StockMarketWire.com - Polymers maker Itaconix touted momentum to continue in 2021, after reporting wider losses as an exceptional cost of $0.3 million offset revenue that more than doubled.

For the year ended 31 December 2020, pre-tax losses widened to £1.6 million from $1.4 million as revenue rose by 155.6% to $3.3 million.

As a result of revaluing deferred consideration with respect to the acquisition of Itaconix Corporation in 2016, there is an exceptional non-cash expense of $0.3m in 2020, which offsets the exceptional non-cash income of $1.5m (excluding foreign exchange) from 2019, the company said.

Looking ahead, the company touted further growth despite dsupply chain disruptions.

'Despite some emerging operational headwinds in the supply chain from secondary effects of the Covid-19 pandemic, we expect the commercial momentum in 2020 to progress in 2021, particularly as current customer products succeed in the market and major new customer products continue to launch in 2021,' the company said.


At 8:14am: [LON:ITX] Itaconix Plc share price was 0p at 2.1p



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