Itaconix PLC (AIM:ITX, OTCQB:ITXXF), the plant-based polymers group, said its performance was in line with expectations as revenues hit a record $7.9 million last year - up 40.6% compared with 12 months earlier.
In its trading update, investors were told Europe witnessed an 89.3% surge in sales to $1 million, and North America was up 35.6% to $6.9 million.
"We have completed another record-setting year with revenues again growing substantially," said CEO John Shaw. "This is being driven by both new customer wins and an expanding base of recurring revenues from existing customers."
Breaking performance down by sector, Cleaning emerges as the primary top-line driver, as turnover hit $7.2 million, a 43.7% increase over the prior year.
Its success was attributed to expanded detergent sales across both continents, supported by increased volume from existing North American customers and the acquisition of new detergent clients in Europe.
Breaking that down, Performance Ingredients accounted for $5.3 million of the Cleaning figure, while Formulated Solutions contributed $1.9 million.
Financially, Itaconix is well-positioned with unaudited net cash and investments standing at $10 million at the year-end.
"Our strong balance sheet is enabling us to target new customers and product innovation to underpin our growth objectives," said CEO Shaw.
"With our commercial advancements and the development of new revenue opportunities, we are well placed to fulfil our strategy of becoming a large, profitable speciality ingredient company, distinguished by our commitment to safer chemicals, superior performance, cost-efficiency, and sustainability."