(Alliance News) - Itaconix PLC on Tuesday said customer wins contributed to a jump in its annual revenue.
Shares in Itaconix rose 27% to 161.90 pence each in London on Tuesday morning.
The London-based maker of sustainable plant-based polymer consumer products boasted record revenue of USD7.9 million in 2023, a 41% jump from USD5.6 million.
It noted that its compound annual growth rate has been 55% since 2018.
Chief Executive Officer John Shaw said the growth was driven by new customer wins and an expanding base of recurring revenue from existing customers.
"Our strong balance sheet is enabling us to target new customers and product innovation to underpin our growth objectives. With our commercial advancements and the development of new revenue opportunities, we are well placed to fulfil our strategy of becoming a large, profitable specialty ingredient company," Shaw said.
By Sabrina Penty, Alliance News reporter
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Itaconix Plc (ITX)