The Liverpool-based manufacturer reported sales of £61.2m in its latest audited accounts, up from £35.2m in the previous year – up 446% since 2020 (£11m). Earning before interests, taxes, depreciation and amortisation rose 80% to £18.1m (from £10m in 2022).
Commenting on the results, Applied Nutrition chief executive Thomas Ryder attributed the growth to a variety of drivers, such as new products, new, new geographies and new flavours.
“Our margins have remained strong despite our rapid growth and these latest results also include the setup of our US operation, which is now growing at a healthy rate,” he added. “Now we’re aiming for £100m turnover in the current financial year and the first four months are ahead of plan.”
Sales and profit growth followed the opening of the company’s first overseas office in Plano, Texas in 2022, which Applied Nutrition has subsidised whilst in its growth phase. Since then, its ABE pre-workout product has now been listed nationwide in the ‘world’s largest’ retailer Walmart.
The reported period also saw the manufacturer take on a long-term lease for a 4,645m2 distribution centre located next door to its existing manufacturing facility. Applied Nutrition planned to extend its factory and secure further warehouse space in the new year.
Steven Granite, chief operating officer, added: “It’s fantastic to be part of a business which is growing so rapidly but, in a healthy and controlled way. Thomas has major ambitions for the brand and we’re now in the process of extending our production facility to add two more high output powder lines which will help make his vision a reality.
“Demand for the brand is exceptionally high across the world and the increased capacity in both production and a new warehouse we’re in the process of securing, will ensure we can meet the continued growing demand.”
Applied Nutrition manufactures 85% of its products at the 9,290.3m2 BRC grade AA factory and distribution centre in Kirkby, employing more than 170 people.
Meanwhile, 2 Sisters Food Group has reported continued sales growth for the year ended 31 July 2022, but the cost of sales and extreme weather impacted the poultry processors profits for the year.