Largest customer continues to drive growth
I-Tech announced in a press release this morning that it has experienced significant growth in the Japanese market during the first half of 2024, with sales reaching SEK 29m, a 96% increase compared to the same period last year. The surge is largely driven by its largest customer Chugoku Marine Paints (CMP), but also Kansai Paints Marine. Kansai Paints Marine, previously undisclosed, has now been revealed as a customer in the company's press release. Kansai Paints Marine, offers five premium coatings products for larger vessels in both new-building and dry-docking segments. While its contribution to sales is currently small, I-Tech believes there is a high potential for growth. The positive development in Japan provides good support for consensus Q2'24 estimates, but we do not expect any major revisions for now. For H1'24, we estimate total sales of SEK 73m (64m).
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