The Advance Nanotek Ltd (ASX: ANO) share price jumped 20% this morning after the advanced materials manufacturer announced it expects a further sales uplift in FY20 due to a number of advanced sales orders it has received in the US.
For the quarter ending March 2019, the company is forecasting a net profit after tax of around $1.8 million and flagged total financial year-to-date profit of around $3.4 million up to 31 March 2019. The group suggested the better-than-expected result was partly because sales of its XP Powder for the 9 months to 2019 were already double the full year 2018’s results.
The group’s CEO also said it was now “quietly confident” it could maintain its current growth trajectory though the first half of FY20.
Based on a share price of $7 today, the stock is up 14x from just 50 cents this time last year and it now has a market value around $400 million, which suggests today’s buyers have great expectations.
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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.