LONDON (Alliance News) - Specialty polymers maker Itaconix PLC said Thursday its half-year loss worsened after revenue dropped and restructuring costs hurt, as it continues to make progress in commercialising its products.
For the six months ended June, pretax loss widened to GBP3.1 million from GBP2.5 million the year prior. This was after revenue fell to GBP269,000 from GBP325,000 the year before.
Profit performance was primarily hurt by a GBP545,000 exceptional cost associated with its organisational restructure.
Itaconix explained it had made "progress in achieving commercial milestones and building relationships with key industry players" during the period.
"The company has new polymers gaining usage and additional active customer projects to generate revenue growth through direct engagement and with collaboration partners," Itaconix Chief Executive Officer John Shaw said.
In early August, the firm raised GBP3.5 million through a 6.2 million share offer and subscription at 2.0 pence each. Shares in Itaconix were 1.0% higher at 2.63p on Thursday.
"With funding in place and a cost base aligned with the needs of our customer projects and collaboration partners, the company's strategy for building the value of our bio-based itaconate chemistry platform is starting to be reflected in financial performance," Shaw added. "Our focus is on rapidly converting our pipeline of customer projects into revenue growth and expanding our revenue potential with collaborations in new product areas."
Itaconix Plc (ITX)