AIM-listed MicroSalt disappoints with maiden results

30th May 2024 15:18

(Sharecast News) - Shares in low-sodium salt maker MicroSalt tanked on Thursday after reporting higher losses and flat sales in 2023 in its maiden annual results as a listed company.

The company, which floated on AIM in February, reported revenues of $0.6m for last year, unchanged from 2022, while net losses expanded to $3.5m from $2.5m.

This was a result of efforts focused on R&D and preparation for the launch of the first two major food manufacturing customers within its B2B solution, the company said.

Customer A, an unnamed US Fortune 500 pharmacy/food retailer, began the rollout of snacks using MicroSalt across 800 stores in the fourth quarter. Meanwhile Customer B, which is said to be the Mexican business of one of the largest beverage and snack food companies in the world, launched an existing popular product using MicroSalt in their market in the fourth quarter.

Looking forward, the company said it has a strong pipeline with significant volume customer prospects at advanced stages.

"2024 set to be a key year where MicroSalt is expected to receive recurring commercial volume purchase orders for its bulk product, whilst acknowledging the rollout of MicroSalt across new and/or further B2B product lines has been slower than hoped during the current year to date," the company said.

The stock was down nearly 13% at 89.50p before the close in London.