Itaconix PLC (AIM:ITX, OTCQB:ITXXF) saw revenues rise by more than 40% in 2023 as demand for its sustainable-based polymers grew in the cleaning and beauty sectors, especially in Europe.
In 2023, revenue rose to US$7.9 million from US$5.6 million, with underlying losses halved to US$925,000 (US$1.9 million) due to better margins, volumes and product utilisation.
Pre-tax losses were US$1.5 million (US$2.4 million) while cash at the year-end totalled US$10 million.
“Substantial progress in cleaning was notably advanced by Itaconix detergent polymers in Europe," said the statement with its latest product TSI 322 "Driving a new and exciting cohort of non-phosphate dishwashing detergents”.
In beauty, Itaconix ingredients are gaining use in hair care products based on excellent curl retention, especially "weightless" hairstyling, and high plant-based content.
Hygiene polymers for odour neutralisation, meanwhile, are being sold through Croda's ZINADOR 22L and 35L and by Itaconix as VELAFRESH ZP20 and ZP30.
Earlier this month Itaconix warned it would see lower 2024 revenues due to not reaching satisfactory commercial terms with an existing North American customer.
John R Shaw, chief executive, commented alongside the results: “We are pursuing growth from other existing customers and from new accounts with a view to replenishing this revised expectation with higher margin revenues.
“We are positioning ourselves to better capture the commercial value of our performance ingredients with new customer wins, new volumes in non-detergent uses, and important new product development initiatives."