Itaconix reports solid FY24 numbers, remains 'optimistic' about FY25 prospects

(Sharecast News) - Specialty polymers business Itaconix reported solid FY24 numbers on Wednesday and said it was "optimistic" about its prospects for FY25.

Itaconix said FY24 unaudited revenues had come to $6.5m, while gross profit margins increased from 31% in FY23 to roughly 35%, reflecting its "success at adjusting market positioning" in FY24.

The AIM-listed group also believes it has been "well positioned" for future revenue growth as a higher margin business, in furtherance of its strategy to become a profitable specialty ingredient company.

Overall, Itaconix said it remains optimistic about the future, driven by increasing customer and consumer awareness of the efficacy, cost benefits, and sustainability of its products, and said the new year has started strongly, although it remains mindful of current macroeconomic and geopolitical risks, including potential for increased tariffs on key raw materials that it sources from Asia.

Chief executive John Shaw said: "We have ended 2024 in a strong position, with trading in line with expectations and continued progress in diversifying our revenues. Our growth in Europe, customer diversification, and the development of our SPARX program underpin our optimism for 2025.

"With a solid balance sheet and a growing customer base, we are confident in our ability to sustain growth and create long-term value."

As of 1020 GMT, Itaconix shares were up 2.85% at 159.41p.

Reporting by Iain Gilbert at Sharecast.com