Applied Nutrition manufactures nutrition drinks along with protein powders and bars. Credit: Applied Nutrition plc.
Applied Nutrition has presented another bullish trading update as the UK sports-nutrition business raised its annual sales and profit outlook.
It is the second time for the current fiscal year that the London-listed producer of protein powders, bars and nutrition drinks has upgraded its financial bets.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The shares were up 7.3% at 259.20 pence as of 12:18pm GMT on the back of the announcement as Applied Nutrition said first-half sales likely increased 57% to £74.5m ($100.9m).
While still preliminary before the final six-month results are issued on 23 March, Applied Nutrition said adjusted EBITDA was also “ahead of management expectations”.
The company, which entered a partnership with UK retailer Morrisons in December for food targeted at users of the GLP-1 weight-loss drugs, now expects total sales of £140m in 2026.
A forecast for adjusted EBITDA was not provided but Applied Nutrition said in its stock exchange filing today (17 February) that the market consensus currently stands at £37.7m.
Revenue expectations, meanwhile, are £133.5m.
In December, Applied Nutrition projected annual sales would likely exceed consensus estimates by around 10%.
Just prior to that announcement, market expectations were for revenue of £122.3m and adjusted EBITDA of £34.4m.
Referencing that December trading update today, management said the “group entered the January peak health, fitness and wellbeing period with retail orders and resultant customer stock levels, significantly above expectations”.
The company explained further: “This is a consequence of the success of its channel diversification across UK high street health retailers, grocers and discounters.
“Together with accelerated demand for a number of H1 FY-26 product launches, this is expected to result in a more H1 weighted revenue profile than in prior years.”
Applied Nutrition entered a three-year partnership last year with Morrisons for a high-protein range of ready meals, food-to-go sandwiches, salads and cheese.
An initial 53 products were launched in January across around 400 Morrisons stores.
Thomas Ryder, CEO of Applied Nutrition, said of the launch: “We’re excited to be partnering with Morrisons for our first out-licensing deal, a testament to the strength of our brand and the growing consumer demand for convenient, high-protein food choices.”
The UK food business, which went public in October 2024, currently offers four of its own brand ranges – Applied Nutrition, ABE, BodyFuel and Endurance – with over 100 products sold in more than 85 countries.
The company operates a US division to support sales through retailer Walmart. It has marketing tie-ups with English and Scottish football clubs, professional boxers and MMA athletes.
In November, Applied Nutrition reported annual revenue of £107.1m for the year to 31 July, up 24.2% year-on-year. Adjusted EBITDA rose 18.8% to £30.9m.
Basic and diluted EPS were both reported at 8.4 pence, compared to 7.5p a year earlier.
Before those accounts were published, Applied Nutrition had also provided an upbeat assessment in August for its closing year of 2025 and beyond.
Sign up for our daily news round-up!
Give your business an edge with our leading industry insights.
