REG - Applied Nutrition - Interim Results
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RNS Number : 5610X Applied Nutrition PLC 23 March 2026
For release 7:00am Monday 23 March 2026
Applied Nutrition plc
(the "Company" or the "Group")
Interim results for the six months ended 31 January 2026
Another period of outperformance driven by sustained momentum across all
aspects of the business
Applied Nutrition plc (LSE: APN), a leading sports nutrition, health and
wellness brand, today announces its interim results for the half year ended 31
January 2026 ("H1 FY26").
Key financial information (unaudited)
H1 FY26 H1 FY25 Change
Revenue (£m) 74.5 47.6 56.5%
Gross profit (£m) 34.8 22.3 56.1%
Adjusted EBITDA(1) (£m) 21.5 13.8 55.8%
Adjusted profit before tax(1) (£m) 20.9 13.6 53.7%
Adjusted basic and diluted EPS(2) (p) 6.2 4.2 47.6%
Free cash flow (£m) (3) 7.9 8.9 (11.2%)
Free cash flow conversion(3) 51.3% 84.0%
Statutory results
Operating profit (£m) 20.7 11.5 80.0%
Profit before taxation (£m) 20.9 11.8 77.1%
Basic and diluted EPS (p) 6.2 3.5 77.1%
Group financial highlights
· The following performance metrics are all ahead of management expectations,
consistent with the February trading update:
o H1 FY26 revenue up 57% to £74.5 million (H1 FY25: £47.6 million)
o Adjusted EBITDA up 56% to £21.5m (H1 FY25: £13.8m)
o Adjusted profit before tax up 54% to £20.9m (H1 FY25: £13.6m)
· Net cash4 at period end of £26.4m (H1 FY25: £10.9m)
Operational and strategic highlights
· Delivery in line with multi-pillar, global growth strategy:
o Deepened relationships with existing customers, through increased shelf space
and distribution, particularly across UK high street retailers and discounters
o New customer wins and channel expansion including first out-licensing
agreement secured with Morrisons, further extending the Applied Nutrition
brand into mainstream grocery with a new range of high‑protein food products
o Continued extension of global footprint with further expansion in key regions
across Europe, Latin America and Asia
o New products and formats launched in the period include our 40+ range, Slush
Puppie ABE collaboration and expanded creatine offerings
Post period highlights, current trading and outlook
· Construction commenced on the Group's global distribution facility and head
office, and phase 3 of the factory extension which will increase revenue
capability to £300m
· As announced as part of the Group's trading update on 17 February, the Board
anticipates full‑year revenue of approximately £140 million
· As previously disclosed, due to a better than expected peak trading period and
accelerated demand for a number of H1 FY26 product launches, this is expected
to result in a more H1‑weighted revenue profile than in prior years
· The Group is cognisant of the current disruption to shipping routes and
purchasing activities within the Middle East. Although we expect some
reduction in volumes into the region during the second half, at this stage
there is no change to FY26 guidance of full year revenue of approximately
£140 million
Thomas Ryder, CEO of Applied Nutrition, said: "Our vision to become the
world's most trusted and innovative sports nutrition, health, and wellness
brand remains at the heart of our ambition. This six-month period has further
highlighted both the breadth of opportunity before us and our proven ability
to realise it. The performance and momentum across the business reflects a
consumer environment that continues to shift decisively towards health,
fitness and wellbeing.
We have continued to execute against our strategic priorities in the period,
with deeper engagement and expanded shelf space with existing customers, new
customer wins and entry into new channels, continued international rollout
into new geographies, while further progressing the build-out of our D2C
offering.
Since our IPO, we have seen an uplift in our profile, awareness, trust and
credibility - exactly as we had envisaged, but even more impactful than we
could have anticipated. This has enabled us to move faster and think bigger,
with an innovation engine that is stronger than ever, allowing us to bring new
products to market at pace, deepen customer relationships and adapt quickly to
evolving consumer needs as we continue to build the business for the long
term."
(1) Adjusted EBITDA is a non-IFRS financial measure; calculated as operating
profit before interest, tax, depreciation and amortisation and excluding the
impact of exceptional items (see Chief Financial Officer's report). Adjusted
profit before tax is a non-IFRS financial measure of the Group's profit before
tax excluding the impact of exceptional items.
(2) Adjusted basic and diluted earnings per share is a non-IFRS financial
measure, which adjusts earnings per share for the impact of exceptional items,
share-based payments and significant non-underlying items, and also takes into
account the taxation effect thereon (see note 8).
(3) Free cash flow is a non-IFRS measure representing the Group's net cash
from operating activities, less capital expenditure, plus/minus net interest,
less lease payments, adjusted for exceptional items. 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 profit after tax.
(4) Net cash excludes IFRS 16 liabilities.
Presentations
The Company is hosting a virtual presentation and Q&A session for analysts
at 09:00 GMT today. To register, please email
appliednutrition@almastrategic.com (mailto:appliednutrition@almastrategic.com)
Additionally, the Company is hosting a virtual presentation and Q&A
session for retail investors at 16:00 GMT today. To register to attend, please
use the following link: https://engageinvestor.news/APN_IP_0326
(https://engageinvestor.news/APN_IP_0326)
Committee changes
In accordance with UK Listing rule 6.4.6, the Company is pleased to announce
that Marnie Millard, a non-executive director of the Company, will join the
Audit and Risk Committee and Peter Cowgill, a non-executive director of the
Company, will join the Remuneration Committee with effect from today, 23 March
2026. This will further strengthen these committees and bring them into
alignment with the recommendations of the UK Corporate Governance Code as
applicable to FTSE 250 companies.
Further information and contacts
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, Sam Modlin, Joe Pederzolli, Sarah Peters
Notes to editors
Applied Nutrition plc (LSE: APN) is a leading sports nutrition, health and
wellness brand, which formulates and creates nutrition products with a stated
aim of being the world's most trusted and innovative brand in the market.
