Itaconix PLC (AIM:ITX, OTCQB:ITXXF) has told investors its revenues are tracking towards the upper end of its previous guidance, pitched at $6 million to $6.5 million for the year.
The company, a specialist in plant-based polymers, said it expects to maintain a profit margin at around 36%, in line with previous forecasts.
Revenue growth has been supported by increased sales volumes across Europe and North America, with stronger demand seen in cleaning products, particularly from new brands. Sales in the beauty sector sales have remained stable, it noted.
"Progress in the second half continues to show strong results from our efforts to expand and diversify our customer base with more profitable revenues,” chief executive John Shaw said in a statement.
“Our major investments in new marketing capabilities, new products, additional product studies, global regulatory approvals, better production, and organizational development are starting to pay off with the types of customers and revenues that we want to reach profitability and become a large, highly-attractive specialty ingredients company."
Itaconix noted that it has begun fresh marketing initiatives, including a newly launched website and its SPARX program, which integrates efforts between Itaconix and other advanced ingredient firms to collaborate with innovative product manufacturers and brands.
Brian Brand, who joined as marketing director in October, will oversee these initiatives. He brings experience from previous roles at major consumer companies, including Timberland and Burton.