Itaconix PLC (AIM:ITX, OTCQB:ITXXF) has reported record half-year sales and said it remains on track to meet forecasts for 2025 as well as its medium-term goal of turning profitable.
The AIM-listed chemicals company, which makes plant-based polymers used in everyday items such as detergents and cosmetics, said revenues rose 73% year on year to $4.8 million in the six months to June.
That compares with $2.8 million in the same period of 2024 and $3.7 million in the second half of last year.
Gross profit increased 55% to $1.7 million, while the company’s adjusted operating loss narrowed to $0.2 million from $1 million a year earlier.
The net loss after tax halved to $0.4 million. Cash and investments at the end of June stood at $5.7 million, down from $6.7 million at the end of 2024, reflecting planned spending on stockpiles of raw materials and finished products.
The business is developing three separate revenue streams. Its performance ingredients arm, which supplies cleaning brands, remained the largest contributor with sales of $2.8 million.
It also reported progress in its formulated solutions business and launched BIO*Asterix, a line aimed at paints, coatings and adhesives.
John Shaw, chief executive, said: “Our record half-year revenues are another major milestone towards establishing our products as core ingredients in a new generation of high-performance sustainable consumer products.”
The group has also extended its partnership with Croda, the speciality chemicals group, until 2030, including the launch of a new odour-neutralising powder for detergents.
Looking ahead, Shaw said: “We remain confident in delivering on the board’s full-year expectations for 2025 and in our mid-term path to profitability.”