Itaconix PLC (AIM:ITX, OTCQB:ITXXF) told investors it remains on track to deliver full-year 2024 results in line with the board's expectations.
The company, in its interim results, for the six months ended 30 June, reported $2.8 million of revenue and $1.1 million of gross profit, as margin improved to 39% from 28%.
It highlighted a focus on higher-margin business and the development of more diverse revenue streams within performance ingredients.
Investments were a factor in the firm’s earnings (adjusted EBITDA) loss of $1 million for the half.
"We have succeeded at adjusting our revenue base with gross profit margins that better reflect the value of our plant-based ingredients,” chief executive John Shaw said in a statement.
“Our efforts in the first half of the year place the company in position for a strong second half and future long-term growth.
“With cash resources in place to support our new marketing efforts and new product development, the company is firmly in a new stage of progress, focused on achieving near-term targets while also pursuing larger and broader opportunities for its technology platform.”
Itaconix ended the half with US$8 million of cash and investments.
It repeated its full-year revenue expectations, which are pitched at US$6 million to US$6.5 million with a gross margin target of 36%.