REG - Applied Nutrition - Interim Results
07/04/2025 07:00
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RNS Number : 8127D Applied Nutrition PLC 07 April 2025
For release 7:00am Monday 7 April 2025
Applied Nutrition plc
(the "Company" or the "Group")
Interim results for the six months ended 31 January 2025
STRONG FIRST HALF PERFORMANCE, CONTINUED MOMENTUM INTO H2 WITH RECORD MONTHLY
REVENUE DELIVERED IN MARCH
Applied Nutrition plc, a leading sports nutrition, health, and wellness brand,
today announces its interim results for the half year ended 31 January 2025
("H1 FY25").
Group financial highlights
· H1 FY25 revenue of £47.6 million, comfortably ahead of guidance provided at
the time of IPO of £46.0 million, providing a strong underpin for the full
year guidance of £100 million
· The UK delivered exceptionally strong year-on-year growth of c.34% driven by
further penetration of existing customers and winning new customers
· Europe also saw exceptionally strong year-on-year growth of c.39%, driven by
broader distribution with existing partners particularly in countries in
Central and Eastern Europe such as Romania and Albania
· International declined year-on-year, primarily due to the £5.5 million of
orders brought forward by customers in the Middle East into H1 FY24, as
outlined at the IPO. International excluding Middle East delivered strong
growth in H1 FY25
· Adjusting for the brought forward revenue in H1 FY24 and comparing on a
normalised basis implies year-on-year revenue growth of c.19.0% for the Group
· Robust gross margin of c.47% despite whey prices rising throughout the period,
highlighting the benefit of the Group's diverse product range and low exposure
to whey protein products
· Adjusted EBITDA of £13.8m resulted in an adjusted EBITDA margin of c.29%,
which was in line with market expectations. H1 FY24 EBITDA margin was higher
than usual primarily as a result of the operational leverage caused by the
brought forward orders
· Strong free cash flow conversion (after tax) of 64.5% was ahead of market
expectations, resulting in free cash flow generation of £8.9m and net cash at
period end of £10.9 million
Operational and strategic highlights
· Significant progress in delivery of the Group's multi-pillar, global growth
strategy with strong momentum carried into H2 FY25
o Further penetration of existing customers across all of the Group's
product ranges, including in national discount retailers and national
supermarket chains such as Asda and Tesco in the UK, a national discount
retailer in France, and international partners in a variety of geographies,
such as North America and Asia
o Successful entry into new geographies including several in Latin America,
which are expected to drive meaningful growth in the medium to long term and
become material new territories
o Significant new customer wins including Ocado and Central Co-Op in the UK,
and the Vitamin Shoppe in the US where the AN Performance range has launched
across 700 stores
o Continued expansion of D2C delivering c.35% growth year-on-year with
record performance in January, having enhanced digital capabilities with the
launch of the Applied Nutrition App and a subscribe & save model
o Continued delivery of New Product Development ("NPD") with notable
launches such as Sparkling Protein Water and the Coleen Rooney products to the
'Applied Nutrition' range, and a collaboration with Vimto for gels and
hydration tablets in the Endurance range
· Completion of factory extension in August increased revenue capacity to around
£160 million
Current trading and outlook
· Trading since the half year end remains strong, and we delivered record
revenues in March providing a further underpin to the full year revenue
guidance of £100m
· The Group re-iterates the full year outlook for profitability and cash flow to
be in line with market expectations
· Given the Group's relatively low exposure to whey protein and carefully
managed procurement, the current higher whey protein prices are not expected
to materially impact the Group's margins for FY25
· As previously disclosed, the joint business plan announced with Holland &
Barrett and new listings with three major US retailers together underpin more
than half of the Group's FY26 forecast revenue growth
· A new agreement was signed with one of the largest distributors of sports
nutrition products in Latin America with the first orders received. This
partner will help increase the Group's presence in Central America, South
America and Caribbean markets, while also providing entry to key new
geographies
· In the medium term the Group does not expect to be materially impacted by
changing US tariffs. The Group has a number of options open to it to mitigate
impact such as moving production of liquid products currently produced in the
UK to being manufactured in the US
Thomas Ryder, CEO of Applied Nutrition, said:
"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.
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.
Our ambition remains as strong as ever and this has underpinned the strong
growth and strategic progress we have achieved in the period - expanding our
presence with our current customers, winning new customers, entering new
geographies and creating new products that, most importantly, our customers
love. This hard work positions us well for the future, and I would like to
thank our team for their relentless enthusiasm, commitment and delivery.
We have set a strong foundation for the second half and beyond. We have the
right ingredients to deliver on the broad range of opportunities ahead of us
and remain committed to delivering our vision of being the world's most
trusted and innovative sports nutrition, health and wellness brand."
Key financial information
Financial KPIs H1 FY25 H1 FY24 Change
Revenue (£m) 47.6 45.4 4.8%
Gross profit (£m) 22.3 22.7 (1.8%)
Adjusted EBITDA(1) (£m) 13.8 16.4 (15.9%)
Adjusted basic and diluted EPS(1) (p) 4.2 4.9 (14.3%)
Free cash flow (after tax)(2) (£m) 8.9 6.7 32.8%
Free cash flow conversion (after tax)(2) 64.5% 40.9% 57.7%
Statutory results
Operating profit (£m) 11.5 16.0 (28.1%)
Profit before taxation (£m) 11.8 16.1 (26.7%)
Basic and diluted EPS (p) 3.5 4.9 (28.6%)
(1)Adjusted EBITDA is a non-IFRS financial measure; calculated as operating
profit before interest, taxes, depreciation and amortisation and excluding the
impact of share-based payments and significant non-recurring items (see note
5). Adjusted EBITDA margin is a non-IFRS financial measure of the Group's
Adjusted EBITDA as a percentage of revenue. Adjusted basic and diluted
earnings per share is a non-IFRS financial measure, which adjusts earnings per
share for the impact of share-based payments and non-recurring items applied
in calculating Adjusted EBITDA, and also takes into account the taxation
effect thereon (see note 8).
(2)Free cash flow is a non-IFRS measure representing the Group's cash flows
from operations, adjusted for non-cash/non-operating items less capital
expenditure. Free cash flow conversion is a non-IFRS measure of the Group's
free cash flow (as defined above) measured as a percentage of Adjusted EBITDA.
