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(Sharecast News) - Speciality polymers company Itaconix announced the promotion of Laura Denner from group director of finance and operations to chief financial officer on Friday, with effect from 1 September.
The AIM-traded firm said Michael Norris would step down after serving as the company's interim chief financial officer since 1 September last year.
It said Denner had assumed increasing financial and operational responsibilities since joining Itaconix as financial controller in 2013.
Her major accomplishments included a "steady stream" of projects to build a "strong" operating and accounting base for the company's growth needs.
Denner is a Certified Public Accountant, having previously worked as audit manager at Feeley & Driscoll - now part of BDO - and held a master of science in accounting from Boston College and a bachelor of science in accounting and international studies from Bryant University.
"I greatly appreciated Michael's strong support as we worked together to restructure operations and move Itaconix into its new commercial phase," said chief executive officer John R Shaw.
"Laura worked closely with Michael over the last year and had lead responsibilities on major portions of this process.
"Her experience and leadership in developing our operations and finances have positioned us for on-going commercial success."
5 Jun 2023 09:37
IN BRIEF: Itaconix annual loss widens as costs rise; revenue jumps
Itaconix PLC - New Hampshire, US-based speciality polymer developer - Posts revenue of USD5.6 million for 2022, up from USD2.6 million in 2021. Says the rise in revenue is driven by success in the cleaning segment in North America and Europe. However, pretax loss widens to USD2.5 million from just USD448,000 a year earlier, as cost of sales grows just as rapidly to USD4.1 million from USD1.9 million and administrative expenses rise to USD3.8 million from USD2.9 million. Adjusted loss before interest, tax, depreciation and amortisation is USD1.4 million, narrowed from USD1.6 million the year earlier. Looking ahead, Itaconix says it approaches the future with more commercial progress, resources, potential, and "more optimism than ever before".
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