Itaconix announces record revenue and improving gross margin for 2023, eyes diverse growth
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Itaconix PLC (AIM:ITX, OTCQB:ITXXF) CEO John Shaw tells Proactive's Stephen Gunnion the company achieved a record year in 2023 with a revenue of $7.9 million, marking a compound annual growth rate of over 40% across the last five years.
Shaw highlighted significant financial achievements, including an increase in gross profit margin to 31%. This improvement is strategic as it focuses on capturing value in polymer ingredients and formulations. The company's EBITDA losses are aligning with market expectations, supported by a successful fundraising event which enhances the company's financial flexibility for future growth.
Operational growth was mainly driven by the cleaning sector in North America and Europe, with continued expansion expected, particul...