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(Sharecast News) - Plant-based polymers manufacturer Itaconix said on Tuesday that it had achieved "another record year of revenues" in 2023, sending shares skyward in early trading.
Itaconix stated unaudited revenues had shot up 40.6% year-on-year to $7.9m, with European revenues up 89.3% to $1.0m and North American revenues increasing 35.6% year-on-year to $6.9m.
The AIM-listed group stated the cleaning sector was the major revenue contributor, generating $7.2m in unaudited revenues, a 43.7% increase compared to 2022, principally due to expanding detergent sales volumes across North America and Europe. The hygiene and beauty sectors contributed $600,000 in revenues over the period, representing a 31.4% increase year-on-year.
Unaudited net cash and investments as of 31 December 2023 were also markedly higher than at the end of FY22, surging from $600,000 to $10.0m.
Chief executive John Shaw said: "We have completed another record-setting year with revenues again growing substantially. This is being driven by both new customer wins and an expanding base of recurring revenues from existing customers. Our strong balance sheet is enabling us to target new customers and product innovation to underpin our growth objectives.
"With our commercial advancements and the development of new revenue opportunities, we are well placed to fulfil our strategy of becoming a large, profitable specialty ingredient company, distinguished by our commitment to safer chemicals, superior performance, cost-efficiency, and sustainability."
As of 1000 GMT, Itaconix shares had surged 32.55% to 169.0p.
Reporting by Iain Gilbert at Sharecast.com
