Itaconix PLC - New Hampshire, US-based speciality polymer developer - Posts revenue of $5.6 million for 2022, up from $2.6 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 $2.5 million from just $448,000 a year earlier, as cost of sales grows just as rapidly to $4.1 million from $1.9 million and administrative expenses rise to $3.8 million from $2.9 million. Adjusted loss before interest, tax, depreciation and amortisation is $1.4 million, narrowed from $1.6 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 $5.6 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%
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