(Alliance News) - Shares rose in Itaconix PLC on Friday as the company announced at its annual general meeting a record performance in interim revenue, securing confidence in meeting market expectations for 2022.
Shares in the New Hampshire, US-based speciality polymer developer were 24% at 5.50 pence on Friday in London.
For the first half of 2022, Itaconix said it will achieve a record level in revenue, compared to the USD1.4 million achieved in the first half of 2021.
Due to demand remaining strong, and a rise in new orders from existing and new customers in the cleaning sector, the group is in a strong position to meet market expectations for revenue in 2022.
Itaconix said its production capacity is sufficient to meet customer needs, while its supply chain for raw materials have improved in recent months.
"We are fortunate that the value of our products and the lack of direct competition support us in making judicious price increases as we navigate the cost increases experienced globally," Itaconix stated.
"We remain encouraged that underlying consumer demand for the products which contain our ingredients remains strong. Current and prospective customers are actively seeking solutions from our technology platform to formulate more environmentally sustainable products, without compromising on performance or cost," the company added.
Itaconix said it will provide another trading update in the week starting July 11.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Itaconix Plc (ITX)