Presentations
The Company is hosting a virtual presentation and Q&A session for analysts
at 09.00 BST today. To register, please email
appliednutrition@almastrategic.com
Additionally, the Company is hosting a virtual presentation and Q&A
session for retail investors at 16.00 BST today. To register to attend, please
use the following link: https://www.engageinvestor.com/event/5e2b9d0fc436
(https://www.engageinvestor.com/event/5e2b9d0fc436)
Information for investors can be found on the Group's website at
www.appliednutritionplc.com (http://www.appliednutritionplc.com)
Applied Nutrition plc via Alma
Thomas Ryder, Chief Executive Officer
Steven Granite, Chief Operating Officer
Joe Pollard, Chief Financial Officer
Alma Strategic Communications +44 (0) 203 405 0205
(Public Relations adviser to Applied Nutrition) appliednutrition@almastrategic.com
Rebecca Sanders-Hewett, Josh Royston, Sam Modlin, Joe Pederzolli, Sarah Peters
Chief Executive Officer Review
Introduction
It gives me great pride to be reporting our maiden set of results as a public
company, another significant milestone for our business, our team, our
partners, and our customers. In October we were delighted to successfully IPO
on the Main Market of the London Stock Exchange, a decision which has already
had the transformational impact we hoped for on the profile, awareness and
credibility of our brand.
The strong support shown by investors during the IPO process was very
encouraging. This support included investment from our partners and customers,
who wanted to buy into the business and be part of our journey. It reflects a
broader recognition of our growth opportunity - underpinned by a consistent
track record of delivery, a proven business model and a clear, multi-pillar
growth strategy. That strategy focuses on: growing with existing customers
through increased shelf space and distribution points; adding new customers
and channels in both existing and new geographies; complementary growth in our
direct-to-consumer (D2C) offering; and ongoing new product development (NPD)
to expand our ranges, products, and flavours.
We remain as excited and ambitious as ever and in the first half of the
financial year, we have continued to make strong financial and operational
progress, leaving us well-placed for the second half and beyond. We have
started as we mean to go on; driving growth, expanding globally and being
truly innovative in our industry all whilst maintaining our market leading
margins.
We are well positioned for the next stage of our development, and we remain
confident in our ability to build the world's most trusted and innovative
sports nutrition, health, and wellness brand.
UK
Sales in the UK are made through a number of channels: retailers,
distributors, gyms and sports clubs. Key areas of focus for FY25 are deepening
penetration with existing customers, targeting new customers in existing
channels and organically growing our D2C model.
The Group's strong position in the UK continued to build during the period,
with revenues rising by approximately 34% to £21.6 million, representing 45%
of total Group revenue. This growth was driven primarily by the retail
channel, which contributes over half of the Group's UK B2B revenue. It also
reflects deeper penetration with existing customers, supported by increased
shelf space at key national retailers such as Asda and Tesco.
· New customer wins during the period include Ocado, Central Co-Op and the
largest vending machine operator
in the UK and Europe
· Strong growth delivered in the Group's direct-to-consumer (D2C) channel
Significant progress has been made in expanding our presence with existing
customers, having increased shelf space with many including national
supermarket chains as well as other national retailers. In one of our
supermarket partners, products from our 'Endurance' and 'Applied Nutrition'
ranges are now stocked in over 350 stores, and our Diet Protein is now ranked
as the second best-selling diet protein in the major retailers having
delivered 52% year-on-year growth 1 (#_ftn1) . In one of our national health
and beauty retail partners we listed multiple new SKUs (stock-keeping unit)
including our new Vimto flavour Endurance gel, now their best-selling sports
gel.
NPD has played an important role with existing customers in the UK with
increased listings of new products featuring strongly, including BodyFuel
Hydration Powder, BodyFuel Clear Beef Protein and Sparkling Protein Water. One
of our national retail partners has increased the number of total SKUs in its
stores by nearly 7x, with a number of new products being listed, alongside a
broader range of our existing products.
We were delighted to launch the Coleen Rooney wellness supplements into the
'Applied Nutrition' range in the period, which has been very well-received and
seen us attract a new profile of consumer. This partnership has delivered
significant growth in our social media reach and resulted in an increase in
female followers.
Post period end, we announced that we had reached an agreement with Holland
& Barrett on a joint business plan, which will increase the breadth of
distribution of currently listed products as well as additional products in
both new and existing categories. Holland & Barrett will also get early
access to NPD, allowing them to take new products to market quicker. The first
order under the joint business plan was received in March and included the new
Coleen Rooney range, which will be available in 500 stores.
In addition, across gyms, sports clubs, speciality stores and vending
machines, we continue to increase the uptake of our products.
A number of significant new customer wins have also been delivered. In H1 we
went live in Central Co-Op, where a variety of products including Sparkling
Protein Water, BodyFuel drinks and pre-workout shots have been taken up across
over 140 stores. Alongside this, we have successfully broadened our reach in
the UK fitness market through a new partnership with the largest vending
machine operator in the UK and Europe, making our products available in over
550 locations including new listings with The Gym Group and Bannatyne.
We continued to expand our D2C business with 35% growth against H1 FY24. We
achieved our best-ever month in January, having enhanced our digital
capabilities with the launch of our Applied Nutrition App, which has already
achieved over 3,000 downloads. The app now allows subscription orders on our
website to complement the existing offering via Amazon. Our new Coleen Rooney
range has seen increased traffic to the Applied Nutrition website and greater
brand awareness amongst a new demographic of consumer, leading to an increased
rate of cross-buying into our core range.
(1)Source: Circana - Sports Nutrition Diet Powder in Major Multiples, 11th
August - 25th Jan 2025
Europe
The Group operates a predominantly distributor-led model in Europe, alongside
sales through key retailers. Priorities for FY25 are to deepen penetration
within specialty retail, increase grocery and convenience listings and
continue to develop the BodyFuel range in the discounter channel.
First half sales in Europe increased by 39% to £6.4m, accounting for 13% of
sales, as the Group continued to deliver growth with existing customers.
· Deepened penetration in speciality retail with sales growing 59% compared to
H2 FY24
· Increased grocery and convenience success through supermarket listings in
Germany, Ireland and Northern Ireland
· Increased revenues from key existing geographies including Holland &
Barrett in Ireland and in France with the BodyFuel range, plus increased
revenues from the BodyFuel range in the country of Iceland
We were pleased to have started working with Holland & Barrett in Ireland
in H2 FY24 and have seen quick and growing success with a wide selection of
products in our Applied Nutrition and ABE ranges such as collagen, creatine,
and greens powders. Across Central and Eastern Europe we have also seen
significantly expanded listings in countries such as Romania and Albania in
particular.
Following the appointment of a new distributor in Germany in H2 FY24, we are
pleased to have made good progress with new supermarket listings in the
country such as Edeka and Rewe. In addition, in Ireland and Northern Ireland
we have seen success particularly in convenience for the grab-and-go range
with Hendersons, EuroSpar/Spar, and Musgraves.
