28th Oct 2020 16:04
(Alliance News) - Polymer maker Itaconix PLC on Wednesday reported a narrowed loss for the first half of 2020, as revenue grew across all of the company's businesses.
For the six months to the end of June, Itaconix's pretax loss narrowed to USD813,000 from USD2.2 million the same period the year before. Revenue meanwhile, grew by 80% year-on-year to USD1.1 million from USD604,000.
The company said revenue growth was fostered by a surge in demand for household cleaning during the pandemic, as well as new contributions from new customer products entering the market.
Looking ahead, Itaconix said it has commercial momentum, with the expanding foundation of recurring revenue creating a strong base for continued revenue growth in the coming years.
"Major advancements in our customer pipeline allowed us to enter a new phase of commercial growth in the first half of 2020. Our customers are succeeding with new products that leverage the unique value and functionality of our sustainable ingredients. When consumers purchase these new products for their performance and cost, they also benefit the environment through a reduction in the depletion of natural resources, an increase in the use of safer chemicals, and a reduction in the release of chemicals," said Chief Executive Officer John Shaw.
Shares in Itaconix were up 1.1% at 2.40 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
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