Itaconix PLC (LON:ITX) posted a sharp rise in first-half profit and revenue as it completed a restructuring of the business and expanded into new markets.
The maker of speciality polymers reported gross profit of £139,000 for the six months to the end of June, up from £54,000 a year ago, as revenue surged 78% to £480,000.
Revenue, which represented 72% of the total of the last full year, was led higher by growth across the company’s non-phosphate detergent, odour control, and hairstyling polymers.
The group’s CHT122 detergent polymer enjoyed good growth in North America and Europe while its ZINADOR odour removal polymer saw increasing demand from leading household brands and new regions through its collaboration with Croda.
In May, Itaconix completed the divestment of its legacy nicotine gum business with the sale of its interest in Alkalon A/S for £200,000.
“With our restructuring fully completed, Itaconix is in a key stage of broad-based long-term revenue growth and value creation,” said chief executive John Shaw.
“Our base of end-product applications combined with our global collaborations is generating commercial momentum and emerging financial performance that reflect our near-term goal of sustained revenue growth to reach profitability.
“We have a pipeline of active customer projects to reach beyond this goal, with timing dependent on converting these projects into order volumes.”