Our BodyFuel range continues to see strong traction across 130 stores of one
of our discount retail partners in France with BodyFuel pre-workout cans,
BodyFuel pre-workout powder, BodyFuel aminos and pre-workout shots. This is in
addition to various Applied Nutrition products which are suitable for
discounters.
Whilst we continue to execute our B2B business model, within Europe there are
certain opportunities to replicate the D2C success we have had in the UK. In
H2 FY25 we expect to go live in Spain with an in-country website run by our
chosen Spanish distribution partner and further develop our presence with
Amazon across Europe. We will also begin to enable EU customers to order
directly from our website allowing them to order products where they are not
available locally.
During the period, we were live on Amazon in Germany, France & the
Netherlands with Ireland, Poland, Belgium & Sweden due to go live during
H2 FY25 further expanding our D2C offering in Europe.
International
International sales are balanced between distributors and retailers.
In selected international markets, the focus for FY25 has been to increase
SKUs registered in existing territories, expand channel distribution and enter
new geographies.
In the US, the priorities for FY25 are to launch the Applied Nutrition core
range (branded as "AN Performance"), initially into Vitamin Shoppe, grow the
SKUs and deepen penetration in speciality & FDM
(Food/Drug/Mass-Merchandise) with increased SKU listings and distribution end
points.
· New geographies entered, with first order received from our new Latin America
partner following successful trade shows in the region
· US 'AN Performance' range launched with early success following launch with
The Vitamin Shoppe and new listings with three major retailers
· First orders and successful listings in Hong Kong and Singapore
H1 FY25 sales across International declined year-on-year, primarily due to the
£5.5 million of orders brought forward by customers in the Middle East, as
outlined at the IPO. International, excluding Middle East, delivered strong
growth in the period. The Middle East experienced elevated revenue in H1 FY24
due to brought forward orders which was as a direct result of customers
choosing to accelerate orders as a result of the Red Sea crisis.
The Middle East H1 FY25 performance was also impacted by exiting a distributor
relationship and re-registration of SKUs in two countries. Whilst 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, however
as an agile business we were able to quickly re-register products with labels
in line with the new regulations. Our existing customer relationships in the
region remain strong and we continue to be excited about the strong pipeline
of growth opportunities, notably growing the brand's presence in Saudi Arabia
and expanding into new channels in the UAE.
Across APAC, we have signed new partners focused on the grocery channel,
specifically in Hong Kong and Singapore, building on our presence within
specialty retail. Our products are now listed in Cold Storage Singapore (one
of the country's largest supermarket chains) and Decathlon. In addition, a
shipment is en route to Australia for further launches there (Applied
Nutrition and Endurance ranges) which is complementary to the existing ABE
listings in the country.
Within Africa, we believe Algeria to be an exciting market and are exploring
opportunities to enhance our presence within this geography.
In March we reached an agreement with, and received our first order from, one
of the largest distributors of sports nutrition products in Latin America
& the Caribbean. We are excited by this market and believe it represents a
significant medium-term growth opportunity. This partner will help us increase
our presence in these markets, in countries such as Mexico and Costa Rica, as
well as providing entry to key new geographies such as Colombia and Puerto
Rico.
USA
We have continued to make progress in the US. A notable highlight is our
launch of a range of products under the 'AN Performance' range with The
Vitamin Shoppe across over 700 stores nationwide, including a flavour
collaboration with global fruit brand Chiquita which brings Chiquita's vibrant
banana and pineapple flavours to consumers.
Post period we were delighted to announce new listings with three major
retailers: GNC Corporate, one of the largest specialty retailers in the US,
Hy-vee, the largest regional grocery chain in the Midwest, and H-E-B, the
leading grocery chain in Texas. These new listings will result in multiple
SKUs from both the AN core and ABE ranges being available in more than 1,000
additional stores nationwide, covering the full Hy-vee and H-E-B estates, with
opportunities to expand across the remaining GNC estate. These listings are
expected to start contributing to revenue during H2 FY25 with an annualised
spend of $3m.
We have launched a significant number of additional SKUs in H1. This includes
the Chiquita partnership, the launch of AN Performance and some completely
tailored products for the US such as Shred X, Hydration Powder, Creatine +
Peptides.
Range performance
Excluding the aforementioned brought forward revenue in H1 FY24, Applied
Nutrition and ABE ranges showed increasing demand with Applied Nutrition
growing 15%, supported by success within UK Retail and the launch of AN
Performance in the US, and ABE growing 18% with new product launches and entry
into new markets for the first time. This shows the increasing demand for the
largest ranges the Group offers. BodyFuel, which represented 9% of revenue,
saw exceptionally strong year-on-year growth of 66% driven by continued
success in UK discounters as well as in France as we extend the range
internationally. In addition, our Endurance range, whilst still a small
proportion of revenue, delivered 64% year-on-year growth driven by success in
UK grocers, and a positive start to the collaboration with Vimto.
B2B / D2C
We believe that our B2B business model is the optimal strategy for addressing
the sports nutrition, health, and wellness market. As such, we expect that B2B
will continue to account for the majority of the Group's revenue. As the brand
grows, there is, however, an attractive opportunity to organically grow our
D2C business, as shown in the period by D2C revenue growing by 35%
year-on-year to 10% of revenues (8% in H1 FY24). This growth required minimal
marketing investment and was driven by traction across our UK and USA websites
and online marketplaces such as Amazon.
Marketing Activities
Increasing our brand awareness is a key component of our strategy as we look
to take our brands to more consumers globally and drive further engagement. We
have multiple avenues of achieving this by interacting with customers, whether
that be through partnerships and collaborations, attending exhibitions and
other promotional activity.
Within the period, we have made significant progress and have signed Daniel
Dubois as a brand ambassador and launched our first TV advert to promote our
products. In addition, since our IPO, we have attended eight major expos in
the UK, Saudi Arabia, United Arab Emirates, USA, Colombia, and Sweden.
Current Trading & Outlook
Trading since the half year end remains strong, and we delivered record
revenues in March providing a further underpin to the full year revenue
guidance of £100m. We re-iterate the full year outlook for profitability and
cash flow to be in line with market expectations
We were pleased to announce the strengthening of our partnership with Holland
& Barrett through reaching agreement on a joint business plan and new
listings with three major US retailers together underpinning more than half of
the Group's FY26 revenue growth.
Since that announcement we reached an agreement with, and received our first
order from, one of the largest distributors of sports nutrition products in
Latin America & the Caribbean. We are excited by these markets and believe
it represents a significant medium-term growth opportunity, and this partner
will help us increase our presence in Central and South America markets, such
as Mexico and Costa Rica, as well as providing entry to key new geographies
such as Colombia and Puerto Rico.
