Itaconix achieves record revenue in 2023, eyes further growth in eco-friendly product markets
–News Direct–
Itaconix PLC CEO John Shaw takes Proactive's Stephen Gunnion through a trading update that shows record 2023 revenue of $7.9 million, marking a 41% increase from the previous year.
Shaw attributed this success to the company's advancements in the detergent market across North America and Europe, emphasizing cost and performance benefits alongside sustainability. A significant growth of over 89% in European sales, reaching $1 million for the first time, highlighted the potential in the European market, particularly in dish detergents, where Itaconix's low-cost formulations are gaining traction among major retailers and private label brands.
Shaw also noted the company's development in offering plant-based polymers without imposing additional costs on consumers, a strategy dubbed "free green," which promotes sustainability without financial burdens.
The revenue growth stems from a balanced mix of new customer acquisitions and increased recurring revenue from the existing customer base. With a focus on expanding its product portfolio, Shaw mentioned ongoing developments in leather chemicals, paint, and plant-based superabsorbents, aiming to reach a $100 million revenue target in the future.
Looking ahead to 2024, Shaw expressed optimism, citing stabilized costs, minimal disruptions from shipping issues, and the introduction of new brands seeking Itaconix's reformulation expertise, promising continued growth from the momentum built in 2023.
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View source version on newsdirect.com: https://newsdirect.com/news/itaconix-achieves-record-revenue-in-2023-eyes-further-growth-in-eco-friendly-product-markets-801591955
Itaconix PLC
COMTEX_448941472/2655/2024-03-08T05:56:45
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