(Alliance News) - Ocean Harvest Technology Group PLC on Tuesday said it anticipates its results for 2023 to be in line with expectations, with revenue expected to rise.
Shares in Ocean Harvest grew 14% to 11.73 pence each in London on Tuesday morning.
Ocean Harvest produces seaweed-based ingredients for animal feed.
The Theale, England-headquartered company said it expects revenue for 2023 to be around EUR2.4 million, up 25% from EUR3.0 million the year before.
Gross margin for the year is anticipated to be over 37%, up from 31% in 2022, Ocean Harvest said.
Looking ahead, the firm said it has a strong outlook for 2024, and predicts "significant" sales growth. In particular, it expects sales of its proprietary blended seaweed ingredient OceanFeed to grow by 29% year-on-year.
On Tuesday, Ocean Harvest also announced Chief Commercial Officer Hadden Graham will retire in 2024. He will remain at the company until June to assist with the transition to a new CCO, and will then become a consultant to Ocean Harvest on an ongoing basis.
Graham will be succeeded by Nico Stein from February 1. He has held senior commercial roles in leading companies in the industry including Anpario, Biomin and Nestle.
Chief Executive Officer Mark Williams said: "We are pleased with the resilient trading performance of the company in late 2023, in particular that the sales of our proprietary blended OceanFeed product grew almost 30%. This has helped us to grow our gross margin to over 37% for the year.
"OHT is well placed for the year ahead and will continue to deliver on growing its customer base, investing in R&D and building its supply chain to extend our position as the leading provider of blended seaweed additives to the animal feed industry."
By Sabrina Penty, Alliance News reporter
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Ocean Harvest T (OHT)