Applied Nutrition Plc

APN · Main Market · Food, Beverage and Tobacco · mcap £684m · 288.5p

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Financials · balance sheet 31 Jan 26 · last twelve months · today’s market value

Source: results 23 Mar 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £721.3m
Owner’s net cash: £26.4m
Net cash / market cap: 4%
EV ex leases: £694.9m
Revenue: £134.0m
Operating profit: £37.3m
Free cash flow after leases: £15.1m
EV / EBIT: 18.6×
FCF yield: 2.1%
Price / tangible book: 10.36×
Net income (owners): £27.6m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 26 Aug 26ahead5 figures since the last report

FY26 adjusted EBITDA £43.3m and revenue £160m ahead of expectations; FY27 guidance £49m EBITDA and £205m revenue

FY26 adjusted EBITDA	£43.3m	£30.9m
FY26 revenue	£160m	£107m
FY26 net cash	£15.9m
FY27 adjusted EBITDA guidance	£49m
FY27 revenue guidance	£205m

As stated by the company, unaudited. Read it →

Latest report: H1 Jan 26 (six months to 31 Jan 26), published 23 Mar 26 · read the results ↗

Source ↗

	Half year ended 31 January 2026 £m Unaudited	Half year ended 31 January 2025 £m Unaudited	Year ended 31 July 2025 £m Audited
Revenue	74.5	47.6	107.1
Cost of sales	(39.7)	(25.3)	(57.8)
Gross profit	34.8	22.3	49.3
Administrative expenses	(14.1)	(10.8)	(21.2)
Adjusted operating profit [i]	20.7	13.3	29.8
Costs relating to Initial Public Offering	-	(1.8)	(1.7)
Operating profit	20.7	11.5	28.1
Finance income	0.3	0.3	0.5
Finance expense	(0.1)	-	(0.1)
Profit before taxation	20.9	11.8	28.5
Taxation	(5.5)	(2.9)	(7.4)
Profit for the period attributable to equity shareholders	15.4	8.9	21.1
Earnings per share for profit attributable to the owners of the parent
Basic and diluted (p)	6.2	3.5	8.4

Source ↗

	January 2026 £m Unaudited	January 2025 £m Unaudited	July 2025 £m Audited
Non-current assets
Intangible assets	0.1	0.1	0.1
Property, plant and equipment	1.8	1.6	2.0
Right-of-use assets	3.1	1.6	3.0
Deferred tax assets	1.2	0.3	1.2
Total non-current assets	6.2	3.6	6.3
Current assets
Inventories	32.9	22.0	22.8
Trade and other receivables	33.4	19.1	27.4
Cash and cash equivalents	26.4	10.9	18.5
Total current assets	92.7	52.0	68.7
Total assets	98.9	55.6	75.0
Current liabilities
Lease liabilities	(0.9)	(0.3)	(0.6)
Trade and other payables	(25.9)	(11.6)	(17.1)
Total current liabilities	(26.8)	(11.9)	(17.7)
Non-current liabilities
Deferred tax liabilities	-	-	(0.3)
Lease liabilities	(2.2)	(1.4)	(2.4)
Provision for liabilities	(0.3)	(0.2)	(0.3)
Total non-current liabilities	(2.5)	(1.6)	(3.0)
Total liabilities	(29.3)	(13.5)	(20.7)
Net assets	69.6	42.1	54.3
Equity
Share capital	0.1	0.1	0.1
Share-based payment reserve	0.2	0.2	0.2
Foreign exchange reserve	0.4	-	0.2
Retained earnings	68.9	41.8	53.8
Total Equity	69.6	42.1	54.3

