Itaconix interim loss widens; expects revenue at upper end of guidance

(Alliance News) - Itaconix PLC in September said its loss widened in the first half of 2024, as ...

Alliance News 5 November, 2024 | 12:01PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Itaconix PLC in September said its loss widened in the first half of 2024, as second-half trading to date puts its revenue expectations at the upper end of its weaker year-on-year forecast.

The London-based manufacturer of plant-based polymers said its pretax loss during the six months that ended June 30 widened to USD1.0 million from USD682,000 the year before.

Revenue fell 30% to USD2.8 million from USD4.0 million, while cost of sales fell 41% to USD1.7 million from USD2.9 million last year.

Itaconix said on Tuesday that trading during its second half has been in line with expectations, and that revenue growth compared to the first half has been supported by "volume increases in the EU and North America, increased volumes with cleaning usage in new brands, steady beauty volumes, and growth in hygiene revenues".

The company now expects full-year revenue to be at the upper end of its previous forecast of between USD6.0 million and USD6.5 million. This would represent between an 18% and 24% fall in revenue from USD7.9 million in 2023.

Itaconix still expects gross profit margins to be in line with prior guidance of around 36%, compared to 31% in 2023.

Chief Executive Officer John Shaw said: "Our progress in the second half continues to show strong results from our efforts to expand and diversify our customer base with more profitable revenues. Our major investments in new marketing capabilities, new products, additional product studies, global regulatory approvals, better production, and organisational development are starting to pay off with the types of customers and revenues that we want to reach profitably and become a large, highly-attractive specialty ingredients company."

Shares in Itaconix were up 6.9% at 147.00 pence each in London on Tuesday morning.

By Emily Parsons, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Itaconix PLC 140.00 GBX 1.82 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures