Itaconix targeting "very aggressive growth" during remainder of 2023
London, UK
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September 12, 2023 09:51 AM Eastern Daylight Time
Itaconix PLC (LSE:ITX, OTCQB:ITXXF) CEO John Shaw speaks to Thomas Warner from Proactive London after the sustainable plant-based polymer company announced its unaudited interim results for the six months ended 30 June 2023.
Shaw gives an overview of the interims, highlighting the achievement of $4 million in revenues, marking their fifth consecutive record. Gross profit margins also increased, and he says the company boasts ample cash reserves for future growth initiatives.
Shaw emphasises the significance of growth within their existing customer base, underscoring their commitment to providing a competitive edge through specialty ingredients. Board changes during the reporting period include the addition of seasoned CFO Paul LeBlanc and the appointment of Dr. Peter Nieuwenhuizen as permanent chair. Looking ahead, he says Itaconix aims to secure more consumer brands, with a focus on smaller accounts for sustained revenue growth.
Recent fundraising efforts position the company to pursue larger ventures, particularly in the Velafresh and plant-based super absorbent sectors. Shaw anticipates aggressive growth for the remainder of the calendar year, emphasising increased profitability and resources for major new initiatives.
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