Given the Group's diverse product range, we have a relatively low exposure to
any single commodity, for example whey protein. Whey protein prices have
increased significantly in the later part of calendar 2024 and 2025 to date
and are very high relative to historical price levels. In H1 FY25 products
where whey protein was the main ingredient accounted for only c.20% of sales,
and because of this low exposure and carefully managed procurement, the Group
does not expect the high whey protein prices to materially impact the Group's
gross margin in FY25.
As we look ahead, we are excited by the opportunities we have in our grasp and
our momentum remains high with the continued demand and emphasis on fitness,
health and wellness increasing across all demographics. We remain focused on
expanding listings and shelf space in key retailers, entering strategic
partnerships, and broadening our product range to appeal to new demographics.
The strong performance of our best-selling products provides an opportunity to
introduce new formats, while our targeted approach to different consumer
segments continues to deliver positive results.
We operate in a fast-growing market with evolving consumer trends. With a
highly experienced and agile team, we are well-positioned to capitalise on
this, driving sustained growth and delivering long term value for our
shareholders.
Chief Financial Officer Review
The Group has made good progress in the first half of the financial year,
delivering revenue of £47.6 million (H1 FY24: £45.4 million), comfortably
ahead of IPO guidance of £46.0 million, which provides a strong underpin for
the full year guidance of £100 million. This represents an increase of 4.8%
driven by continued development and rollout of products to new markets,
customers, and channels. H1/H2 FY24 revenue mix was atypical due to
approximately £5.5 million of orders which were brought forward into H1
driven by elevated orders from the Middle East as customers accelerated orders
as a result of the Red Sea crisis. 'Normalising' this impact implies FY24 H1
revenue of approximately £40 million and therefore the normalized increase
between H1 FY25 and H1 FY24 is £7.6 million (19.0%).
Gross margin
The Group delivered a robust gross margin of 46.9% (H1 FY24: 49.9%) despite
whey prices rising, highlighting the benefit of the Group's diverse product
range and low exposure to whey protein products.
The Group continues to have a low exposure to volatile commodity prices, the
most notable of which is whey protein. Whey protein as a commodity has
increased significantly in price in the later part of calendar 2024 and 2025
to date and is generally priced at what the Group would consider to be very
high levels. As a result of the very low prices seen in late 2023 and early
2024, the Group's gross margin in H1 FY24 was slightly higher. In H1 FY25
products where whey protein was the main ingredient accounted for c.20% of
sales therefore the Group has relatively low exposure to whey protein. In
January 2025 we increased sale prices on whey protein products by 10%-20% to
offset the increased raw material prices which hasn't impacted customer
demand. Despite the higher prices in 2024 and 2025 the Group continued to
deliver strong gross and EBITDA margins and is well placed to achieve margins
and profits in line with market expectations. For the 80% of our products
where whey protein is not a material variable, input costs have continued to
be stable.
Given the current scale of operations in the US as a proportion of the wider
Group, it is anticipated that the proposed changes in US tariffs will not have
a significant financial impact in the medium term. The Group has an ability to
mitigate the impact of tariffs by moving production of its US products to
being manufactured in the US and we will continue to assess this option as the
US business grows.
Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBITDA(1) was £13.8 million (H1 FY24: £16.4 million) generating
robust adjusted EBITDA margin of 29.0% (H1 FY24: 36.1%) after adjusting for
the non-recurring costs relating to the IPO. Adjusted EBITDA margin for H1
FY24 was atypical because of aforementioned low raw material prices in H1
FY24. In addition, the overhead base as a % of revenue in H1 FY24 was abnormal
as a result of the brought forward Red Sea crisis revenues. The business
invested in its overhead base during H2 2024 to support revenue growth and to
ensure it was well placed to cope with the additional regulatory and
administrative requirements of being a listed company. Total administrative
costs (excluding exceptions) for H1 FY25 were in line with FY24 as a % of
revenue.
Cash Flow and Balance Sheet
Free cash flow (after tax) was very strong with £8.9 million generated in the
period (H1 FY24: £6.7 million), equating to free cash flow (after tax)
conversion of 64.5% (H1 FY24: 40.9%). Cash generation was higher due to robust
working capital management, new customer mix and timing of supplier
payments. Capital expenditure and lease liability payments equated to £0.4
million (H1 FY24: £0.6 million). During the period, the Group completed a
manufacturing extension increasing production capacity to allow revenue growth
to approximately £160 million.
Net cash at the end of the period was £10.9 million (H1 FY24: £19.4 million)
after paying a pre-IPO dividend of £14.7 million (H1 FY24: £Nil) and
corporation tax of £3.2 million (H1 FY24: £2.8 million) in the period. The
dividend was paid on 29 October 2024 to existing shareholders immediately
prior to the Group's admission to the London Stock Exchange.
The Group's banking facilities were extended ahead of the IPO with a £10.0
million loan finance put in place in the form of a Revolving Credit Facility
committed to October 2027, none of which has thus far been drawn down.
Net assets at 31 January 2025 were £42.1 million (H1 FY24: £41.1 million) as
a result of profit generated in the period less the pre-IPO dividend paid, and
reflecting the Group's strong underlying financial performance and position.
Principal risks and uncertainties
The Group faces a number of risks and uncertainties that may have an adverse
impact on the Group's operation, results, financial condition and prospects.
The Directors do not consider that the risk factors as set out on pages 15 to
24 of the Prospectus have changed materially since it was published on 15
October 2024. The Prospectus is available on the corporate website
www.appliednutritionplc.com (http://www.appliednutritionplc.com) . The
principal risks and uncertainties identified below are expected to apply for
the remaining half of the financial year and are summarised as follows:
Risk identified Risk description and impact
Product safety and quality Any product quality issues or product non-compliance with accreditation
standards could be damaging to the Group's reputation, and could impact its
ability to provide certain products to customers. In turn, this could
adversely impact the Group's business and financial position.
New product development A driver of the Group's continued success is its ability to anticipate, gauge
and react in a timely and cost-effective manner to changes in consumer
preferences and trends. If consumer sentiment or preferences change
materially in a way which is adverse to Applied Nutrition, the Group's revenue
and profitability could decrease.
Pricing and availability of raw materials External factors may result in the Group being vulnerable to fluctuations in
the pricing and availability of raw materials with an adverse impact on
production schedules and pressure on product margins. Such factors include
natural disasters, global conflicts, political instability, inflation and
changes in the supply and demand of commodities, fuel prices and freight
costs.
Damage or disruption to manufacturing facilities All of the Group's manufacturing operations and the majority of its
warehousing are housed over two buildings on a single site. Extraordinary
events such as fire, structural collapse, machinery or mechanical failure,
closures of primary access routes, flooding or other severe weather conditions
could adversely affect the Group's ability to fulfil orders and adversely
impact the Group's financial condition.