Source ↗

	Half year ended 31 January 2026 £m Unaudited	Half year ended 31 January 2025 £m Unaudited	Year ended 31 July 2025 £m Audited
Cash flows from operating activities
Operating profit	20.7	11.5	28.1
Adjustments for
Depreciation and amortisation charges	0.8	0.5	1.1
Share-based payment expense	0.1	-	-
Operating cash flows before movements in working capital	21.6	12.0	29.2
Increase in inventories	(8.5)	(0.5)	(3.4)
Increase in trade and other receivables	(6.1)	(1.1)	(10.9)
(Decrease)/increase in trade and other payables	3.6	(0.1)	7.0
Net cash generated from operations	10.6	10.3	21.9
Income tax paid	(2.3)	(3.2)	(6.3)
Net cash from operating activities	8.3	7.1	15.6
Cash flows from investing activities
Purchase of tangible fixed assets	(0.2)	(0.3)	(1.0)
Interest received	0.2	0.4	0.6
Net cash from investing activities	-	0.1	(0.4)
Cash flows from financing activities
Dividends paid	-	(14.7)	(14.7)
Principal paid on lease liability	(0.4)	(0.1)	(0.3)
Interest paid on lease liability	(0.1)	-	(0.1)
Net cash from financing activities	(0.5)	(14.8)	(15.1)
Net (decrease)/increase in cash and cash equivalents	7.8	(7.6)	0.1
Cash and cash equivalents at beginning of period	18.5	18.7	18.7
Effect of foreign exchange differences	0.1	(0.2)	(0.3)
Cash and cash equivalents at end of period	26.4	10.9	18.5

Source ↗

	2025 £m	2024 £m
Revenue	107.1	86.2
Cost of sales	(57.8)	(44.9)
Gross profit	49.3	41.3
Administrative expenses	(21.2)	(17.6)
Adjusted operating profit 1	29.8	25.1
Costs relating to Initial Public Offering	(1.7)	(1.2)
Share-based payment expense	-	(0.2)
Operating profit	28.1	23.7
Finance income	0.5	0.7
Finance expense	(0.1)	(0.1)
Profit before taxation	28.5	24.3
Taxation	(7.4)	(5.6)
Profit for the year attributable to equity shareholders	21.1	18.7
Earnings per share for profit attributable to the owners of the parent
Basic and diluted (pence)	8.4	7.5

Source ↗

	2025 £m	2024 £m
Non-current assets
Property, plant and equipment	2.0	1.7
Right-of-use assets	3.0	1.8
Intangible assets	0.1	-
Deferred tax assets	1.2	0.6
Total non-current assets	6.3	4.1
Current assets
Inventories	22.8	19.5
Trade and other receivables	27.4	17.3
Cash and cash equivalents	18.5	18.7
Total current assets	68.7	55.5
Total assets	75.0	59.6
Current liabilities
Lease liabilities	(0.6)	(0.3)
Trade and other payables	(17.1)	(9.5)
Total current liabilities	(17.7)	(9.8)
Non-current liabilities
Deferred tax liabilities	(0.3)	-
Lease liabilities	(2.4)	(1.5)
Provision for liabilities	(0.3)	(0.2)
Total non-current liabilities	(3.0)	(1.7)
Total liabilities	(20.7)	(11.5)
Net assets	54.3	48.1
Equity
Share capital	0.1	-
Share-based payment reserve	0.2	0.2
Foreign exchange reserve	0.2	0.1
Retained earnings	53.8	47.8
Total equity	54.3	48.1

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Operating profit	28.1	23.7
Adjustments for
Depreciation and amortisation charges 13 & 14	1.1	0.9
Share-based payment expense	-	0.2
Operating cash flows before movements in working capital	29.2	24.8
Increase in inventories	(3.4)	(6.5)
Increase in trade and other receivables	(10.9)	(6.0)
Increase in trade and other payables	7.0	4.1
Net cash generated from operations	21.9	16.4
Income tax paid	(6.3)	(9.7)
Net cash inflow from operating activities	15.6	6.7
Cash flows from investing activities
Purchase of tangible fixed assets	(1.0)	(1.0)
Interest received	0.6	0.6
Net cash outflow from investing activities	(0.4)	(0.4)
Cash flows from financing activities
Dividends paid	(14.7)	-
Principal paid on lease liability	(0.3)	(0.3)
Interest paid on lease liability	(0.1)	(0.1)
Net cash outflow from financing activities	(15.1)	(0.4)
Net increase in cash and cash equivalents	0.1	5.9
Cash and cash equivalents at beginning of period	18.7	12.7
Effect of foreign exchange differences	(0.3)	0.1
Cash and cash equivalents at end of period	18.5	18.7

	LTM Jan 26	FY Jul 25	FY Jul 24
Revenue to operating profit
Revenue	134.0	107.1	86.2
Gross profit	61.8	49.3	41.3
Adjusted EBITDA	38.6	30.9	26.0
EBITDA	38.7	29.2	24.6
Adjusted operating profit	37.2	29.8	25.1
Exceptional / adjusting items	0.1	(1.7)	(1.2)
Operating profit	37.3	28.1	23.7
Operating profit to net income
Finance costs	(0.2)	(0.1)	(0.1)
Profit before tax	37.6	28.5	24.3
Tax	(10.0)	(7.4)	(5.6)
Net income (owners)	27.6	21.1	18.7
Per share
EPS basic	11.1p	8.4p	7.5p
EPS diluted	11.1p	8.4p	7.5p

