5th Jun 2023 09:37
Itaconix PLC - New Hampshire, US-based speciality polymer developer - Posts revenue of USD5.6 million for 2022, up from USD2.6 million in 2021. Says the rise in revenue is driven by success in the cleaning segment in North America and Europe. However, pretax loss widens to USD2.5 million from just USD448,000 a year earlier, as cost of sales grows just as rapidly to USD4.1 million from USD1.9 million and administrative expenses rise to USD3.8 million from USD2.9 million. Adjusted loss before interest, tax, depreciation and amortisation is USD1.4 million, narrowed from USD1.6 million the year earlier. Looking ahead, Itaconix says it approaches the future with more commercial progress, resources, potential, and "more optimism than ever before".
Itaconix Chief Executive Officer John Shaw says: "We achieved major steps in 2022 toward our financial goal of building a large, high gross margin, capital efficient specialty ingredients business. We have delivered revenues in line with previously upgraded market expectations at USD5.6 million, as our products are now used as performance ingredients in over 145 different consumer brands and are found in major retailers across Europe and North America."
Current stock price: 5.30 pence each, up 3.9% on Monday morning in London
12-month change: down 3.6%
By Xindi Wei, Alliance News reporter
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