The AIM company, which underwent a boardroom reshuffle last year that saw its president also take on the role of chief executive, saw sales jump to £0.66mln in 2018, up from £0.55mln a year earlier.
Itaconix’s polymers are used in a range of products from handwash to mascara, with growth last year driven by increased demand for its detergent and personal care (deodorant, haircare, mascara) products.
Loss before tax for the year narrowed to £7.40mln (2017: £11.87mln), reflecting a hefty write-down of the company’s intangible assets last time around.
Cash reserves totalled £2.10mln at the end of the period (Dec 2017: £3.60mln).
More to come
Even with the solid top-line rise last year, Itaconix is guiding for even “stronger revenue growth” in 2019. Losses are also expected to fall once again.
To help it achieve those goals, the company recently expanded the launch of its hairstyling polymer, while it has also developed a new auto dish detergent for the US market.
“We are positioned for revenue growth and a focus on profitability with a reduced cost base and global partners in place for our current major products,” said chief executive John Shaw.
“While the ramp up in 2019 sales was initially delayed, revenue growth is accelerating, with underlying pre-tax losses for the full year decreasing and remaining in line with expectations.”
After initially opening higher, shares were down 7.8% to 2.12p in early deals on Thursday.