Itaconix PLC (LSE:ITX, OTCQB:ITXXF), the plant-based polymers group, said it achieved its fifth consecutive year of record results in the six months to 30 June, 2023.
Unaudited revenues grew to US$4mln, which represented 32% growth compared to the first half of 2022 and 58% growth on the final six months of last year.
Additionally, sales in the year to 30 June are 72% of last year’s full revenue and 155% greater than 2021, the company said in its results statement.
Cleaning applications generated the bulk of revenues, contributing 92% to total sales, driven by detergent gains in North America and Europe, according to a statement.
Overall, the gross profit margin for the first six months exceeded that of the full year for 2022 due to higher product volumes and more stable raw material costs, while net unaudited cash as of 30 June 2023 was US$11.2mln.
"Our record first half revenues place us in a strong position to meet market expectations for 2023,” said Itaconix CEO John R. Shaw.
“With increased commercial traction across our technology platform, we are building a recurring revenue base, experiencing consistent high revenue growth, and fostering a pipeline of new revenue opportunities to achieve our goal of becoming a large, profitable speciality ingredient company,” Shaw added.