Highlights

  • FY25 revenue increased by 24.2% to GBP 107.1m, ahead of IPO guidance and upgraded market forecasts.
  • Adjusted EBITDA rose 18.8% to GBP 30.9m with cash conversion of 72.4%.
  • New investment plans announced to expand production capacity to approximately GBP 300m in annual revenue.

Applied Nutrition plc (LSE:APN), a global sports nutrition, health, and wellness brand, has announced its final results for the financial year ended 31 July 2025 (FY25). The company delivered revenue growth above guidance and outlined further capital investment to support continued expansion in FY26 and beyond.

Revenue Growth Ahead of IPO Guidance

For FY25, group revenue increased 24.2% to GBP 107.1m compared to GBP 86.2m in FY24, surpassing IPO guidance and aligning with the most recent market expectations.
Adjusted EBITDA rose 18.8% to GBP 30.9m, while unadjusted operating profit was GBP 28.1m, up from GBP 23.7m a year earlier.
Free cash flow conversion improved to 72.4%, significantly higher than the 35.3% recorded in FY24, and the company ended the year with net cash of GBP 18.5m.

Operational Progress and Global Expansion

Applied Nutrition continued to execute its multi-pillar global growth strategy. The group deepened relationships with existing customers through increased shelf space and extended distribution. During the year, it entered new territories across Latin America and Asia, further expanding its global reach.

Product innovation also remained a key focus, with new launches including Vimto-flavoured gels, hydration products, and Sparkling Collagen Protein Water.
The completion of a factory extension in August 2024 and operational efficiencies achieved during FY25 have increased the company’s potential annual revenue capacity to approximately GBP 200m.

Investing in Capacity and Efficiency

Applied Nutrition confirmed its next phase of investment to increase production and distribution capacity. Over the next 18–24 months, the company plans to invest between GBP 2.0m and GBP 2.5m in automation, packaging lines, and new gel production equipment, targeting an overall capacity of around GBP 300m in annual revenue.

In addition, Applied Nutrition is planning a new global distribution facility and head office adjacent to its current site. The lease agreement, expected to be signed before the end of 2025, includes a warehouse expansion to boost storage capacity by an estimated 180% and consolidate office operations on a single site. Estimated fit-out costs are between GBP 3.5m and GBP 4.0m.

Marketing Expansion and Brand Development

During FY25, the company enhanced its brand presence through partnerships, ambassador signings, and its first television advertising campaign. A new Chief Marketing Officer has been appointed post-period to lead future marketing initiatives and strengthen Applied Nutrition’s international footprint.

Outlook for FY26

Momentum from the final quarter of FY25 has continued into the first quarter of FY26, supported by sustained consumer demand and growing market recognition. The company reported continued progress in market share and distribution gains across its core categories.

Applied Nutrition expects to maintain market expectations for FY26 as it continues to invest in additional capacity, automation, and new product development.