro-economic environment remains complex with consumer confidence affected by inflationary pressures and cost of borrowing in many markets,” he added.
“At the same time, consumer interest in Gusbourne wine and English wine generally continues to grow across the globe and this combined with the ongoing progress we continue to make against our strategic priorities continues to give the board confidence in the group’s long-term prospects.”
This week in the City
Events heat up this week on the markets, starting with a third-quarter trading update from Greggs tomorrow morning.
Tomorrow also brings the latest UK shop price index from the British Retail Consortium, while in the US, spice maker McCormick reports quarterly results.
The big news of the week comes on Thursday as Tesco reports its first-half results. Constellation Brands also reports quarterly results.
Pub group JD Wetherspoon publishes full-year results on Friday.
No comments yet