Itaconix PLC (AIM:ITX, OTCQB:ITXXF) shares rose 9% following the announcement of record first-half revenue growth.
The plant-based polymer specialist reported a 73% increase in revenue to $4.8 million compared with the same period last year, surpassing market expectations. This also marks a 30% rise on the second half of 2024.
The surge was driven by an 87% jump in the cleaning products segment to $4.3 million, reflecting growing market share for its scale inhibitors and early success with its custom SPARX cleaning solutions.
Hygiene and beauty revenues rose 9% to $0.5 million. Europe led regional growth with a 149% increase, supported by repeat orders, while North America grew 53%.
In June, Itaconix launched BIO*Asterix, a new speciality monomer range targeting paints and adhesives, expanding its revenue streams.
The company also extended its partnership with Croda to include new fabric-cleaning ingredients. CEO John Shaw expressed confidence in sustained growth through 2025.
The shares rose 11.3p to 138.8p.