Itaconix PLC - London-based company that uses its plant-based polymer technology platform to produce and sell specialty ingredients that improve the safety, performance, and sustainability of consumer products - Reports that year-to-date revenue in 2023 is ahead of the same period in 2022. Revenue for the full-year is expected to be at least USD7.7 million, with 2023 earnings expected to be in line with current market expectations. Also says gross profit margins have improved, supported by higher volumes from smaller accounts and beauty products. Looking ahead, notes that revenue expectations are revised to USD9.5 million or more for 2024 and USD12.5 million or more for 2025, with no change to earnings expectations. In 2022, Itaconix reported revenue of USD5.6 million.
"Our cleaning segment continues to drive overall revenue growth. In Europe, Itaconix TSI detergent polymers are gaining traction as a key ingredient in both private-label and eco-friendly non-phosphate dishwashing detergents. Revenues from existing North American customers continue to grow from expanded success with retailers and consumers," it says.
Also, Itaconix says it is undertaking additional efforts to boost visibility and attract new investors, both in the UK and internationally.
Current stock price: 132.00 pence, down 4.0%
12-month change: down 43%
By Sophie Rose, Alliance News senior reporter
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Itaconix Plc (ITX)