The Advance NanoTek Ltd (ASX: ANO) share price has continued its incredible run on Wednesday with another strong gain.
In afternoon trade the fast-growing company’s shares are up a further 14% to an all-time high of $5.80.
This latest gain means that Advance NanoTek’s shares have now gained a remarkable 530% since the start of the year.
To put this into context, a $25,000 investment in the company’s shares at the end of last year would now have grown to be worth just under $160,000.
What is Advance NanoTek?
Advance NanoTek is a developer, manufacturer and marketer of innovative products based on its range of proprietary advanced material technologies and manufacturing processes.
To date, the company’s commercialised products include metal oxide powders and dispersions of zinc oxide. These act as the UV blocker in sunscreens and some cosmetic products.
Why has its share price rocketed 530% higher this year?
A significant increase in demand for its products in FY 2019 appears to be the main catalyst for this strong share price gain this year.
In the first half of the year the company almost doubled its revenue to $5.3 million and almost tripled its half year profit to $1.75 million.
In addition to this, last month the company released its third quarter update which revealed an unaudited quarterly profit after tax of $1.8 million (excluding R&D tax benefits).
This is three times higher than the prior corresponding period and brings its profit after tax for the first nine months of FY 2019 to $3.4 million.
Pleasingly, demand for its products doesn’t seem to be dying down and the company is fighting through a backlog of orders.
The release explains: “Sales of XP powder for the 9 months to 2019 are 100% up on 2018 full year sales. We now have close to 100T of outstanding sales orders that we hope to ship before the end of FY19, subject to new kilns being commissioned as planned.”
With growth like this, it isn’t surprising to see investors snapping up shares in a hurry.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.