Headquartered in the UK, the Group sells products in over 85 countries
worldwide and has a diverse product range, targeting elite athletes, gym-goers
and health-conscious consumers. Applied Nutrition has developed and launched
four ranges under the umbrella of the Applied Nutrition brand - Applied
Nutrition, ABE, BodyFuel, and Endurance. Across the four ranges, the Group
sells over 120 different products.
The Group's success has been built on an exceptional product range developed
in-house in Knowsley, Liverpool, by a team of experts, allowing products to be
developed efficiently delivering new innovation to the market, keeping
existing products up to date, and introducing products aligned with latest
trends.
The Group largely operates a global business-to-business (B2B) model, which
has facilitated a low risk, highly cost-effective go-to-market strategy and
has enabled strong, profitable growth in the UK, Europe and other
international geographies. The business model and strategy has enabled the
Group to become a fast-growing, highly profitable and cash generative global
supplier in the sports nutrition, health and wellness market.
For further information, please visit www.appliednutritionplc.com
(http://www.appliednutritionplc.com)
Cautionary Statement - Certain statements included or incorporated by
reference within this announcement may constitute "forward-looking statements"
in respect of the Group's operations, performance, prospects and/or financial
condition. Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words and words of
similar meaning as "anticipates", "aims", "due", "could", "may", "will",
"should", "expects", "believes", "intends", "plans", "potential", "targets",
"goal" or "estimates". By their nature, forward looking statements involve a
number of risks, uncertainties and assumptions and actual results or events
may differ materially from those expressed or implied by those statements.
Accordingly, no assurance can be given that any particular expectation will be
met, and reliance should not be placed on any forward-looking statement.
Additionally, forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or activities will
continue in the future. No responsibility or obligation is accepted to update
or revise any forward-looking statement resulting from new information, future
events or otherwise. Nothing in this announcement should be construed as a
profit forecast. This announcement does not constitute or form part of any
offer or invitation to sell, or any solicitation of any offer to purchase any
shares or other securities in the Company, nor shall it or any part of it or
the fact of its distribution form the basis of, or be relied on in connection
with, any contract or commitment or investment decisions relating thereto, nor
does it constitute a recommendation regarding the shares or other securities
of the Company. Past performance cannot be relied upon as a guide to future
performance and persons needing advice should consult an independent financial
adviser. Statements in this announcement reflect the knowledge and information
available at the time of its preparation. Liability arising from anything in
this announcement shall be governed by English law. Nothing in this
announcement shall exclude any liability under applicable laws that cannot be
excluded in accordance with such laws.
Chief Executive Officer's review
Introduction and overview
As health and wellness becomes increasingly embedded in everyday consumer
behaviour, we continue to benefit from a larger pool of individuals embarking
on, or continuing, their wellness journey. Our ranges are designed to cater to
the needs of everyone on that journey, supported by our ability to innovate
rapidly and capitalise on emerging trends within the sports nutrition, health
and wellness industry.
At the time of our IPO in October 2024, I stated that our listing would
enhance Applied Nutrition's credibility on a global scale and allow us to
accelerate our new product development (NPD). Both aspirations have been
realised; customers and partners now perceive us as being in a different
league in terms of trust, significantly raising our profile with both
consumers and partners and our NPD capabilities have become more robust than
ever, enabling us to adapt swiftly to evolving consumer trends.
This broad-based demand has been fundamental to our significant growth over
the period. We have expanded our offerings to existing customers, deepened our
presence in key markets and channels, and launched a substantial amount of
NPD, all of which are central to our strategy.
We are pleased to report that our stronger than anticipated first half
performance has enabled us to raise FY26 full-year expectations twice, in
December 2025 and February 2026. Revenue, EBITDA, and cash have all increased
substantially. Our inclusion in the FTSE 250 index in December was a
significant milestone and a source of great pride for the Group, reflecting
the progress we have made in a short space of time, although we aren't resting
on our laurels and are determined to continue to evolve and drive further
growth.
Notable highlights of the period included signing our first out-licensing deal
with Morrisons, which was first to market in terms of the GLP-1 friendly range
and also releasing more NPD than ever before in a six-month period. As well as
bringing to market innovative products we continually look to improve existing
products and ensure they are delivering exactly what consumers want. After
extensive development, in Q1 we updated one of our flagship whey protein
products "Critical Whey" which introduced a new improved mouthfeel, new
appealing flavours and an improved level of protein per serving which is
independently tested to assure customers of the protein content. Sales of
Critical Whey in H1 FY26 were 128% ahead of the same period in FY25.
Consequently, we were delighted to have delivered a better-than-expected peak
period of trading.
Our vision to become the world's most trusted and innovative sports nutrition,
health and wellness brand continues to fuel our ambition and I would like to
take this opportunity to thank our colleagues and partners for their constant
dedication - without them our growth would not be possible.
Market and opportunity
We operate within the global sports nutrition, health and wellness market,
which is projected to grow to £279 billion by the end of 2028 at a CAGR of
c.8.1%*. While we remain a relatively small player on a global scale, our
opportunity to grow is vast, and we are well-placed to continue taking market
share, supported by structural tailwinds across the sector and our expanding
distribution, consistent innovation and increasing brand recognition.
Our industry continues to evolve, and health and wellness is an increasingly
important consideration for consumers of all demographics globally - a trend
we are well-placed to capitalise on. A recent McKinsey study highlighted that
84% and 79% of consumers in the US and UK respectively see wellness as a top
or important priority, with Gen Z and Millennials accelerating spend and older
cohorts increasing focus on areas such as healthy aging and prevention**.
According to the study, wellness prioritisation increased year-on-year across
every age group. This reinforces our own research that found health and
wellness as the second-highest personal priority, marginally behind family,
and 80% of respondents viewing supplements as a necessity rather than a
luxury.
