Itaconix PLC CEO John Shaw talked with Proactive's Stephen Gunnion about the company’s 2024 performance, growth strategies, and innovative product launches from the American Cleaning Institute Convention in Orlando, Florida. Shaw highlighted their success in improving gross profit margins from 31% to 35% and emphasised the strategic restructuring of the company’s customer base to focus on higher-margin business.
The company reported 2024 revenues of $6.5 million, consistent with expectations, while maintaining cash reserves and investments of $6.7 million. Shaw shared insights on European growth, where revenues nearly doubled, and their investment in inventory to support this expansion. Shaw also touched on the SPARX program, launched last fall, which showcases Itaconix's next-generation innovations, including advanced automatic dish pods and versatile tablet products.
Speaking about the future, Shaw expressed confidence in returning to higher growth and profitability in 2025. “We have plenty of resources for what we need to get done in the next couple of years,” he stated.
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