Applied Nutrition PLC shares were little moved as it put out its first trading statement since floating in London in October.
The sports nutrition and wellness group reported revenue of £47.6 million for the six months to January 31, ahead of the guidance of £46 million given at the time of the IPO.
It enabled a "robust" adjusted EBITDA margin and cash conversion, both in line with market expectations, and underpinned its full-year guidance of £100 million turnover.
The Merseyside-based group flagged "significant progress" in its growth strategy, including new product developments in sparkling protein water, Blackstak, creatine gummies and 'Endurance Vimto', along with new Coleen Rooney wellness supplements added stocked nationwide in Holland & Barrett from March, "targeting a new demographic of customer",
New product launches were made in Canada in major speciality retail chains, six more countries in South America, first orders to a new Asian partner starting in Singapore, and a range of products launched in the USA under the 'AN Performance' range in 700 Vitamin Shoppe stores and a collaboration with fruit brand Chiquita.
As well as 'Wagatha Christie' and I'm A Celebrity star Rooney, with whom a first TV advert was broadcast in recent weeks, boxer Daniel Dubois was also signed as a brand ambassador.
A manufacturing extension was also completed, which the company said increases its capacity to allow revenues of around £160 million.
Analyst Wayne Brown at Panmure Liberum said the momentum disclosed at the time of the IPO has been maintained, with first-half revenues up 19% on the prior year.
However, he pointed out that the previous year's revenue mix was "atypical" due to approximately £5.5 million of orders brought forward into the first half from an increase in the Middle East during the Red Sea crisis.
Normalising this impact implies revenue of approximately £40 million in the first half of last year and approximately £47 million in the second.
"We believe the EBITDA margin and FCF performance is in line with expectations".
He noted that the shares are up circa 7% since IPO relative to the FTSE Small cap, "an admirable performance" that leaves the shares trading on a circa 17x PE for 10% earnings compound annual growth.