A first-hand example of this is ABE now being available to buy in Tesco. When
I started in this industry, I couldn't imagine that pre-workout would be on
the shelves of a national grocer. It is a clear sign of how far the category
has moved away from appealing only to a niche customer base and moving towards
something mainstream.
We are also seeing new dynamics across the market, including the growing
adoption of GLP-1 treatments, which are reinforcing the focus on balanced,
nutritious diets and supporting demand for products that help consumers
maintain healthy lifestyles.
These patterns are expanding our opportunity, with more consumers than ever
making health-conscious choices for the first time. Our broad product
portfolio allows us to cater to a wide spectrum of consumers, from elite
athletes and dedicated gym-goers through to everyday consumers looking to make
healthier choices as part of their daily routines.
Our B2B model remains our primary route to market and continues to be a
driving force of our growth, offering a robust and cost‑effective platform
to expand into new international markets by leveraging local expertise. In
addition, our direct‑to‑consumer channel, while a smaller component of the
business, continues to deliver complementary growth and support brand
awareness.
* Euromonitor International Consumer Health Passport 2024 Edition.
** McKinsey & Company, The Future of Wellness Trends Survey 2025
Performance review
As previously announced, H1 FY26 performance led us to increase our full year
market expectations in December 2025 and February 2026, with revenue
increasing by 57%, adjusted EBITDA by 56% and adjusted profit before tax by
54%.
As previously noted in December, the positive momentum seen in the early part
of the half continued throughout, leading to a robust order book. Following
this, as we entered the January peak Health, Fitness & Wellbeing trading
period, both retail orders and resulting customer stock levels exceeded
expectations. This outcome reflects the effectiveness of channel
diversification across UK high street health retailers, grocers, and
discounters. In addition, accelerated demand for several H1 FY26 product
launches is anticipated to yield a more H1‑weighted revenue profile compared
to previous years.
During H1, we maintained progress on our multi-pillar global growth strategy
by strengthening relationships with current customers through expanded shelf
presence and additional distribution points. We also successfully secured new
customers and channels across our markets, while consistently advancing a
robust pipeline of NPD, broadening our range, format and flavours.
Existing customers
Growth from existing customers was a core driver of our performance in H1 and
was testament to the success that customers are seeing in the popularity and
sell-through of our products. Additionally, we have been successful in
registering products in geographies which is giving existing customers a
broader choice of products.
In the UK, we delivered strong like-for-like growth throughout the spectrum of
retailers, from grocer to speciality, supported by additional listings, deeper
distribution and expanded product ranges. Highlights during H1 include the
launch of our Critical Whey and pre-workout powder into the grocery channel
for the first time.
Across Europe, there has been strong demand from both specialist and grocery
channels, particularly in Spain and Germany, as we consolidated the
significant growth we saw in FY25 in the region.
Internationally, strong existing customer growth was driven by expanded
listings amongst key distributors, including a significant increase in sales
to Latin America which rose by 110% compared to H1 FY25.
Although our US operation is still early in its development, we continued to
broaden engagement with key retailers and targeted distributors during H1. We
also launched products designed specifically for US consumers. Our focus in H2
is on bringing the wider Applied Nutrition range to the US and exploring
exciting new flavour collaborations.
New customers & channels
We have continued to enter new channels across both existing and new
geographies, whilst also securing a number of new customers.
In the UK, we have secured new retail listings, expanding our presence across
UK high street health retailers, grocers and discounters. A notable example is
our recent launch with Morrisons, our first out-licensing agreement, which is
enabling us to reach new audiences through a range of high-protein food
products. The partnership has delivered strong early sales and positive
consumer feedback, demonstrating the appeal of our products in mainstream
grocery environments.
Newly entered markets in Europe, Latin America, and Asia have shown positive
development, and our presence has grown in these regions as well.
Innovation & NPD
Innovation remains at the core of our strategy and has been a major
contributor to performance in H1. We achieved our strongest ever period of
product launches, with a high level of new releases that have been well
received by both customers and consumers. All of our new products have been
developed in line with our three-pronged approach to NPD, with select examples
including:
o Filling opportunity gaps: enabling us to reach a broader health-focused
audience. For example, we extended our protein water range with additional
flavours, with further launches expected, and introduced our new 40+ range for
men.
o Keeping products fresh: allowing us to continually engage new and existing
customers with new innovations. For example, we continued to innovate formats
across multiple product ranges alongside new collaborations, including the
launch of the Slush Puppie ABE collaboration.
o Accessing emerging trends: evolving our products to align with trends and stay
ahead of the curve. For example, creatine continues to grow in popularity
across a wider consumer base, and we have expanded our offerings in this
category across multiple formats to meet consumer preference.
The strength and breadth of our NPD pipeline continues to support growth
across existing customers, new customers and our D2C channel while keeping the
brand front of mind for consumers.
D2C growth
Alongside our B2B model, our direct‑to‑consumer channel continues to
provide a complementary route to market in certain geographies, supporting
brand engagement and awareness with consumers. Our D2C channel remains a
smaller part of the business but continues to grow steadily and plays an
important strategic role alongside our B2B model.
Growth was achieved across all channels, with strong results from certain
third-party platforms and promising subscription gains via the Applied
Nutrition app.
Capital allocation and investing for growth
As outlined at the FY25 Results, the continued broadening of our customer base
and increasing demand across both specialist and mainstream channels is
expanding the scale of the opportunity ahead of us. In response, we are taking
a disciplined approach to capital allocation, focusing on investments that
will support future growth while maintaining a strong financial position.
We also continue to explore opportunities, organic and inorganic, which will
allow the brand to grow in attractive markets that are either difficult to
access because of trade barriers or represent a strong growth opportunity.
Post period end, the construction of our new global distribution facility and
head office commenced, which represents the next phase of our growth journey.
