𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Applied Nutrition has revealed stronger-than-expected sales for the past year and said it is on track to surpass estimates for next year after strong recent demand.

Shares in the sports nutrition and health business shot higher in early trading on Tuesday as a result, taking them to their highest level for six months.

The Coleen Rooney-backed firm’s sales jumped by 24% to around £107 million for the year to July 31, compared with the previous year.

It had previously guided towards revenues of around £100 million.

Analysts at Panmure Liberum said the performance was driven by “new listings, more shelf space and increased distribution in partners across the world”.

The Liverpool-based business’ adjusted earnings are set to have risen by around 19% for the year as a result.

It also told investors that recent positive sales momentum means it expects to beat current revenue expectations for the new financial year, of around £112.4 million.

The company said: “The board remains confident that the group’s core strengths, including its B2B-focused business model, breadth of high-quality products and industry leading new product development, will continue to drive sustained revenue growth and strong profitability over the long-term.”

It also reported that its net cash level is running ahead of expectations.

Thomas Ryder, chief executive of Applied Nutrition, said: “We are proud to report that we have exceeded the guidance we gave at our IPO, with our first full-year results expected to come in ahead of market expectations.

“Our focus and ambition remain as strong as ever – in delivering for our shareholders, customers and team – and we are excited about the opportunities we have in the pipeline for the year ahead.”

Shares in the company rose by 7.5% on Tuesday morning.