Loss of key members of management The Group's performance relies heavily on the efforts and abilities of its
Directors and senior management team, with whom a substantial amount of
business knowledge is concentrated. The Group may be adversely affected by
the loss of one or more of its key personnel.
Reliance on key customer relationships The Group's main route to market is through B2B sales to distributors and
retailers. The loss of a significant customer relationship could have an
adverse effect on the Group's business and financial condition.
Health and safety incidents The nature of the Group's operations across manufacturing and warehousing
results in an elevated risk of health and safety incidents.
Implementation of growth strategy There is a risk that factors beyond the Group's control will limit the Group's
ability to enact and deliver all elements of its growth strategy to enter new
geographies and increase sales to new and existing customers.
Competitive industry The Group operates in markets which are highly competitive and in which
barriers to entry are relatively low. New competitors may seek to enter the
market generating pressure on the Group to maintain margins.
Macroeconomic conditions As a global business, the Group could be affected by economic conditions in
certain markets, as well as broader macroeconomic factors and potential
instability in the geopolitical environment.
Corporate social responsibility and ethical sourcing Failure to meet the Group's ethical sourcing standards may adversely affect
its brand reputation and customer demand for its products. There is
increased risk in this respect arising out of the Group's use of suppliers in
other jurisdictions, including East Asia.
Enforcement of intellectual property rights The Group's success is in part dependent on its ability to protect and enforce
the intellectual property rights and trademarks it owns. Despite the Group's
best efforts, unauthorised parties may not be deterred from misuse, theft or
misappropriation of intellectual property belonging to it.
Reliance on IT systems and risk of cyber breach The Group's operational and financial management are dependent on third-party
and "cloud-based" IT systems. Any significant disruption in service, whether
malicious or otherwise, could prevent the business from operating effectively
and result in reputational damage.
Non-compliance with laws and regulations The Group's products are subject to a range of regulations in the UK, Europe
and other territories concerning product liability/safety and, in certain
markets, the Group places reliance on the market expertise and local knowledge
of the relevant customer in that territory. Any failure, or perceived
failure, by the Group to comply with any of those regulations could result in
potential litigation, damage to the Group's reputation and a loss of revenue.
Failure to comply with data protection legislation The Group is responsible for all personal data it receives relating to
customers, suppliers, employees and others as well as any confidential
information held and processed. Any failure, or perceived failure, to
protect confidential data may harm the Group's reputation, result in
litigation and/or the imposition of fines.
Statement of director's responsibilities
The Directors of Applied Nutrition plc are:
Andy Bell, Independent Non-Executive Chair
Appointed 20
February 2024
Thomas Ryder, Chief Executive Office
Appointed 15 July 2014
Steven Granite, Chief Operating Officer
Appointed 6 April 2021
Joe Pollard, Chief Financial Officer
Appointed 4 May 2021
Tony Buffin, Independent Non-Executive Director
Appointed 20 February 2024
Marnie Millard, Independent Non-Executive Director
Appointed 22 May
2024
The Directors confirm that to the best of their knowledge the condensed
consolidated interim financial statements presented in this half year report
have been prepared in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and that the half year report
includes a true and fair view of the information required by Disclosure and
Transparency Rules 4.2.3R, 4.2.7R and 4.2.8R, namely:
· an indication of important events that have occurred during the first six
months and their impact on the condensed consolidated interim financial
statements;
· a description of the principal risks and uncertainties for the remaining six
months of the financial year; and
· material related party transactions in the first six months and any material
changes in the related party transactions as described in the Prospectus,
published on 15 October 2024.
On behalf of the Board
Thomas Ryder Steven Granite Joe Pollard
Chief Executive Officer Chief Operating Officer Chief Financial Officer
7 April 2025 7 April 2025 7 April 2025
Interim condensed consolidated statement of comprehensive income
for the half year ended 31 January 2025 (unaudited)
Half year Half year Year
ended 31 January 2025 ended 31 January 2024 ended 31
£m £m July 2024
Note £m
Revenue 3 47.6 45.4 86.2
Cost of sales (25.3) (22.7) (44.9)
Gross profit 22.3 22.7 41.3
Administrative expenses (10.8) (6.7) (17.6)
Adjusted operating profit(1) 13.3 16.0 25.1
Costs relating to Initial Public Offering (1.8) - (1.2)
Share-based payment expense - - (0.2)
Operating profit 11.5 16.0 23.7
Finance income 6 0.3 0.1 0.7
Finance expense 6 - - (0.1)
Profit before taxation 11.8 16.1 24.3
Taxation 7 (2.9) (3.8) (5.7)
Profit for the period 8.9 12.3 18.6
Other comprehensive income:
Loss on foreign currency translation (0.1) - -
Deferred tax asset on share-based payment - - 0.4
Total comprehensive income for the period 8.8 12.3 19.0
Earnings per share for profit attributable to the owners of the parent
Basic and diluted (p)(1) 8 3.5 4.9 7.6
The accompanying notes form an integral part of this condensed consolidated
half year report.
1 Adjusted operating profit is a non-IFRS financial measure and is defined
as statutory operating profit of £11.5 million (H1 FY24: £16.0 million)
before £1.8 million (H1 FY24: £Nil) of costs related to the Group's Initial
Public Offering.
1 As a result of the sub-division and redesignation of ordinary shares which
took place on 23 October 2024, immediately prior to the Company's admission to
the main market of the London Stock Exchange, the basic and diluted earnings
per share have been calculated based on a total of 250 million ordinary
shares, see note 10.
Interim condensed consolidated statement of financial position
as at 31 January 2025 (unaudited)
31 January 2025 31 January 2024 31 July
£m £m 2024
Note £m
Non-current assets
Intangible assets 0.1 - -
Property, plant and equipment 1.6 1.5 1.7
Right-of-use assets 1.6 2.0 1.8
Deferred tax assets 0.3 - 0.6
3.6 3.5 4.1
Current assets
Inventories 22.0 18.4 19.5
Trade and other receivables 19.1 15.5 17.3
Cash and cash equivalents 10.9 19.4 18.7
52.0 53.3 55.5
Total assets 55.6 56.8 59.6
Current liabilities
Lease liabilities 9 (0.3) (0.3) (0.3)
Trade and other payables (11.6) (13.3) (9.6)
(11.9) (13.6) (9.9)
Non-current liabilities
Deferred tax liabilities - (0.3) -
Lease liabilities 9 (1.4) (1.6) (1.5)
Provision for liabilities (0.2) (0.2) (0.2)
(1.6) (2.1) (1.7)
Total liabilities (13.5) (15.7) (11.6)
Net assets 42.1 41.1 48.0
Equity
Share capital 10 0.1 - -
Share-based payment reserve 0.2 - 0.2
Foreign exchange reserve - 0.1 0.1
Retained earnings 41.8 41.0 47.7
Total Equity 42.1 41.1 48.0
The accompanying notes form an integral part of this condensed consolidated
half year report.