Alongside this, construction has also begun on further manufacturing
enhancements, including additional automated lines and specialist production
capabilities. These investments will provide additional capacity, streamline
logistics, and support the continued expansion of the business both in the UK
and internationally. With the new facility, production capacity is expected to
increase to c.£300m of annual revenue, ensuring the Group has the robust
operational platform required to deliver on the significant growth
opportunities ahead.
Marketing activities
During the period, we continued to strengthen our global brand platform to
drive consumer demand and accelerate distributor sell-through across key
markets. Our strategy remains focused on building a trusted, performance-led
brand that is the product of choice for consumers, while equipping retail and
distribution partners with the tools and messaging required to maximise
in-market execution.
By investing in consistent branding, targeted marketing campaigns, and clear
product positioning, we enhance visibility and credibility across the globe.
This included expanding our ambassador and influencer roster, and scaling
marketing across owned and marketplace platforms.
In H1 we appointed a Chief Marketing Officer with extensive industry
experience to lead the marketing function and further strengthen marketing
infrastructure to support long-term expansion.
Leveraging our strong, trusted brand and consumer recognition, we are
progressing opportunities to expand into adjacent categories and complementary
growth markets, both organically and through strategic partnerships, aligned
to favourable health and wellness trends.
Current trading and outlook
As previously announced, management currently expects full‑year revenue of
approximately £140 million. Our performance for the year is expected to be
weighted towards H1, reflecting higher retailer stock levels ahead of the peak
trading period and accelerated demand for a number of H1 FY26 product
launches.
We have entered H2 with continued positive momentum, supported by strong
uptake of our recent NPD launches, increased brand awareness, a broadened
customer base and expanding manufacturing capabilities to support future
growth.
We continue to monitor the evolving situation in the Middle East and whilst we
are well diversified globally, we are cognisant of the current disruption to
shipping routes and purchasing activities within the region as well as the
uncertainty around how long these conditions may persist. Importantly, we have
managed similar disruption in the past, supported by the agility of our
operations. In this instance, we are working closely with customers to adapt
our routes into the region and logistics arrangements to safeguard continued
supply to those customers. Although we expect some reduction in volumes into
the region during the second half, at this stage there is no change to FY26
guidance.
Looking forward, our growing confidence comes from the progress we've
achieved. We are entering new channels and markets, expanding our product
lines for current customers, launching more new products than ever, and
investing in operations to ensure efficiency and world-class facilities that
match our ambitions. We're seeing increasing global demand for our products
and we are in a strong position to take advantage of the rising opportunities
as health, wellness, and sports nutrition become daily considerations for
people across all demographics.
Thomas Ryder
Chief Executive Officer
23 March 2026
Chief Financial Officer's review
Group results overview
The Board measures and judges the financial performance of the Group
predominantly on the following key performance indicators which cover both
profitability and cash generation:
H1 FY26 H1 FY25 Change
Revenue (£m) 74.5 47.6 56.5%
Gross profit (£m) 34.8 22.3 56.1%
Adjusted EBITDA (£m) 21.5 13.8 55.8%
Adjusted profit before tax (£m) 20.9 13.6 53.7%
Adjusted basic and diluted EPS (p) 6.2 4.2 47.6%
Free cash flow (£m) 7.9 8.9 (11.2%)
Free cash flow conversion 51.3% 84.0%
Statutory results
Operating profit (£m) 20.7 11.5 80.0%
Profit before taxation (£m) 20.9 11.8 77.1%
Basic and diluted EPS (p) 6.2 3.5 77.1%
Revenue
Geography H1 FY26 H1 FY25 Change
£m
£m
UK 31.5 21.6 45.8%
Europe 8.8 6.4 37.5%
International 34.2 19.6 74.5%
Group revenue increased 56.5% to £74.5m (H1 FY25: £47.6m). All geographies
saw an increase in sales during the period compared to the prior year:
o UK sales grew 45.8% as we continued to see exciting growth in both historic
and newer channels;
o Europe grew by 37.5% as we continued a strategy of working with both
distributors and selected retailers on a country-by-country basis; and
o International sales grew 74.5%. As noted at the FY25 full-year results,
international sales grew particularly strongly as we saw significant increased
demand in the Middle East as well as in LATAM.
Gross profit
Gross profit increased 56.1% to £34.8m (H1 FY25: £22.3m). In H1 FY26 there
were no adjusting items. In H1 FY25 all adjustments noted by the Group within
the financial statements were in administrative expenses and therefore no
adjustment to gross profit is necessary for comparison.
Compared to the same period in the prior year total gross margin was stable
moving down 10bps to 46.7% (H1 FY25: 46.8%). There was a 110bps benefit to
gross margin caused by raw material costs and product mix. This benefit was
realised despite increased whey protein prices. Total protein sales increased
and product category share for all protein grew (largely because of non-whey
protein sales increasing by 83%) to 32.3% (H1 FY25: 30.3%). The proportion of
products where the main raw material is whey protein made up a similar
proportion of sales at 20.5% (H1 FY25: 20.2%). Therefore, while we continue to
see a headwind from whey prices, its share of sales to the Group are at a
level where the effect on margins is limited. The company is still able to
pass on the increased whey price input costs as this is a market wide issue
and all brands are experiencing the same. We continued to see low volatility
in raw materials outside of whey.
The Group saw a 110bps increase in direct staff costs as a percentage of
revenue. This was driven by:
o an increase in direct staff hourly rates in April 2025
o an increase in the use of overtime in H1 FY26 as we dealt with the significant
increase in demand
However, the new manufacturing extension completed during H1 FY25 increased
manufacturing efficiency and therefore helped to counterbalance the above.
Other direct manufacturing costs and carriage costs provided a small 10bps
decrease in margin which is not considered to be significant.
