Itaconix PLC (AIM:ITX, OTCQB:ITXXF), the sustainable plant-based polymers group, said year-to-date revenue in 2023 is ahead of the same period in 2022 and expected to be almost 40% higher at US$7.7 million (US$5.6 million) for the full year.
Earnings in 2023 are also expected to be in line with current market expectations.
Cleaning products are driving the improvement, it added, with detergent polymers gaining traction in Europe as a key ingredient in both private-label and eco-friendly non-phosphate dishwashing detergents while North American customers generally are ordering more.
Volumes should continue to grow in the next two years, Itaconix added, with more competitive pricing to customers.
As a result, revenue expectations are now US$9.5 million or more for 2024 and US$12.5 million or more for 2025 though earnings expectations are unchanged.
Gross profit margins too are being helped by higher volumes from smaller accounts and beauty products and this trend should continue into 2024, aided by reductions in raw material and production costs.
Additional efforts to boost visibility and attract new investors, both in the UK and internationally, are also underway to highlight the improving outlook.
John R Shaw, chief executive, added: "As this year closes and a new one shortly begins, Itaconix is gaining momentum with new customers and brands, building a strong foundation of recurring revenue.
“We are focused on our commercial growth and increasing customer, investor, and consumer awareness of Itaconix's value in everyday products."