Itaconix PLC Trading Update for the year ended 31 December 2020 (8337M)
26 Gennaio 2021 - 8:00AM
UK Regulatory
TIDMITX
RNS Number : 8337M
Itaconix PLC
26 January 2021
Strictly embargoed for 07.00: 26(th) January 2021
Itaconix plc
("Itaconix" or "the Company")
Trading Update for the year ended 31 December 2020
Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in
sustainable specialty polymers, is pleased to update the market on
a positive year of trading in which the Company made substantial
commercial and financial progress.
The Company experienced continued growth in the use of its
proprietary polymers as key ingredients in an expanding range of
everyday consumer products. Brands are increasingly looking to
Itaconix to improve product performance and bolster the
environmental credentials of their products. Major launches of new
brands and reformulations of existing brands occurred in
dishwashing detergents, hair styling products, and deodorizing
cleaners.
As a result of the increased demand, the Board is pleased to
report that unaudited 2020 revenues and EBITDA were slightly ahead
of current market expectations. Similarly, net cash as of 31
December 2020 was also slightly ahead of expectations.
John R. Shaw, CEO of Itaconix, commented:
"Consumers and brand managers are increasingly aware of the
potential for consumer goods to generate less carbon emissions,
reduce energy consumption, and decrease the release of chemicals
into the environment."
"With new urgency in consumer markets to address both
cleanliness and climate change, our years of development efforts
propelled our commercial activities and results to a new stage of
growth. We are pleased that brands are recognising the role our
plant-based polymers play as advanced materials within the
decarbonisation economy."
"I look forward to updating shareholders on our progress in more
detail when our final results are released."
- Ends -
Enquiries:
Itaconix +1 (603) 775 4400
John R. Shaw / Laura Denner
N+1 Singer +44 (0) 207 496 3000
Peter Steel / James Moat (Corporate
Finance)
Tom Salvesen (Corporate Broking)
Belvedere Communications +44 (0) 20 3687 2756
John West / Llew Angus
About Itaconix
Itaconix develops and produces bio-based specialty polymers that
improve the safety, performance and sustainability of consumer and
industrial products, with technology and market leading positions
in non-phosphate detergents, odour control, and hair styling.
www.itaconix.com
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