Administrative expenses adjusted for exceptional items
In H1 FY26 total administrative expenses were 18.9% of revenue (H1 FY25
excluding exceptional items: 18.9%). These figures are not directly comparable
since H1 FY26 had an additional £0.7m of costs related to director salaries
and listed company costs compared to H1 FY25 (part of H1 FY25 having been
before the Company was listed). Had the same costs been incurred in H1 FY25,
administrative expenses would have made up 20.4% of revenue in the prior
period comparison. We have continued to benefit from general efficiencies and
economies of scale as a growing business while still investing in key areas.
As the business has grown in the period, and margins in other areas have
improved, this has allowed us to increase spend on marketing. Spend on
marketing, advertising and partner incentives, which are recognised as an
expense in the accounts, rather than being netted off revenue as a percentage
of revenue, increased 60bps. We continue to utilise this spend in a balanced
way to ensure business growth is maximised but not at the cost of
significantly reduced margins.
The administrative costs in H1 FY26 had £0.1m of share-based payment costs
which have not been adjusted for in arriving at adjusted EBITDA (H1 FY25:
£nil).
Adjusted EBITDA and adjusted EBITDA margin
A reconciliation between operating profit and adjusted EBITDA is shown below
(adjustments only being relevant for the prior period). Adjusted EBITDA rose
in the period 55.8% to £21.5m. We achieved EBITDA margin of 28.9% during H1
FY26 (H1 FY25: 29.0%) despite the increased relative costs noted above.
Exceptional and non-underlying items
Exceptional and non-underlying items for the period resulted in a charge of
£nil (H1 FY25: charge of £1.8m). These items in H1 FY25 all related to the
costs of the IPO of the Company.
H1 FY26 H1 FY25
£m
£m
Operating profit 20.7 11.5
Costs relating to IPO - 1.8
Adjusted operating profit 20.7 13.3
Depreciation and amortisation 0.8 0.5
Adjusted EBITDA 21.5 13.8
Adjusted EBITDA margin 28.9% 29.0%
Items between adjusted EBITDA and profit before tax
H1 FY26 H1 FY25
£m
£m
Adjusted EBITDA 21.5 13.8
Costs relating to IPO - (1.8)
Presented EBITDA 21.5 12.0
Depreciation and amortisation (0.8) (0.5)
Finance income 0.3 0.3
Finance expense (0.1) -
Profit before tax 20.9 11.8
The following items affected the profit before tax figures but not EBITDA:
o depreciation and amortisation rose compared because of additional fixed
assets;
o interest income relates to cash the Group holds on deposit;
o interest expense which relates predominantly to IFRS 16 imputed interest on
leases.
Cash flow and cash flow conversion
Net cash from operating activities
Net cash from operating activities increased by 16.9% to £8.3m (H1 FY25:
£7.1m). The Group's working capital usage (defined as inventories, plus trade
and other receivables, less trade and other payables and accruals) at the end
of the period was £44.4m (H1 FY25: £28.4m). This increase of 56.3% was in
line with the increase in revenue (56.5%). The implied working capital days
based on working capital usage at the end of the period was 109 (H1 FY25:
109), showing that working capital usage has not grown quicker than the
business has generally grown.
The result of the sustained period of revenue growth during the period caused
a significant increase in working capital usage. We previously outlined during
our FY25 annual report how we manage working capital ensuring:
o we have stock to cater for quickly increasing demand;
o providing enough trade credit to customers to grow (whilst maintaining
balanced risk management); and
o ensuring we drive profitability by treating suppliers fairly and paying on
time.
As noted in the Chief Executive Officer's statement, we had an excellent
trading period in the run up to the peak January period. As a result, working
capital usage at the end of January was higher than it might have been if this
occurred earlier in the period since a significant portion of these trade
debtors had not yet fallen due.
Other material cash flow items
Purchase of tangible fixed assets
Spend in H1 FY26 was £0.2m (H1 FY25: £0.3m). In our FY25 annual report, we
outlined that over the next 18 months the Group intends to invest
approximately £2.0m-£2.5m to ensure the business has the operational
capacity to support its continued expansion and drive efficiencies within the
business, in addition to bringing in-house some currently outsourced
production and services to enhance margin and reduce reliance on outsourced
providers. This work commenced in February 2026, shortly after the end of H1
FY26 and therefore we expect the majority of these costs to be incurred in H2
FY26 and H1 FY27. The £3.5m - £4.0m costs associated with fit-out of the
Group's new global distribution facility and head office are expected to fall
entirely in FY27.
Dividend
There was no dividend declared or paid in the period. In H1 FY25 there was a
dividend declared and paid of £14.7m prior to the IPO of the Company. The
Company does not anticipate declaring a further dividend before FY27 thereby
retaining cash for investment in capacity, efficiency and potential M&A
opportunities that the Group is considering.
Cash, liquidity and banking facilities
Net cash excluding IFRS 16 liabilities increased to £26.4m (H1 FY25:
£10.9m).
The Group continues to hold a £10.0m revolving credit facility with its main
bankers (Royal Bank of Scotland plc). While the Group currently has no need to
draw down on the facility should there be a significant cash requirement (e.g.
in the event of M&A), it would allow the business to deploy cash quickly.
However, given the Group's continued cash generation, the cost/benefit of such
a facility continues to be reviewed regularly.
Cash within the Company's main GBP bank account earns interest at a rate
management believes is a reasonable return for the flexibility of not having
cash on term deposits. Generally, the Company does not hold significant
amounts of cash in currencies other than GBP, except for USD, which is
generally not more than 20% of the total cash the Company holds at any one
time.
Principal risks and uncertainties
The Group faces a number of risks and uncertainties that may have an adverse
impact on the Group's operations, results, financial condition and prospects.
The Board has overall responsibility for oversight of risk and for maintaining
a robust risk management system.
The Group's Audit and Risk Committee (ARC) supports the Board with the
management of risk, with the day-today management delegated by the Board to
the Executive Committee. A more detailed explanation of the risks currently
faced by the Group and how the Company seeks to mitigate those risks is
available in the risk management section of the Group's Annual Report and
Accounts for the year ended 31 July 2025 which is available at
www.appliednutritionplc.com (http://www.appliednutritionplc.com) .