Interim condensed consolidated statement of changes in equity
for the half year ended 31 January 2025 (unaudited)
Share-based payment reserve Foreign exchange reserve
Share Capital £m £m Retained earnings Total equity
£m £m £m
As at 1 August 2023 - - 0.1 28.7 28.8
Comprehensive income: - -
Profit for the period - - - 12.3 12.3
Other comprehensive income - - - - -
Balance at 31 January 2024 - - 0.1 41.0 41.1
Comprehensive income:
Profit for the period - - - 6.3 6.3
Other comprehensive income - - - 0.4 0.4
Transactions with owners:
Share-based payments - 0.2 - - 0.2
Balance at 31 July 2024 - 0.2 0.1 47.7 48.0
Comprehensive income:
Profit for the period - - - 8.9 8.9
Other comprehensive income - - (0.1) - (0.1)
Transactions with owners:
Bonus share issue 0.1 - - (0.1) -
Dividends paid - - - (14.7) (14.7)
Share-based payments - - - -
Balance at 31 January 2025 0.1 0.2 - 41.8 42.1
The accompanying notes form an integral part of this condensed consolidated
half year report.
Interim condensed consolidated statement of cash flows
for the half year ended 31 January 2025 (unaudited)
Half year Half year Year
ended 31 January 2025 ended 31 January 2024 ended 31
£m £m July 2024
£m
Cash flows from operating activities
Operating profit 11.5 16.0 23.7
Adjustments for:
Depreciation and amortisation charges 0.5 0.4 0.9
Share-based payment expense - - 0.2
Operating cash flows before movements in working capital 12.0 16.4 24.8
Increase in inventories (0.5) (6.1) (6.5)
Increase in trade and other receivables (1.1) (4.0) (6.0)
(Decrease)/increase in trade and other payables (0.1) 3.6 4.1
Net cash generated from operations 10.3 9.9 16.4
Income tax paid (3.2) (2.8) (9.7)
Net cash from operating activities 7.1 7.1 6.7
Cash flows from investing activities
Purchase of tangible fixed assets (0.3) (0.5) (1.0)
Interest received 0.4 0.2 0.6
Net cash from investing activities 0.1 (0.3) (0.4)
Cash flows from financing activities
Dividends paid (14.7) - -
Principal paid on lease liability (0.1) (0.1) (0.2)
Interest paid on lease liability - - (0.1)
Net cash from financing activities (14.8) (0.1) (0.3)
Net (decrease)/increase in cash and cash equivalents (7.6) 6.7 6.0
Cash and cash equivalents at beginning of period 18.7 12.7 12.7
Effect of foreign exchange differences (0.2) - -
Cash and cash equivalents at end of period 10.9 19.4 18.7
The accompanying notes form an integral part of this condensed consolidated
half year report.
Notes to the interim condensed consolidated financial statements
for the half year ended 31 January (unaudited)
1. General information
Applied Nutrition plc (the "Company") is a public company limited by shares,
registered and incorporated in England and Wales under the Companies Act 2006
(Registered company number 09131749). The Company re-registered as a public
limited company on 1 October 2024 and its ordinary share capital was listed on
the Main Market of the London Stock Exchange on 24 October 2024. This report
for the half year ended 31 January 2025 is the first half-yearly financial
report presented by the Group.
The address of the Company's registered office is 2 Acornfield Road, Knowsley
Industrial Park, Liverpool, England, L33 7UG. The Company is the parent and
ultimate parent of the Group, the financial statements comprise the results of
the Company and its subsidiary undertakings ("the Group").
These interim condensed consolidated financial statements ("interim financial
statements") were approved by the Board for issue on 7 April 2025.
2. Basis of preparation and accounting policies
These interim financial statements for the half year ended 31 January 2025
have been prepared in accordance with UK adopted International Accounting
Standard 34 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules (DTR) of the United Kingdom's Financial Conduct
Authority. The interim financial statements have been prepared on a going
concern basis, under the historical cost convention. The Directors consider
it appropriate to adopt the going concern basis of accounting in preparing
these financial statements.
These interim financial statements do not constitute statutory accounts within
the meaning of Section 434 of the Companies Act 2006. The information for
the year ended 31 July 2024 does not constitute statutory accounts as defined
in section 434 of the Companies Act 2006. A copy of the statutory accounts
for that year has been delivered to the Registrar of Companies. The auditors
report on those accounts was unqualified, did not draw attention to any
matters by way of emphasis and did not contain any statement under section 498
of the Companies Act.
The annual financial statements for the year ended 31 July 2025 will be
prepared in accordance with UK adopted International Financial Reporting
Standards ("IFRS"). The interim financial statements do not include all the
information and disclosures required in the annual financial statements. The
financial information for the six months ended 31 January 2025 and 31 January
2024 is unaudited.
Going Concern
The Group's profit for the period amounted to £8.9 million (H1 FY24: £12.3
million). The Group has net assets of £42.1 million, including cash and
cash equivalents of £10.9 million, compared to £18.7 million at 31 July 2024
following the payment of a pre-IPO dividend to shareholders. As at 31
January 2025, the Group also has £10.0 million available loan finance in the
form of a Revolving Credit Facility none of which has been drawn down.
The Directors have assessed the ability of the Company and the Group to
continue as a going concern using three-year cash flow forecasts prepared from
31 July 2024. With the continued current trading results the Directors are
satisfied that there are sufficient resources to continue in business for the
foreseeable future and for at least a period of 12 months from the date of
signing this report. Accordingly, they continue to adopt the going concern
basis in preparing these interim financial statements.
Critical accounting judgements and estimates
The preparation of these interim financial statements in accordance with IFRS
requires the use of certain critical accounting estimates. It also requires
the Group management to exercise judgement and use assumptions in applying the
Group's accounting policies. The resulting accounting estimates calculated
using these judgements and assumptions will, by definition, seldom equal the
related actual results but are based on historical experience and expectations
of future events. Management believe that the estimates utilised in preparing
these interim financial statements are reasonable and prudent.
Estimates and judgements are continually evaluated based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. In the future, actual
experience may differ from these estimates and assumptions. The judgements and
key sources of estimation uncertainty that have a significant effect on the
amounts recognised in these interim financial statements are discussed below:
Deferred tax assets
In order to calculate deferred tax assets on share-based payments, the Group
makes estimates principally relating to the equity value of the Group at the
balance sheet date. This is a key estimate used to value deferred tax asset
recognition.
