Applied Nutrition PLC reported better first-half revenue than it expected at the time of its October IPO and said it does not expect to be hit too hard by the new US tariffs, with the potential to move some production to the US.
Profits in the first half were down though, which the sports nutrition and wellness brand said was as expected.
Revenues were £47.6 million for the six months to 31 January 2025, ahead of the £45.4 million last year and the £46 million forecast at the time of its IPO, which the company said supports full-year revenue guidance of £100 million.
Underlying profits (adjusted EBITDA) of £13.8 million was down 16% on a year ago, while statututory pre-tacx profits fell 27% to £11.8 million.
Cash flow of £8.9 million was generated, leaving net cash of £10.9 million at the half year point.
Trading since January "remains strong", the company said, with record revenue delivered in March.
With whey protein prices currently elevated, Applied Nutrition said it has relatively low exposure to this market and so it does not expect to be "materially" impacted.
"In the medium term the group does not expect to be materially impacted by changing US tariffs," it said, adding that it has "a number of options open to it to mitigate impact such as moving production of liquid products currently produced in the UK to being manufactured in the US".
Shares in the company fell 3.6% to 107p on Monday, down from the 140p IPO price.