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.
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.
Global political and economic uncertainty As a global business, the Group is exposed to a range of economic conditions
in certain markets, as well as broader macroeconomic factors and potential
instability in the geopolitical environment.
Non-compliance with laws, regulations and best practices including corporate The Group's products are subject to a range of regulations in the UK, Europe
social responsibility and ethical sourcing 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. In addition, the Group is
exposed to a range of other laws, regulations and best practice guidelines in
a wide range of areas. This increased post the listing of the Company on the
London Stock Exchange. Any failure, or perceived failure, by the Group to
comply with any of those regulations or best practice guidelines could result
in potential litigation, damage to the Group's reputation and a loss of
revenue.
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.
Credit risk The Group offers credit terms to some customers which may not be repaid
creating a material financial loss.
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.
Statement of director's responsibilities
The Directors are responsible for preparing the interim report in accordance
with applicable law and regulations. The Directors confirm that the condensed
consolidated interim financial information has been prepared in accordance
with International Accounting Standard 34 ('Interim Financial Reporting') as
adopted by the United Kingdom.
The interim management report includes a fair review of the information
required by the Disclosure Guidance and Transparency Rules paragraphs 4.2.7 R
and 4.2.8 R, namely:
o an indication of important events that have occurred during the six months
ended 31 January 2026 and their impact on the condensed set of financial
information, and a description of the principal risks and uncertainties for
the remaining six months of the financial year; and
o material related-party transactions during the six months ended 31 January
2026 and any material changes in the related-party transactions described in
the Annual report and Accounts for the financial year ending 31 July 2025.
The Directors of the Company are listed in the Annual report and Accounts for
the financial year ending 31 July 2025. A list of current Directors is also
maintained on the Company's website: www.appliednutritionplc.com
(http://www.appliednutritionplc.com) . The interim report was approved by
the Board of Directors and authorised for issue on 23 March 2026 and signed on
its behalf by:
Joe Pollard, Chief Financial Officer
23 March 2026
Condensed consolidated statement of comprehensive income
for the half year ended 31 January 2026
Half year Half year Year
ended 31 January 2026 ended 31 January 2025 ended 31
July 2025
£m £m
Unaudited
Unaudited £m
Note
Audited
Revenue 3 74.5 47.6 107.1
Cost of sales (39.7) (25.3) (57.8)
Gross profit 34.8 22.3 49.3
Administrative expenses (14.1) (10.8) (21.2)
Adjusted operating profit(( i (#_edn1) )) 20.7 13.3 29.8
Costs relating to Initial Public Offering - (1.8) (1.7)
Operating profit 20.7 11.5 28.1
Finance income 6 0.3 0.3 0.5
Finance expense 6 (0.1) - (0.1)
Profit before taxation 20.9 11.8 28.5
Taxation 7 (5.5) (2.9) (7.4)
Profit for the period attributable to equity shareholders 15.4 8.9 21.1
Earnings per share for profit attributable to the owners of the parent
Basic and diluted (p) 8 6.2 3.5 8.4
Other comprehensive income:
Loss on foreign currency translation (0.1) (0.1) (0.4)
Deferred tax asset on share-based payment - - (0.4)
Total comprehensive income for the period 15.3 8.8 20.3
The accompanying notes form an integral part of these condensed consolidated
financial statements.
All results relate to continuing operations.
(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
in issue during each period (before the addition of the effect of any
potentially diluting shares), see note 10.
Condensed consolidated statement of financial position
as at 31 January 2026
31 January 2026 31 January 31 July
£m 2025 2025
Unaudited
Note £m £m
Unaudited
Audited
Non-current assets
Intangible assets 0.1 0.1 0.1
Property, plant and equipment 1.8 1.6 2.0
Right-of-use assets 3.1 1.6 3.0
Deferred tax assets 1.2 0.3 1.2
6.2 3.6 6.3
Current assets
Inventories 32.9 22.0 22.8
Trade and other receivables 33.4 19.1 27.4
Cash and cash equivalents 26.4 10.9 18.5
92.7 52.0 68.7
Total assets 98.9 55.6 75.0
Current liabilities
Lease liabilities 9 (0.9) (0.3) (0.6)
Trade and other payables (25.9) (11.6) (17.1)
(26.8) (11.9) (17.7)
Non-current liabilities
Deferred tax liabilities - - (0.3)
Lease liabilities 9 (2.2) (1.4) (2.4)
Provision for liabilities (0.3) (0.2) (0.3)
(2.5) (1.6) (3.0)
Total liabilities (29.3) (13.5) (20.7)
Net assets 69.6 42.1 54.3
Equity
Share capital 10 0.1 0.1 0.1
Share-based payment reserve 0.2 0.2 0.2
Foreign exchange reserve 0.4 - 0.2
Retained earnings 68.9 41.8 53.8
Total Equity 69.6 42.1 54.3
The accompanying notes form an integral part of these condensed consolidated
financial statements.
Condensed consolidated statement of changes in equity
for the half year ended 31 January 2026 (unaudited)
Share-based payment reserve Foreign exchange reserve
Share Capital £m £m Retained earnings Total equity
£m £m £m
As at 1 August 2024 - 0.2 0.1 47.8 48.1
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)
Balance at 31 January 2025 (unaudited) 0.1 0.2 - 41.9 42.2
Comprehensive income:
Profit for the period - - - 12.2 12.2
Other comprehensive income - - 0.2 (0.9) (0.7)
Transactions with owners:
Tax included directly in equity - - - 0.6 0.6
Balance at 31 July 2025 0.1 0.2 0.2 53.8 54.3
Comprehensive income:
Profit for the period - - - 15.4 15.4
Other comprehensive income - - 0.2 (0.3) (0.1)
Balance at 31 January 2026 (unaudited) 0.1 0.2 0.4 68.9 69.6
The accompanying notes form an integral part of these condensed consolidated
financial statements.