Discount rates
IFRS 16 states that the lease payments shall be discounted using the lessee's
incremental borrowing rate where the rate implicit in the lease cannot be
readily determined. Accordingly, all lease payments have been discounted using
the incremental borrowing rate (''IBR''). The IBR has been determined by
management using a range of data including current economic and market
conditions, review of current debt and capital within the Group, lease length
and comparisons against seasoned corporate bond rates and other relevant data
points.
The Group makes judgements to estimate the IBR used to measure lease
liabilities based on expected third party financing costs when the interest
rate implicit in the lease cannot be readily determined. The IBR has been
determined by management using a range of data including current economic and
market conditions, review of current debt and capital within the Group, lease
length and comparisons against other relevant data points. Significant changes
in IBR would cause changes to both the value of the right-of-use assets and
corresponding lease liabilities.
The key areas of judgement are below:
Allocation of selling and marketing costs
The Group allocates selling and marketing costs to administrative expenses
rather than cost of sales, as these are not costs directly associated with
fulfilling performance obligations under IFRS 15. This is key area of
judgement in the presentation of costs in statement of comprehensive income.
New standards, amendments and interpretations not yet adopted
The following standards and interpretations apply for the first time to
financial reporting periods commencing on or after 1 January 2024, and became
effective for the Group's consolidated financial statements for the half year
ended 31 January 2025, none of which have a material impact on the Group:
- Non-current Liabilities with Covenants (Amendments to IAS 1);
- Amendments to IAS 1 Presentation of Financial Statements:
Classification of Liabilities as Current or Non-current;
- Amendments to IFRS 16 - Lease liability in sale and leaseback;
and
- Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7).
The following standard, amendments and interpretations are not yet effective
and have not been early adopted by the Group:
- Amendments to IAS 21 Lack of Exchangeability;
- IFRS 18 - Presentation and Disclosure in Financial Statements;
- IFRS 19 - Subsidiaries without Public Accountability:
Disclosures; and
- Amendments to IFRS 9 and IFRS 7 Classification and Measurement
of Financial Instruments.
Certain new standards, amendments to standards, and interpretations which have
been issued by the IASB that are effective in future accounting periods that
the Group has decided not to adopt early. These standards, amendments or
interpretations are not expected to have a material impact on the Group.
3. Revenue
All Group revenue was generated from the sale of goods and recognised at a
point in time, being when control has passed to the customer under
Incoterms®. One customer makes up 10% or more of revenue in the period
ended 31 January 2025 (H1 FY24: one). Management considers revenue derives
from one business stream being the manufacture, wholesale, and retail of
sports nutrition, health, and wellness products.
Geographical reporting
Half year Half year Year
ended 31 January 2025 ended 31 January 2024 ended 31
£m £m July 2024
£m
United Kingdom 21.6 16.1 33.6
Europe 6.4 4.6 10.7
Rest of the World 19.6 24.7 41.9
47.6 45.4 86.2
Within the Groups single business stream, revenue can be disaggregated across
six product categories for the purpose of alignment with the Directors
internal reporting, being; protein, pre-workout, grab-and-go, health and
wellness, weight management and intra-workout. An additional category is
presented, being; 'other' which includes sales of raw materials and white
label packaging and rebates where they are unable to be allocated against
specific product categories.
Revenue by product offering
Half year Half year Year
ended 31 January 2025 ended 31 January 2024 ended 31
£m £m July 2024
£m
Protein 14.4 15.2 26.1
Pre-workout 9.5 9.7 19.6
Grab-and-go 7.5 6.7 12.8
Health and wellness 7.7 4.6 9.7
Weight management 2.8 4.3 7.4
Intra-workout 5.4 4.7 10.4
Other 0.3 0.2 0.2
47.6 45.4 86.2
4. Segmental information
The Chief Operating Decision Maker ("CODM") has been identified as the
Directors. The CODM reviews the Group's internal reporting in order to
assess performance and allocate resources. The CODM has determined that
there is only one single operating segment, being the manufacture, wholesale,
and retail of sports nutrition, health, and wellness products.
Revenue by geography and products is set out in Note 3 as required under
entity wide disclosures when there is one single operating segment.
5. Adjusted items
Half year Half year Year
ended 31 January 2025 ended 31 January 2024 ended 31
£m £m July 2024
£m
Operating profit 11.5 16.0 23.7
Costs relating to Initial Public Offering 1.8 - 1.2
Share-based payment expense - - 0.2
Adjusted operating profit 13.3 16.0 25.1
Depreciation and amortisation 0.5 0.4 0.9
Adjusted EBITDA 13.8 16.4 26.0
As a result of its admission to the London Stock Exchange the Group has
incurred £3.0 million of costs associated with the Initial Public Offering of
which £1.2 million were recognised in the year ended 31 July 2024 and the
remainder, £1.8 million, in the half year ended 31 January 2025.
In accordance with IFRS2, a share-based payment expense of £0.2 million was
recognised in the year ended 31 July 2024 in respect of a Director share
option plan. This share option plan is no longer in effect at 31 January 2025.
All adjusting items were recognised within administrative expenses.
6. Finance income
Half year Half year Year
ended 31 January 2025 ended 31 January 2024 ended 31
£m £m July 2024
£m
Finance income
Bank interest receivable 0.3 0.1 0.7
Finance expense
Interest on lease liabilities and dilapidations - - (0.1)
Net finance income 0.3 0.1 0.6
7. Taxation
The income tax expense for the half year ended 31 January 2025 has been
calculated in accordance with IAS 34, Interim Financial Reporting, by applying
the estimated annual effective tax rate expected for the full financial year
ending 31 July 2025 of 24.3% (31 July 2024: 23.5%) to the interim profit
before tax.
8. Earnings per share ("EPS")
The calculation of basic and diluted earnings per share is based on the
following data:
Half year Half year Year
ended 31 ended 31 ended 31
January 2025 January 2024 July 2024
£m £m £m
Earnings
Earnings for the purposes of basic and diluted EPS, being profit for the 8.8 12.3 19.0
period
Number of shares
Weighted average number of shares (No. of shares)(1) 250,000,000 250,000,000 250,000,000
Half year Half year Year
ended 31 ended 31 ended 31
The calculation of adjusted basic and diluted EPS is based on the following: January 2025 January 2024 July 2024
£m £m £m
Profit for the period 8.8 12.3 19.0
Adjusted for:
Costs relating to Initial Public Offering 1.8 - 1.2
Share-based payment expense - - 0.2
Tax effect of the above (0.1) - -
Adjusted earnings 10.5 12.3 20.4
Half year Half year Year
ended 31 ended 31 ended 31
January 2025 January 2024 July 2024
£ £ £
Basic and diluted EPS 0.035 0.049 0.076
Adjusted basic and diluted EPS 0.042 0.049 0.082
9. Financial instruments
The Group's financial instruments comprise cash and cash equivalents, lease
liabilities and items such as trade and other receivables and trade and other
payables, which arise from its operations. The carrying amounts of all of
the Group's financial instruments are measured at amortised cost. Financial
assets do not include prepayments. Financial liabilities do not include
deferred income and other taxation and social security.
