MicroSalt PLC on Thursday said the company is optimistic it will see increased bulk orders going forward, as it reported a wider annual loss.
The London-based producer of low-sodium salt products said its pretax loss in 2023 was £3.5 million, widened from £2.5 million the previous year.
Revenue fell 10% to £574,000 from £638,000, while administrative expenses increased to £3.3 million from £2.6 million.
MicroSalt shares were down 13% to 88.75 pence each in London on Thursday afternoon.
The lack of revenue growth was attributed to an increased focus on research and development in preparation for the launch of MicroSalt’s two major food manufacturing customers through its business-to-business solution.
Chief Executive Officer Rick Guiney said: ‘Our geographic outreach is expanding all the time, now with inroads into Asia, Australia, South Africa, the UK, Germany, Canada and Latin America with a resultant boost to our sales pipeline.
‘Furthermore, our consumer products including SaltMe crisps and MicroSalt shakers have successfully provided a low-sodium alternative for households worldwide, cementing our brand as an essential, generation-spanning choice.’
The company expects to see recurring commercial bulk orders for its MicroSalt product throughout 2024.
MicroSalt said it is also currently in the advanced stages of talks relating to large volume orders from a range of national and multi-national companies.
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