Itaconix PLC (AIM:ITX, OTCQB:ITXXF), the plant-based polymer specialist, has reported revenues of $6.5 million for 2024, in line with expectations, alongside a jump in gross profit margins to 35% from 31% in 2023.
The company credited its improved margins and diversified revenues to a broader product range and expanded customer base.
The cleaning sector continues to shine for Itaconix, particularly in Europe, where more detergent makers are adopting its sustainable polymers.
This growth offset a planned reduction in North American sales after stepping away from a low-margin client.
There was good news in hygiene and beauty, with higher orders from major partners like Croda and Nouryon driving revenue.
Products such as Itaconix’s odour-neutralising and hair-styling ingredients played a key role in boosting overall profitability.
Investors were told the SPARX innovation programme is making strides, with plans to launch at least 10 new products in 2025, creating fresh opportunities for revenue growth.
With $6.7 million in cash and investments, the company is well-placed to support further growth.
Looking ahead, Itaconix said it remains upbeat about 2025, thanks to growing demand for its sustainable solutions, though it remains cautious about potential raw material tariffs from Asia.
CEO John Shaw told investors: "We have ended 2024 in a strong position, with trading in line with expectations and continued progress in diversifying our revenues.
"Our growth in Europe, customer diversification, and the development of our SPARX program underpin our optimism for 2025.
"We remain committed to delivering sustainable solutions that meet evolving customer needs while carefully navigating external risks. With a solid balance sheet and a growing customer base, we are confident in our ability to sustain growth and create long-term value."