Itaconix PLC (LON:ITX) reported a flat first-half operating loss but said that sales during the period had jumped a fifth compared to the second half of last year.
The company, which is rebasing to the US, on Thursday said its group operating loss in the six months to the end of June was largely unchanged at £2,589 but that sales during the period came in at £269,000 – 18% up on its sales in the six months to the end of December 2017.
READ: Itaconix bids farewell to chief financial officer Robin Cridland
The designer and manufacturer of speciality polymers said its sales had been boosted by its second generation detergent polymer, which gained new accounts and usage in non-phosphate detergents.
The company, which raised £3.2mln through an equity raise last month, said significant costs were being taken out of the business and that it aimed to reach profitability soon as its customer pipeline advances.
“With funding in place and a cost base aligned with the needs of our customer projects and collaboration partnering, the company's strategy for building the value of our bio-based itaconate chemistry platform is starting to be reflected in financial performance and commercial momentum is building,” Itaconix said in a statement.
“Our focus is on rapidly converting our pipeline of customer projects into revenue growth and expanding our revenue potential with collaborations in new product areas,” it added.
Shares in the company were 11.5% up at 2.90p in mid-morning trade.