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MicroSalt PLC shares surged on Monday as it said it raised £2.3 million in an oversubscribed subscription to build inventory to support expected growth in consumer demand.
MicroSalt shares were up 7.1% to 75.00 pence in London on Monday morning.
The company said £1.2 million will be used on inventory to support an expected growth in orders from ‘leading snack manufacturers’.
MicroSalt said it has received commitments for an additional 290 metric tonnes of bulk orders in 2025, and said it expects this to increase further.
The company said based one existing and expected orders, business-to-business orders are projected to increase more than 10 times than manufactured in 2024.
A further £600,000 will be used on sales and marketing for its newly launched Quick Service restaurant product targeted at the French fry market.
MicroSalt said it sees ‘tremendous opportunity’ for growth in this market, and said it has received ‘positive early interest’ from a leading global fast-food chain.
The firm said £400,000 will be used for general working capital and £100,000 for research and development into further line extensions to address demand in the ramen and noodle market segment.
The London-based producer of low-sodium salt products said the funds were raised through a subscription of around 3.3 million shares at 70.00 pence each.
The subscription proceeds are expected to fund the business for the next 12 months, MicroSalt said.
The company said in January that the US Food and Drug Administration’s proposal for nutrition information on the front of packaged foods supported its position as a leading food ingredient for US manufacturers.
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