Applied Nutrition sales have exceeded forecasts made ahead of the firm's London IPO in October, aided by a celebrity assist from Coleen Rooney. The Liverpool-based protein powder company's London Stock Exchange debut was in high demand late last year, with former JD Sports boss Peter Cowgill and Asda owner Mohsin Issa among the early buyers. Applied Nutrition, which sells everything from pre-workout mix to collagen supplements and clothing, told investors on Thursday it delivered revenues of £47.6million for the six months to 31 January.
This is 'comfortably ahead' of IPO guidance of £46million and puts the group on track for full-year sales of £100million. Applied Nutrition said it continues to achieve a 'robust' adjusted earnings margin and cash conversion, in line with market expectations. It also told shareholders the recent completion of a manufacturing extension will increase capacity, allowing revenues to grow to 'approximately £160million'.
Colleen Rooney became a brand ambassador last summer and her products are now stocked on the group's platform. Founder, chief executive and former scaffolder Thomas Ryder, who held a 53.5 per cent stake at IPO, said: 'Our growing global customer base highlights our appeal to a wide range of consumers, from everyday health-conscious individuals to professional athletes who rely on trusted sports nutrition products to fuel their performance.'.
Applied Nutrition shares inched 0.2 per cent higher to 148.9p in early afternoon trading, bringing post-IPO gains to 10.1 per cent. The group attributed some of its performance to the inclusion of Coleen Rooney wellness supplements on its platform, with the range set to be stock nationwide in Holland and Barrett from March. It said this demonstrates the group 'targeting a new demographic of customer'.
Similarly, the group recently signed IBF heavyweight boxing champ Daniel Dubois as a brand ambassador. Elsewhere the group cited 'product innovations' such as Sparkling Protein Water, and a collaboration with fruit juice brand Vimto via its Endurance range. Applied Nutrition has also expanded with new product launches in Canada, the US, South America and Asia. Ryder said: 'Our focus is on delivering the growth strategy outlined at IPO of taking our brand to an increasing number of customers globally. This is underpinned by our in-house NPD engine and supported by our strong partnerships.
'We are running into the second half of the year with confidence and remain committed to delivering our vision of being the world's most trusted and innovative sports nutrition, health and wellness brand.'. Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