Condensed consolidated statement of cash flows
for the half year ended 31 January 2026
Half year Half year Year
ended 31 January 2026 ended 31 January 2025 ended 31
July 2025
£m £m
Unaudited
Unaudited £m
Audited
Cash flows from operating activities
Operating profit 20.7 11.5 28.1
Adjustments for:
Depreciation and amortisation charges 0.8 0.5 1.1
Share-based payment expense 0.1 - -
Operating cash flows before movements in working capital 21.6 12.0 29.2
Increase in inventories (8.5) (0.5) (3.4)
Increase in trade and other receivables (6.1) (1.1) (10.9)
(Decrease)/increase in trade and other payables 3.6 (0.1) 7.0
Net cash generated from operations 10.6 10.3 21.9
Income tax paid (2.3) (3.2) (6.3)
Net cash from operating activities 8.3 7.1 15.6
Cash flows from investing activities
Purchase of tangible fixed assets (0.2) (0.3) (1.0)
Interest received 0.2 0.4 0.6
Net cash from investing activities - 0.1 (0.4)
Cash flows from financing activities
Dividends paid - (14.7) (14.7)
Principal paid on lease liability (0.4) (0.1) (0.3)
Interest paid on lease liability (0.1) - (0.1)
Net cash from financing activities (0.5) (14.8) (15.1)
Net (decrease)/increase in cash and cash equivalents 7.8 (7.6) 0.1
Cash and cash equivalents at beginning of period 18.5 18.7 18.7
Effect of foreign exchange differences 0.1 (0.2) (0.3)
Cash and cash equivalents at end of period 26.4 10.9 18.5
The accompanying notes form an integral part of these condensed consolidated
financial statements.
Notes to the condensed consolidated interim financial statements
for the half year ended 31 January 2026
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.
The address of the Company's registered office is 2 Acornfield Road, Knowsley
Industrial Park, Liverpool, England, L33 7UG. The financial statements
comprise the results of the Company and its subsidiary undertakings
(collectively, "the Group"); the Company is the parent and ultimate parent of
the Group.
The principal activities of the Group are the formulation, manufacture,
wholesale and retail of sports nutrition, health and wellness products.
These interim condensed consolidated financial statements ("interim financial
statements") were approved by the Board for issue on 23 March 2026.
2. Basis of preparation and accounting policies
These interim financial statements for the half year ended 31 January 2026
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. The consolidated financial statements are
prepared in GBP. Amounts are rounded to the nearest million, unless otherwise
stated.
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 2025 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
auditor's 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 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 2026 and 31 January 2025 is
unaudited.
The preparation of financial statements in conformity with International
Financial Reporting Standards ('IFRS') requires the use of certain critical
accounting estimates, which are outlined in the critical accounting estimates
and judgements section of these accounting policies.
It also requires management to exercise its judgement in the process of
applying the Group's accounting policies. The accounting policies have been
applied consistently to all periods presented (and therefore the accounting
policies adopted in these interim financial statements are consistent with
those applied by the Group in its consolidated financial statements for the
year ended 31 July 2025), other than where new policies have been adopted.
Going Concern
The Group's profit for the period amounted to £15.4 million (H1 FY25: £8.9
million). The Group has net assets of £69.6 million (H1 FY25:
£42.1million) which includes cash and cash equivalents of £26.4 million (H1
25: £10.9 million). As at 31 January 2026, 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 2025. 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 believes 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 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 2026, and became
effective for the Group's consolidated financial statements for the half year
ended 31 January 2026, 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;
- Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7);
and
- Amendments to IFRS 9 and IFRS 7 Classification and Measurement
of Financial Instruments.
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;
and
- IFRS 19 - Subsidiaries without Public Accountability:
Disclosures.
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®. No customers make up 10% or more of revenue in the period ended
31 January 2026 (H1 FY25: 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 2026 ended 31 January 2025 ended 31
£m £m July 2025
Unaudited
Unaudited
£m
Audited
United Kingdom 31.5 21.6 48.4
Europe 8.8 6.4 15.6
International 34.2 19.6 43.1
74.5 47.6 107.1
Within the Group's single business stream, revenue can be disaggregated across
seven product categories for the purpose of alignment with the Directors
internal reporting, being: whey protein, non-whey 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 2026 ended 31 January 2025 ended 31
£m £m July 2025
Unaudited
Unaudited
£m
Audited
Whey protein 15.3 9.6 20.6
Non-whey protein 8.8 4.8 11.4
Pre-workout 9.9 9.5 18.6
Grab-and-go 12.3 7.5 18.7
Health and wellness 12.1 7.7 18.2
Weight management 5.0 2.8 5.8
Intra-workout 12.9 5.4 13.2
Other (1.8) 0.3 0.6
74.5 47.6 107.1
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 2026 ended 31 January 2025 ended 31
£m £m July 2025
Unaudited
Unaudited
£m
Audited
Operating profit 20.7 11.5 28.1
Costs relating to Initial Public Offering - 1.8 1.7
Adjusted operating profit 20.7 13.3 29.8
Depreciation and amortisation 0.8 0.5 1.1
Adjusted EBITDA 21.5 13.8 30.9
As a result of its admission to the London Stock Exchange the Group 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. All of these
costs were recognised within administrative expenses.
6. Finance income and expense
Half year Half year Year
ended 31 January 2026 ended 31 January 2025 ended 31
£m £m July 2025
Unaudited
Unaudited
£m
Audited
Finance income
Bank interest receivable 0.3 0.3 0.5
Finance expense
Interest on lease liabilities and dilapidations (0.1) - (0.1)
Net finance income 0.2 0.3 0.4
7. Taxation
The income tax expense for the half year ended 31 January 2026 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 2026 of 26.1% to the interim profit before tax.
