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(Alliance News) - Itaconix PLC said Tuesday its interim loss narrowed as revenue increased and costs fell. The chemicals firm said momentum is building towards profitability.
For the six months ended June, pretax loss narrowed to GBP1.7 million from GBP3.1 million the year prior. Revenue rose 78% to GBP480,000 from GBP269,000 a year before.
Profit performance was helped by administrative costs halving to GBP1.3 million from GBP2.7 million the year prior.
"Our base of end-product applications combined with our global collaborations is generating commercial momentum and emerging financial performance that reflect our near-term goal of sustained revenue growth to reach profitability," Itaconix Chief Executive Officer John Shaw said.
Itaconix does not pay a dividend.
"We have a pipeline of active customer projects to reach beyond this goal, with timing dependent on converting these projects into order volumes", Shaw added.
Shares in Itaconix were 1.4% lower at 2.56 pence in London on Tuesday.
