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Growing customer base yields revenue boost for Itaconix
Bio-based polymer developer Itaconix announced on Monday that it has achieved a significant improvement in first quarter revenues despite adverse currency movements.
Group first quarter revenues saw an 8% year-on-year increase to £149,000 as the company benefited from the use of Itaconix CHT in a new dish-washing solution for the US market, expanding haircare sales through Revcare NE 100s and initial minimum royalties from the tremco-illbruk licence.
Kevin Matthews, chief executive of Itaconix PLC, said: "The start of 2018 has seen a growing number of active customers across a variety of application areas, geographies and products. This is beginning to lead to revenue growth, albeit moderate currently, as each product gains traction and markets become more familiar with the benefits of each product in terms of performance, cost and sustainability."
The company is hoping that this increased familiarity will lead to more deals of its polymers following the early adoption by Recare NE 100s.
Furthermore, Itaconix reports that it is working continuously to support its partnerships with AkzoNobel, Croda and Solvay.
"The board is confident, subject to the availability of further funding, that the company is well positioned to continue to deliver revenue growth through 2018 in line with expectations," said Matthews.
The company's cash position at the end of the first quarter was £2.5m, down 64% compared to the same point last year.
As of 1056 BST, Itaconix PLC's shares were up 4.76% at 5.50p.