The book and fair value of financial assets are as follows:
Half year Half year Year
ended 31 ended 31 ended 31
January 2025 January 2024 July 2024
Total book and fair value £m £m £m
Financial assets carried at amortised cost:
Trade and other receivables 17.0 15.0 16.2
Cash and cash equivalents 10.9 19.4 18.7
Financial assets 27.9 34.4 34.9
The book and fair value of financial liabilities are as follows:
Half year Half year Year
ended 31 ended 31 ended 31
January 2025 January 2024 July 2024
Total book and fair value £m £m £m
Financial assets carried at amortised cost:
Trade and other payables 5.2 4.3 3.8
Accruals 4.0 4.4 4.9
Lease liabilities 1.7 1.9 1.8
Financial liabilities 10.9 10.6 10.5
10. Share Capital
Half year Half year Year
ended 31 ended 31 ended 31
January 2025 January 2024 July 2024
Allotted, called up and fully paid No. shares No. shares No. shares
Ordinary shares of £0.0002 each
Opening number of ordinary shares - - -
Re-designation of shares 250,000,000 - -
Closing number of ordinary shares 250,000,000 - -
A1 Ordinary shares of £0.01 each
Opening number of A1 ordinary shares 5,433 5,800 5,800
Re-designation of shares (5,433) (116) (367)
Closing number of A1 ordinary shares - 5,684 5,433
A2 Ordinary shares of £0.01 each
Opening number of A2 ordinary shares 943 1,000 1,000
Re-designation of shares (943) (20) (57)
Closing number of A2 ordinary shares - 980 943
B Ordinary shares of £0.01 each
Opening number of B ordinary shares 3,136 3,200 3,200
Re-designation of shares (3,136) (64) (64)
Closing number of B ordinary shares - 3,136 3,136
D Ordinary shares of £0.01 each
Opening number of D ordinary shares 488 - -
Re-designation of shares (488) 200 488
Closing number of D ordinary shares - 200 488
Closing share capital 250,000,000 10,000 10,000
Half year Half year Year
ended 31 ended 31 ended 31
January 2025 January 2024 July 2024
Allotted, called up and fully paid £ £ £
Ordinary shares of £0.0002 each
Opening value of ordinary shares - - -
Re-designation of shares 50,000 - -
Closing value of ordinary shares 50,000 - -
A1 Ordinary shares of £0.01 each
Opening value of A1 ordinary shares 54.33 58.00 58.00
Re-designation of shares (54.33) (1.16) (3.67)
Closing value of A1 ordinary shares - 56.84 54.33
A2 Ordinary shares of £0.01 each
Opening value of A2 ordinary shares 9.43 10.00 10.00
Re-designation of shares (9.43) (0.20) (0.57)
Closing value of A2 ordinary shares - 9.80 9.43
B Ordinary shares of £0.01 each
Opening value of B ordinary shares 31.36 32.00 32.00
Re-designation of shares (31.36) (0.64) (0.64)
Closing value of B ordinary shares - 31.36 31.36
D Ordinary shares of £0.01 each
Opening value of D ordinary shares 4.88 - -
Re-designation of shares (4.88) 2.00 4.88
Closing value of D ordinary shares - 2.00 4.88
Closing share capital 50,000 100 100
Voting rights
Shareholders are entitled to one voting right per share.
Re-designation of shares
On 31 January 2024, 116 A1 ordinary shares, 20 A2 ordinary shares and 64 B
ordinary shares were re-designated into 200 D ordinary shares of £0.01 each.
On 18 April 2024, 171 A1 ordinary shares and 29 A2 ordinary shares were
re-designated into 200 D shares of £0.01 each. On 6 June 2024, 42 A1 ordinary
shares and the 8 A2 ordinary shares were re-designated into 50 D ordinary
shares of £0.01 each. On 7 June 2024, 38 A1 ordinary shares were
re-designated into 38 D ordinary shares of £0.01 each.
On 24 September 2024, a shareholders resolution was passed in respect of a
bonus issue of 4,990,000 new ordinary shares. A sum of £49,900 was
capitalised from the Company's distributable reserves and appropriated to the
shareholders of the Company in proportion to the number of ordinary shares in
the Company held by them respectively. As a result of the bonus issue the
total number of ordinary shares in issue increased to 5,000,000 and the
resultant share capital increased to £50,000. This transaction was required
to facilitate the Company's re-registration as a Public Limited Company (plc).
On 23 October 2024, immediately prior to the Company's admission to the main
market of the London Stock Exchange, each of the 2,716,500 A1 ordinary shares
of £0.01 each, 471,500 A2 ordinary shares of £0.01 each, 1,568,000 B
ordinary shares of £0.01 each and 244,000 D ordinary shares of £0.01 each in
the capital of the Company were sub-divided and redesignated as 250,000,000
ordinary shares of £0.0002 each in the capital of the Company.
11. Related party transactions
The Group's related parties include its subsidiary undertakings, key
management personnel (comprising the Executive and Non-executive Directors),
their closely related family members and shareholders with significant
influence. Transactions and balances between the parent and its subsidiaries
have been eliminated upon consolidation and are not disclosed.
Key management compensation
The remuneration of key management personnel, comprising the Executive and
Non-Executive Directors of the Company, is set out below in aggregate for the
Board members listed in the Statement of Directors' Responsibilities.
Half year Half year Year
ended 31 January 2025 ended 31 January 2024 ended 31
£m £m July 2024
£m
Wages and salaries 0.3 0.2 0.5
Social security contributions 0.1 0.1 0.1
Share based payment expense - - 0.2
0.4 0.3 0.8
Shareholders with significant influence
As a result of the Group's IPO on 24 October 2024, JD Sports Fashion Plc
reduced its shareholding to less than 10% of the issued shared capital of
Applied Nutrition plc. As such, the entity no longer meets the definition of
an associate company as described by IAS 28 "Investments in Associates and
Joint Ventures". Similarly, JD Sports Fashion Plc no longer meets the
definition of related party, as described by IAS 24 "Related Party
Disclosures".
12. Events after the reporting period
There have been no material post balance sheet events that would require
disclosure or adjustment to these interim financial statements.
FY25 Financial Calendar
Financial year-end 31 July 2025
Full year trading update August 2025
Full year results announcement November 2025
Publication of Annual Report and Accounts November 2025
Annual General Meeting December 2025
(#_ftnref1)
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