Applied Nutrition (LSE:APN) expects full-year earnings (adjusted EBITDA) for the year ended 31 July to come in ahead of consensus market expectations, rising 40% year-on-year to approximately £43.3m.
The sports nutrition, health and wellness brand said revenue for the period, excluding contributions from June's acquisition of Nutrablend's trade and assets, grew 50% to £160m, up from £107m in FY25 and also ahead of market forecasts.
Net cash stood at £15.9m at the year end, after funding the Nutrablend acquisition, capital expenditure on a production extension and higher working capital to support growth.
For FY27, the board guided total adjusted EBITDA to grow a further 13% to approximately £49m, with revenue rising to around £205m, both above current consensus.
The company flagged a slight dip in FY27 EBITDA margin, reflecting a growing revenue contribution from the US alongside higher whey protein costs and a greater proportion of sales from whey-based products following the relaunch of Critical Whey.
Applied Nutrition expects to release its FY26 results on or around 16 November.
News Intelligence what this means for the company
Applied Nutrition delivered 50% revenue growth to £160m in FY26 and raised FY27 guidance for both EBITDA (£49m, +13% YoY) and revenue (£205m) above consensus. The company absorbed a $16m US acquisition, maintained positive net cash of £15.9m, and is positioning for continued expansion despite flagging margin pressure from higher whey costs and US revenue mix shift.
The company has demonstrated execution at scale—50% organic growth with EBITDA expanding 40%—and is guiding ahead of consensus into FY27, signaling confidence in the US platform and product relaunch. Margin compression in FY27 is disclosed and expected, but the absolute EBITDA growth trajectory and revenue scale-up remain material if the company delivers on guidance.
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