8. Earnings per share ("EPS")
The calculation of basic and diluted EPS is based on the following data:
Half year Half year Year
ended 31 January 2026 ended 31 January 2025 ended 31
Unaudited Unaudited July 2025
Audited
Earnings £m £m £m
Earnings for the purposes of basic and diluted EPS, being profit for the 15.4 8.9 21.1
period attributable to equity shareholders
Effect of adjustments to earnings for adjusted EPS (including tax effect) - 1.7 1.5
Earnings for the purposes of adjusted basic and diluted EPS 15.4 10.6 22.6
Number of shares No. of shares No. of shares No. of shares
Weighted average number of shares in issue during the period for the purposes 250,000,000 250,000,000 250,000,000
of basic EPS (( ii (#_edn2) ))
Effect of potentially dilutive items 407,125 - -
Weighted average number of shares for the purposes of fully diluted EPS 250,407,125 250,000,000 250,000,000
EPS Pence Pence Pence
Basic and diluted EPS 6.2 3.5 8.4
Adjusted basic and diluted EPS 6.2 4.2 9.1
The calculation of adjusted basic and diluted EPS is based on the following: £m £m £m
Profit for the period 15.4 8.9 21.1
Adjusted for:
Costs relating to Initial Public Offering - 1.8 1.7
Tax effect of the above - (0.1) (0.2)
Adjusted earnings 15.4 10.6 22.6
(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
in issue during each period (before the addition of the effect of any
potentially diluting shares), see note 10.
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 January 2026 ended 31 January 2025 ended 31
£m £m July 2025
Unaudited
Unaudited
Total book and fair value £m
Audited
Financial assets carried at amortised cost:
Trade and other receivables 32.6 17.0 25.7
Cash and cash equivalents 26.4 10.9 18.5
Financial assets 59.0 27.9 44.2
The book and fair value of financial liabilities are as follows:
Half year Half year Year
ended 31 January 2026 ended 31 January 2025 ended 31
£m £m July 2025
Unaudited
Unaudited
Total book and fair value £m
Audited
Financial liabilities carried at amortised cost:
Trade and other payables 13.7 5.2 10.6
Accruals 6.0 4.0 5.0
Lease liabilities 3.1 1.7 3.0
Financial liabilities 22.8 10.9 18.6
10. Share Capital
Half year Half year Year
ended 31 January 2026 ended 31 January 2025 ended 31
No. shares No. shares July 2025
Unaudited
Unaudited
Allotted, called up and fully paid No. shares
Audited
Ordinary shares of £0.0002 each
Opening number of ordinary shares 250,000,000 - -
Re-designation of shares - 250,000,000 250,000,000
Closing number of ordinary shares 250,000,000 250,000,000 250,000,000
A1 Ordinary shares of £0.01 each
Opening number of A1 ordinary shares - 5,433 5,433
Bonus issue - 2,711,067
Re-designation of shares - (5,433) (2,716,500)
Closing number of A1 ordinary shares - - -
A2 Ordinary shares of £0.01 each
Opening number of A2 ordinary shares - 943 943
Bonus issue - 470,557
Re-designation of shares - (943) (471,500)
Closing number of A2 ordinary shares - - -
B Ordinary shares of £0.01 each
Opening number of B ordinary shares - 3,136 3,136
Bonus issue - 1,564,864
Re-designation of shares - (3,136) (1,568,000)
Closing number of B ordinary shares - - -
D Ordinary shares of £0.01 each
Opening number of D ordinary shares - 488 488
Bonus issue - 243,512
Re-designation of shares - (488) (244,000)
Closing number of D ordinary shares - - -
Closing share capital 250,000,000 250,000,000 250,000,000
Half year Half year Year
ended 31 January 2026 ended 31 January 2025 ended 31
£ £ July 2025
Unaudited
Unaudited
Allotted, called up and fully paid £
Audited
Ordinary shares of £0.0002 each
Opening value of ordinary shares - - -
Re-designation of shares 50,000.00 50,000.00 50,000.00
Closing value of ordinary shares 50,000.00 50,000.00 50,000.00
A1 Ordinary shares of £0.01 each
Opening value of A1 ordinary shares - 54.33 54.33
Bonus issue - - 27,110.67
Re-designation of shares - (54.33) (27,165.00)
Closing value of A1 ordinary shares - - -
A2 Ordinary shares of £0.01 each
Opening value of A2 ordinary shares - 9.43 9.43
Bonus issue - - 15,648.64
Re-designation of shares - (9.43) (4,715.00)
Closing value of A2 ordinary shares - - -
B Ordinary shares of £0.01 each
Opening value of B ordinary shares - 31.36 31.36
Bonus issue - - 15,648.64
Re-designation of shares - (31.36) (15,680.00)
Closing value of B ordinary shares - - -
D Ordinary shares of £0.01 each
Opening value of D ordinary shares - 4.88 4.88
Bonus issue 2,435.12
Re-designation of shares - (4.88) (2,440.00)
Closing value of D ordinary shares - - -
Closing share capital 50,000.00 50,000.00 50,000.00
Voting rights
Shareholders are entitled to one voting right per share.
Re-designation of shares
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
(A1, A2, B and D) 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 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 re‑designated 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 2026 ended 31 January 2025 ended 31
£m £m July 2025
Unaudited
Unaudited
£m
Audited
Short-term employee benefits (salary and bonus) 0.7 0.4 0.9
Share-based payment expense 0.1 - -
0.8 0.4 0.9
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.
FY26 Provisional Financial Calendar
Financial year-end 31 July 2026
Trading update(1) August 2026
Publication of Annual Report and Accounts(1) November 2026
Annual General Meeting(1) January 2027
1 This date is provisional and may be altered. An up-to-date financial
calendar for the Company is available at www.appliednutritionplc.com
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