	H1 Jan 26	vs H1 Jan 25	H2 Jul 25	H1 Jan 25
Revenue to operating profit
Revenue	74.5	+57%	59.5	47.6
Gross profit	34.8	+56%	27.0	22.3
Adjusted EBITDA	21.5	+56%	17.1	13.8
EBITDA	21.5	+79%	17.2	12.0
Adjusted operating profit	20.7	+56%	16.5	13.3
Exceptional / adjusting items	0.0	n/m	0.1	(1.8)
Operating profit	20.7	+80%	16.6	11.5
Operating profit to net income
Finance costs	(0.1)	n/m	(0.1)	0.0
Profit before tax	20.9	+77%	16.7	11.8
Tax	(5.5)	+90%	(4.5)	(2.9)
Net income (owners)	15.4	+73%	12.2	8.9
Per share
EPS basic	6.2p	–	4.9p	3.5p
EPS diluted	6.2p	–	4.9p	3.5p

	LTM Jan 26	FY Jul 25	FY Jul 24
Operating activities
Cash from operations	16.8	15.6	6.7
Tax paid	(5.4)	(6.3)	(9.7)
Investing activities
Capex (PP&E)	(0.9)	(1.0)	(1.0)
Financing activities
Lease principal paid	(0.6)	(0.3)	(0.3)
Lease interest paid	(0.2)	(0.1)	(0.1)
Dividends paid	0.0	(14.7)	0.0

	H1 Jan 26	vs H1 Jan 25	H2 Jul 25	H1 Jan 25
Operating activities
Cash from operations	8.3	+17%	8.5	7.1
Tax paid	(2.3)	−28%	(3.1)	(3.2)
Investing activities
Capex (PP&E)	(0.2)	−33%	(0.7)	(0.3)
Financing activities
Lease principal paid	(0.4)	+300%	(0.2)	(0.1)
Lease interest paid	(0.1)	n/m	(0.1)	0.0
Dividends paid	0.0	n/m	0.0	(14.7)

	31 Jan 26	31 Jul 25	31 Jul 24
Non-current assets
Goodwill	–	0.1	0.0
Property, plant & equipment	1.8	2.0	1.7
Non-current assets	–	6.3	4.1
Current assets
Inventories	32.9	22.8	19.5
Trade receivables	33.4	27.4	17.3
Cash	26.4	18.5	18.7
Current assets	–	68.7	55.5
Total assets	98.9	75.0	59.6
Current liabilities
Trade payables	25.9	17.1	9.5
Lease liabilities, current	0.9	0.6	0.3
Current liabilities	–	17.7	9.8
Non-current liabilities
Lease liabilities, non-current	2.2	2.4	1.5
Non-current liabilities	–	3.0	1.7
Total liabilities	29.3	20.7	11.5
Equity
Total equity	69.6	54.3	48.1
Net cash and other figures
Net cash / (debt) ex leases	26.4	–	–

	31 Jan 26	31 Jul 25	31 Jan 25	31 Jul 24
Non-current assets
Goodwill	–	0.1	–	0.0
Property, plant & equipment	1.8	2.0	1.6	1.7
Non-current assets	–	6.3	–	4.1
Current assets
Inventories	32.9	22.8	22.0	19.5
Trade receivables	33.4	27.4	19.1	17.3
Cash	26.4	18.5	10.9	18.7
Current assets	–	68.7	–	55.5
Total assets	98.9	75.0	55.6	59.6
Current liabilities
Trade payables	25.9	17.1	11.6	9.5
Lease liabilities, current	0.9	0.6	0.3	0.3
Current liabilities	–	17.7	–	9.8
Non-current liabilities
Lease liabilities, non-current	2.2	2.4	1.4	1.5
Non-current liabilities	–	3.0	–	1.7
Total liabilities	29.3	20.7	13.5	11.5
Equity
Total equity	69.6	54.3	42.1	48.1
Net cash and other figures
Net cash / (debt) ex leases	26.4	–	10.9	–

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Company filings. Not investment advice.