Itaconix PLC H1 2020 Trading Update (6852T)
22 Luglio 2020 - 08:14AM
UK Regulatory
TIDMITX
RNS Number : 6852T
Itaconix PLC
22 July 2020
22 July 2020
Itaconix plc ("Itaconix" or "the Company")
Itaconix Grows Revenues 80% in First Half 2020
Itaconix (LSE: ITX) (OTCQB: ITXXF), a leading innovator in
sustainable specialty polymers , is pleased to announce the
following trading update for the half year to 30 June 2020.
Further to previous updates, the Company has continued to enjoy
improved momentum with strong demand for its range of specialty
polymers. Unaudited revenues for the first six months of the year
were $1.1 million, representing circa 80% growth over the
equivalent period in 2019 and circa 62% over the second half of
2019. As a result of the increase in revenues, unaudited LBITDA(1)
has decreased in line with management's expectations.
Volumes and revenues increased from new and recurring orders in
detergent, odour control, and personal care applications.
Significant revenue growth has come from customers successfully
launching new dishwashing products using Itaconix formulas based on
the Company's new TSI 322 detergent polymer. In addition, several
existing customers have increased the size of their recurring
orders during the year partly to satisfy increased consumer buying
related to stay-at-home practices in response to Covid-19. The
Company has increased production rates to keep up with anticipated
demand across an increasingly diverse customer base.
Net cash balances as at 30 June 2020 were $0.5 million with the
Company's recent $2.2 million fundraise, completed after 30 June,
not reflected in this total. The net proceeds from the fundraise
are expected to provide sufficient funding for the Company until at
least the end of 2021, during which the Company expects to make
significant progress towards its medium-term plan to achieve
break-even profitability.
John R. Shaw, CEO of Itaconix, stated: "Our proprietary polymers
are validated as essential ingredients in a growing range of
consumer products based on performance and sustainability. With
demand increasing for all of our products and a $2.2 million
fundraise completed, we are entering the second half of 2020 on a
new revenue trajectory with a strong balance sheet. I am
particularly encouraged by our progress at converting our detergent
project pipeline with aggregate annual revenue potential of $20
million into new customer product launches, including the volumes
under the New Wave detergent polymer agreement. Our revenue
opportunities are expanding, and we look forward to the future with
growing confidence."
(1) Loss before interest, tax, depreciation and amortisation
Ends
For further information please contact:
Itaconix Plc +1 (603) 775 4400
John R, Shaw, Chief Executive Officer
Laura Denner, Chief Financial Officer and
Company Secretary
N+1 Singer (Nominated Adviser and Broker) +44 (0) 207 496 3000
Peter Steel / James Moat
Tom Salvesen
About Itaconix
Itaconix plc (LSE: ITX) is a leading innovator in bio-based
functional ingredients for improving the safety and performance of
homecare, personal care, and industrial products. Its proprietary
polymer technology generates a growing range of new ingredients
with unique functionality that meet consumer demands for value and
sustainability.
www.itaconix.com
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END
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