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Applied Nutrition (APN) investor relations material

Applied Nutrition H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary7 Apr, 2025

Executive summary

  • H1 FY25 revenue of £47.6m exceeded IPO guidance, with 19% normalized year-on-year growth after adjusting for Middle East order timing.

  • UK and Europe saw robust growth (34% and 39% respectively), while international sales were impacted by Middle East distributor exit and order timing.

  • Strategic progress includes expansion into new geographies, major new customer wins, and organic D2C growth.

  • Factory extension completed in August 2024, increasing capacity to £160m revenue.

  • IPO on the London Stock Exchange in October 2024 increased brand profile and credibility.

Financial highlights

  • H1 FY25 revenue: £47.6m (vs. £39.9m H1 FY24, normalised for order timing); gross margin 46.9% (H1 FY24: 49.9%).

  • Adjusted EBITDA: £13.8m (29% margin); free cash flow conversion 64.5%.

  • Net cash at period end: £10.9m after pre-IPO dividend of £14.7m; free cash flow £8.9m.

  • D2C sales grew 35% year-on-year, now 10% of revenue.

  • Basic and diluted EPS 3.5p; adjusted EPS 4.2p.

Outlook and guidance

  • Full-year FY25 revenue guidance of £100m reiterated; profitability and cash flow expected in line with market expectations.

  • Trading remains strong post-H1, with March delivering record revenue.

  • Higher whey prices not expected to materially impact FY25 gross margin due to diversified product mix and managed procurement.

  • New partnerships in Latin America and US underpin over 50% of FY26 forecast revenue growth.

  • Focus remains on expanding listings, entering partnerships, and broadening product range.

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Frequently asked questions

Applied Nutrition Plc is a UK-based company specializing in the development, production, and distribution of nutritional products. The company offers a range of items, including protein supplements, vitamins, functional foods, and hydration products, catering to athletes, fitness enthusiasts, and health-conscious consumers. Its product lines are formulated to support performance, recovery, and general wellness, with offerings available in various formats such as powders, bars, and ready-to-drink beverages. The company is headquartered in Liverpool, United Kingdom, and its shares are listed on the London Stock Exchange (LSE).

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