MicroSalt unveiled its strategy objectives on Tuesday after the low-sodium technology company completed a rip-roaring London IPO.
Shares have soared since listing in London at 43p last week, touching highs of 77p this morning before short-term profit takers booked gains.
MicroSalt outlined its strategy to focus on its B2B business, which it believes will drive near-term profitable growth. In 2024, MicroSalt plans to convert current customer trials into large-scale orders, expand sales of its current products into new product lines, and establish partnerships with new B2B customers to reformulate their offerings using MicroSalt’s sodium-reduction technology.
After securing commercial orders from two major customers – the Mexican division of a leading global food and beverage manufacturer and a national Fortune 500 supermarket chain – for use in salty snack offerings, MicroSalt sees a clear path to growing B2B sales volume.
“There is a real business to business opportunity to provide an ingredient that enables food manufacturers to reduce salt levels,” said Judith Batchelar OBE, Non-Executive Chair of MicroSalt.
MicroSalt is also in early discussions with three top UK grocery chains about using its technology in store-brand items, as well as with ready-meal suppliers and a fast food burger company.
To promote its products and technology, MicroSalt plans to exhibit at least 12 major food industry trade shows worldwide this year, including events in Frankfurt, Paris, Shanghai, Dubai, and Stockholm.
In addition to over 1,000 U.S. and Philippines retail outlets currently stocking MicroSalt shakers, the company aims to continue global expansion, making its B2C products available in more top retail stores and new markets.
To manage growing order volumes, MicroSalt will continuously evaluate and expand as needed its global network of third-party manufacturing, storage, and distribution partners. Long-term, the company may opt to bring some manufacturing in-house.
MicroSalt shares were changing hands at 64p at the time of writing.