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 - Achieves "record" revenue in the first half of 2023 at USD4.0 million. This represents 32% growth against the first half of 2022 and 58% growth against the second half of 2022. Adds that 2023 first-half revenue is 72% of full-year revenue for 2022 and more than double full-year revenue for 2021. Overall gross profit margin for the first half exceeds that of the whole of 2022 due to higher product volumes and more stable raw material costs, the company says.
"Our record first half revenues place us in a strong position to meet market expectations for 2023. With increased commercial traction across our technology platform, we are building a recurring revenue base, experiencing consistent high revenue growth, and fostering a pipeline of new revenue opportunities to achieve our goal of becoming a large, profitable specialty ingredient company," says Chief Executive John Shaw.
Company plans to release its half-year results in early September.
Current stock price: 4.30 pence, up 4.9% in London on Wednesday morning
12-month change: down 30%
By Heather Rydings, Alliance News senior economics reporter
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Itaconix Plc (ITX)