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27 Jun 2019 | 10:25

Itaconix reports narrower losses as restructuring efforts boost performance

Itaconix reported narrow annual losses as its restructuring programme undertaken last year slashed costs by £2m a year.

For the year ended December 2018, pre-tax losses narrowed to £7.26m from £10.17m a year earlier and revenue increased to £0.660 from £0.55m.

'The Group achieved important progress in 2018 at establishing the commercial value of its core products in their major application areas,' the company said.

Product revenues grew by 12.9% from £0.54m in 2017 to £0.61m in 2018.

Looking ahead, the company said it expected the group's polymer technology platform is set for generating stronger revenue growth in 2019 and beyond.

At 10:25am: (LON:ITX) Itaconix Plc share price was -0.2p at 2.1p

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