(Alliance News) - Polymer maker Itaconix PLC said Wednesday that it is on-track to meet market expectations for 2019 following a strong first half performance.
For the six months to the end of June, Itaconix's loss before interest, taxes, depreciation and amortisation narrowed to GBP1.0 million from GBP2.4 million the same period the year before.
Revenue meanwhile grew by 59% to GBP500,000 from GBP269,000 the prior year.
Itaconix said that demand for its detergent, odour control and hair styling polymers continued to grow during the period, from their use as key ingredients in an increasing range of consumer products for home and personal use.
"Revenues for the first half of 2019 show a growing base of end-product formulations where our polymers are delivering key functional advantages. Use of our polymers in increasingly broader categories of consumer products has established the foundation for many years of revenue growth, especially when combined with the global reach of our partners," said Chief Executive Officer John Shaw.
Shares in Itaconix were up 4.2% at 2.5 pence on Wednesday in London.
Itaconix Plc (ITX)