Last checked at 
(Alliance News) - Itaconix PLC on Wednesday said it more than doubled its revenue for the first half of 2022, driven mainly through growth in cleaning application sales.
Shares in the speciality polymer developer were 14% higher at 7.00 pence on Wednesday in London.
For the six months ended June 30, Itaconix posted a record USD3.0 million in revenue, more than doubled from USD1.1 million the year before, and even compared to USD1.3 million for 2021 as a whole.
This was due to an upsurge in cleaning applications, as Itaconix polymers found a new use in European detergent formulations and continued to gain market share in North America.
Itaconix is based in the US state of New Hampshire.
However, beauty and hygiene applications booked less revenue as a result of lower order volumes from partners. Also, the overall gross profit margin for the period was lower compared to a year prior, due to the mix of product revenue and the timing of passing on higher raw material costs to customers, the company said.
"We are seeing increased traction for our plant-based cleaning ingredients as existing customers expand into more retailers and important new customers bring new formulations to market. We expect to see at least one new European detergent product on the market this year, and possibly even more. With these breakthroughs and steady advances in North America, we expect continued progress through in to 2023," said Chief Executive Officer John Shaw.
"As the revenues and success of our current products become more certain, we are setting our sights on bigger and broader ingredient opportunities from our proprietary technology platform. We are working with potential customers on new products that they can bring to the hygiene market with our plant-based superabsorbent."
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
