I-Tech reports 19 percent revenue growth in third quarter

I-Tech reported a 19 percent increase in revenue during the third quarter, reaching 48.8 million SEK, up from 41.0 million SEK. The company's operating profit also rose to 13.3 million SEK, maintaining an operating margin of 27 percent. The biotech firm holds 177 million SEK in cash.

Growth is attributed to a recovery in one of its largest customers and increased sales to other paint manufacturers. I-Tech's core product, Selektope, is an active ingredient used in antifouling paints for commercial vessels to prevent marine growth, which helps reduce fuel consumption and carbon emissions.

Despite the growth, CEO Markus Jönsson noted uncertainty regarding the European Commission's proposal not to renew the approval for the active substance in Selektope. The company is looking toward expansion in the US and diversifying its marine technology portfolio.