Itaconix PLC said trading in the first three months of 2022 was “substantially” ahead of the same period in 2021, pushing its shares up as much as 13%.
The AIM-listed company, which designs and makes plant-based specialty polymers for use in consumer products, said trading in the first quarter supported current market expectations for FY2022.
Products used in cleaning applications are leading revenue growth in early 2022 based on continued recovery and increases in orders for uses in dishwashing detergents.
It has seen growth from existing major North America brands and recurring orders from three new North American brands that started in the second half of last year.
A new North American brand is expected to go into production in the third quarter, with more expected by the end of 2022.
Hygiene and Beauty revenues are currently tracking close to 2021 results, it said in a trading update.
“Itaconix is building a broader base of recurring revenues with new customers, new applications, and new products,” said chief executive John R. Shaw. “The driver is the continued spotlight on the global low-carbon economy and the need for sustainable consumer products with powerful performance and competitive costs."
The company also said it continues to maintain sufficient raw material supplies and production capacity to meet customer demand.
The shares rose as high as 5.55 pence in early trading, before paring gains to trade 5.1% higher at 5.15p by mid-morning.