Itaconix, the London-listed polymer ingredients company, announced on Wednesday that it had achieved record-high revenue for the first half of 2023. The company is on track to meet market expectations for the full year.

Strong Growth in Cleaning Applications Drives Revenue Increase

In the first half of the year, Itaconix's revenue rose to $4 million, up from $3 million in the same period last year. Cleaning applications accounted for 92% of the company's first-half revenue, with a notable 33% increase compared to H1 2022. This growth was driven by continued gains in North American and detergent volumes.

Impressive Gross Profit Margin

Itaconix's overall gross profit margin for the first half exceeded the full-year margin for 2022. This improvement can be attributed to higher product volumes and more stable raw material costs.

Positive Market Outlook

While Itaconix did not provide a specific financial figure for its full-year market expectations, analysts from FactSet predict an increase in revenue from $5.6 million to $8.0 million compared to the previous year.

Vision for the Future

Chief Executive John Shaw expressed confidence in Itaconix's future prospects, stating, "With increased commercial traction across our technology platform, we are building a recurring revenue base, experiencing consistent high revenue growth, and fostering a pipeline of new revenue opportunities to achieve our goal of becoming a large, profitable specialty-ingredient company."

Stock Performance

Shares of Itaconix showed a positive trend, rising by 0.25 pence or 6.1% to reach 4.35 pence at 0705 GMT.

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