Itaconix PLC (LON:ITX, OTCQB: ITXXF), the sustainable specialty polymers group, said it had the “commercial momentum and operations in place for continued strong revenue growth".
The comments accompanied the 2019 results which revealed sales rose 46% to US$1.3mln, while gross profits were up 221% to US$450,000, giving a gross profit margin of almost 35%. The net loss decreased by 86% to US$1.4mln.
"Our 2019 results show the transformation in revenue and profit potential that we created from our focus on sustainable specialty ingredients and the restructuring of operations in 2018,” said chief executive John Shaw.
“We exited 2019 as a lean commercial operation with a growing base of customers and recurring revenues from our direct success in detergents and our blue-chip collaborations with Croda and Nouryon.”
The most recent trading statement, covering the first six months of 2020, showed the commercial momentum continuing and building.
In July investors were told 2020 revenues were US$1.1mln, representing around 80% growth over the equivalent period in 2019 and 62% over the second half of 2019.
That same month Itaconix raised US$2.2mln to fund the “advance toward break-even profitability”.
“With product demand in the first half of 2020 reflecting the ramp-up we expected to start in late 2019 and the proceeds from our July equity raise, we have the commercial momentum and operations in place for continued strong revenue growth," said CEO Shaw.