Applied Nutrition (APN) shares have delivered a 157% gain over the past 12 months, rising from 130p to 335p, as the Liverpool-based supplements group expands rapidly across Europe and the Americas.
The FTSE 250 company, which carries a market capitalisation of around £835m, now trades at 24.5 times forward earnings, a premium that its half-year numbers go some way to justifying.
Applied Nutrition APN Shares Backed by Sharp Revenue Growth
Revenue in the first half of FY26 rose 57% year-on-year to £74.5m, from £47.6m in the same period a year earlier, according to the company’s H1 FY26 trading update. UK revenue came in at £31.5m, up 45.8%, while Europe contributed £8.8m, a 37.5% increase.
The standout was the International segment: £34.2m, up 74.5%, driven in part by a 110% sales surge in Latin America.
Adjusted EBITDA for the half rose 56% to £21.5m, according to the company’s results and presentations page.
For the full year, management guided revenue of approximately £140m, per the H1 trading update. That figure is below the £149m some analysts had projected for FY26. The prior financial year, FY25, delivered revenue of £107.1m, up 24.2% from FY24’s £86.2m, per the company’s FY25 final results.
Applied Nutrition, founded in 2014 and headquartered in Knowsley, Liverpool, now sells across 85 or more countries with over 120 products in four ranges and more than 270 employees, according to the company’s investor relations page.
The Nutrablend Deal and US Manufacturing Capacity
The group’s most consequential recent move is the acquisition of Nutrablend, a US supplements maker based in Buffalo, New York, for $16m, as disclosed in Applied Nutrition’s acquisition trading update. The Buffalo site, independently valued at approximately $7m, includes five powder filling lines and three stick-pack filling machines across a six-acre site. Inventory included in the deal is estimated at around $5m.
Following the acquisition, Applied Nutrition expects the Buffalo facility to provide production capacity of up to approximately $300m of US revenue per year, per the company’s announcement on US manufacturing expansion.
The deal brings roughly 100 employees into the group, including Nutrablend’s management team and in-house R&D and design staff. The acquired Nutrablend brands, Basic Supplements and GR8 Lifestyle, will operate under the AN Supps business, while the white-label manufacturing arm will trade as AN Labz. NutraIngredients has reported that the deal also opens white-label manufacturing opportunities across Canada and Latin America.
On the domestic front, Applied Nutrition secured its first out-licensing agreement with Morrisons in H1 FY26, extending its brand into mainstream grocery with a high-protein food range, according to FT Markets reporting on the company’s interim results.
Risks and Valuation
The stock is not without risk. Rising input costs, particularly for whey protein, could compress margins if commodity prices move sharply. Currency volatility is a growing consideration as the US dollar and euro exposure increases. A slowdown in consumer spending could also push cost-sensitive gym-goers toward cheaper alternatives.
The global sports nutrition, health and wellness market is projected to reach £279bn by 2028, according to Applied Nutrition’s investor relations page, which frames the company’s international push in context.
At 335p per share, £1,500 buys approximately 447 shares in APN. Whether the 24.5 times forward earnings multiple proves a floor or a ceiling will depend largely on whether the Buffalo facility ramps as management expects and whether the FY26 full-year guidance of around £140m holds.
