(Alliance News) - Itaconix PLC on Thursday said lower costs helped deliver a narrowed loss in 2018, while higher demand for detergent and personal care products boosted revenue.
The chemicals company reported a narrowed loss of GBP7.4 million for 2018 compared to GBP11.9 million a year earlier, as revenue rose by 20% to GBP660,000 from GBP553,000. Revenue grew primarily from increased demand for Itaconix's detergent and personal care products, it said.
Administrative expenses reduced to GBP4.3 million from GBP5.2 million year-on-year, however, the company booked a restructuring cost of GBP891,000 with no such cost recorded in 2017.
"We are positioned for revenue growth and a focus on profitability with a reduced cost base and global partners in place for our current major products," said Chief Executive John Shaw.
"While the ramp up in 2019 sales was initially delayed, revenue growth is accelerating, with underlying pretax losses for the full year decreasing and remaining in line with expectations," Shaw added.
Itaconix shares were trading 6.1% lower on Thursday in London at 2.16 pence each.
Itaconix Plc (ITX)