LONDON (ShareCast) - (Sharecast News) - Polymers developer Itaconix narrowed losses as it saw revenues improve during the first half of its trading year after demand for the company's proprietary detergent, odour control and hairstyling polymers continued to grow.
Itaconix said demand was boosted as a result of steady penetration of its polymers use as key functional ingredients in an increasing range of everyday consumer product formulations for home and personal care.

As a result, the AIM-listed firm's unaudited revenues for the first half of 2019 grew 59% to £500,000 and represent 72% of the company's revenues for the previous full year.

Itaconix also narrowed its underlying loss to £1m, compared to the £2.4m LBITDA it recorded twelve months prior.

Chief executive John Shaw said: "Revenues for the first half of 2019 show a growing base of end-product formulations where our polymers are delivering key functional advantages.

"Use of our polymers in increasingly broader categories of consumer products has established the foundation for many years of revenue growth, especially when combined with the global reach of our partners."

As of 0930 BST, Itaconix shares had climbed 4.17% to 2.50p.

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