Applied Nutrition (APN) has had a mixed start to life on the public markets, with its shares struggling at levels below the October 2024 IPO price of 140p for much of this year. However, they are now up by almost 30 per cent since listing as investors turn more positive on the supplement maker’s growth outlook, and its first annual results as a public company highlighted progress in driving revenue from existing customers and with cash generation.
The company, which sells sports nutrition and health products such as whey protein and hydration powder, delivered figures ahead of guidance at IPO and in line with increased numbers disclosed in August. Revenue growth of almost a quarter was supported by growth of more than 40 per cent in the UK (helped by a joint business plan with retailer Holland & Barrett) and Europe, although progress in other international markets was more muted on distribution challenges in the Middle East.