MicroSalt reiterates progress after share price surge

18th Oct 2024 11:28

(Sharecast News) - MicroSalt responded to a significant rise in its share price on Friday, confirming that there was no new trading or operational update beyond the information it provided in its interim results in late September.

The AIM-traded specialist producer of low-sodium, full-flavour salt, reiterated key points from that announcement, including progress in its bulk B2B business with major food manufacturers, receiving volume commitments of around 92 metric tons in the third quarter and anticipating further growth in the fourth quarter from partners in Mexico, the UK, and the US.

Additionally, MicroSalt said its products were set to be sold via Ingredients Online, a B2B e-commerce marketplace, with distribution from warehouses in New Jersey and California expected by the end of October.

On the B2C side, the company expanded the placement of its shakers and 'SaltMe' low-sodium crisps across 600 new US stores in the third quarter, bringing the total to around 1,200 retail locations.

The firm also highlighted a strong pipeline with major customer prospects at advanced stages, which could lead to its nomination as a supplier for larger product lines.

MicroSalt also addressed comments made in a recent podcast on Friday, where the interviewee speculated about potential major B2B and retail distribution deals.

The company clarified that the remarks were solely the opinion of the interviewee, reaffirming the statements made in its interim results.

MicroSalt said it would provide further updates as appropriate.

At 1057 BST, shares in MicroSalt were up 5.77% at 55p.

Reporting by Josh White for Sharecast.com.