Itaconix PLC on Tuesday emphasised that it is on a path of progress as it reported a narrowed interim loss and higher revenue.

Itaconix is a London-based company that uses its plant-based polymer technology platform to produce and sell specialty ingredients that improve the safety, performance, and sustainability of consumer products.

The company said in the first half of 2023, pretax loss narrowed 39% to $682,000 from $1.1 million. Revenue grew 32% to $4.0 million from $3.1 million.

Cost of sales increased 26% to $2.9 million from $2.3 million.

Looking ahead, Chief Executive Officer John Shaw expects to deliver 2023 results in line with expectations. He added: ‘Key measures of success for us through 2024 are the number of new brands we add and the number of new products that we introduce in new applications’.

The company expects to be ‘firmly’ in a stage of progress towards reaching its-near term targets with cash resources in place to introduce new Itaconix plant-based ingredients, Shaw said.

Itaconix shares were 1.5% higher at 182.75 pence each on Tuesday afternoon in London.

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