Business
Half year results
Half year results.
About this update from Itaconix Plc
[{"type":"text","content":"\n\nItaconix plc\n(\"Itaconix\" or the \"Company\")\n \nHalf year results for the period ended 30 June 2023\n \nItaconix (LSE: ITX) (OTCQB: ITXXF), a leading innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, is pleased to announce its unaudited interim results for the six months ended 30 June 2023.\nA copy of the Interim Report & Accounts is available for download on Itaconix's website at www.itaconix.com.\nJohn R. Shaw, CEO of Itaconix, commented:\n\"Recurring and new orders from our expanding customer base generated our fifth consecutive year of record first- half revenues. With this commercial progress, we are leveraging our proprietary technology platform to achieve key milestones towards our goal of becoming a large, profitable specialty ingredient company.\nWith higher revenues, higher gross profits, and continued control over operating expenses, our Adjusted EBITDA1 improved to the lowest loss in the last five six-month periods. \nWith our proprietary technology platform, established production capabilities, and successful fundraise in February 2023, we have entered a new era of development with immediate and long-term prospects for expansive growth. Our current products and customer project pipeline are expected to allow us to pursue much larger revenues. The Company is on course to deliver full year 2023 results in line with expectations. Importantly, our plant-based solutions for sustainable consumer needs are also continuing to make a notable contribution to the development and success of the Low-Carbon Economy.\"\nFinancial Highlights\n· First half revenues of $4.0 million were 32% higher than the first half of 2022, 59% higher than the second half of 2022.\n· Gross profits were $1.1 million, representing an increase of 49% over the first half of 2022 and an increase of 56% over the second half of 2022. \n· Gross profit margin was 28% compared to 25% for the first half of 2022. Gross profit margin on Performance Ingredients was 34% compared to 29% for the first half of 2022. This improvement in gross profit margin was due to selective price increases, stable raw material costs, lower transportation costs, more favorable USD exchange rates, a more favo...