Itaconix PLC (AIM:ITX, OTCQB:ITXXF, FRA:18G0), the AIM-listed maker of plant-based specialty polymers used in household detergents, has reiterated its recently upgraded revenue guidance, unveiling plans to more than double revenues to $30 million in the medium term.
The company also said it remained confident of delivering a small positive EBITDA (earnings before interest, tax, depreciation and amortisation) for the full year, alongside guidance of at least $14.8 million in revenue.
The medium-term target of $30 million will be achieved by expanding volumes with existing customers and landing new accounts from its current sales pipeline.
The group said momentum in its core Performance Ingredients division was expected to remain strong, supported by recurring revenues and growing demand in unit-dose detergent markets.
It also pointed to longer-term growth potential beyond $30 million from new applications in paints and agriculture.
The outlook came alongside half-year results showing total revenue rose 72% to $8.3 million for the six months to 30 June, from $4.8 million a year earlier.
Adjusted EBITDA reached break-even, an improvement from a $0.2 million loss in the same period last year.
Gross profit climbed 74% to $3 million, with margins broadly stable at 35.6%.
Itaconix Performance Ingredients, which made up 81% of group revenue, grew 104%, driven by strong reorder volumes and two new large detergent customers in EMEA and North America.
SPARX Formulated Solutions, the company's programme helping brands adopt its ingredients in unit-dose detergents, grew 3%.
Net cash and investments stood at $5.1 million at the end of June, up from $4.4 million at the start of the year.
John Shaw, chief executive of Itaconix, said the results marked "major milestones" for the company's commercial progress, revenue potential and cash position.
He said the group was also making progress on new revenue opportunities in paint applications and agricultural uses for its polymers.
Itaconix continued to monitor the potential impact of global conflicts and trade issues, though it said these had had a limited effect on the business to date.
