Itaconix PLC Trading Update (0888B)
08 Giugno 2021 - 08:00AM
UK Regulatory
TIDMITX
RNS Number : 0888B
Itaconix PLC
08 June 2021
For release: 8 June 2021
Itaconix plc
("Itaconix" or "the Company")
Trading Update
Itaconix plc (AIM: ITX) (OTCQB: ITXXF), a leading innovator in
sustainable plant-based polymers used as essential ingredients in
everyday consumer products, is pleased to provide an update on its
commercial progress and current trading.
Strong revenue growth in odour control, continued growth in
detergents, and a small decline in personal care combined for
overall unaudited revenues to increase by 39% for the first five
months of 2021 over the same period in 2020.
Product volumes in odour control applications are leading
revenue growth in early 2021 based on several years of customer
pipeline development and the emerging success of our latest odour
control polymer launched in late 2019. Recurring orders are coming
in North America, Europe, and Asia from the continued success of
customer products. Advantages in fabric applications are also
generating new orders from wider use in home and automotive care.
The Company is working to expand its odour control offerings and
applications to meet additional market needs.
Product volumes in detergent applications increased for the
first five months of 2021 over the same period in 2020 despite
order delays in North America from disruptions in the supply of
other detergent ingredients. Brands and retailers are also
adjusting inventories due to uncertainties about consumer buying as
countries emerge from Covid-19 lockdowns. Highlights for the
current year include the launch of a new green dishwashing
detergent by a leading North American brand, wider market
penetration into North American retailers for detergents launched
in 2020, growth in volumes for a green European detergent launched
in 2019, and the first production run for a specialty European
detergent brand. At least three additional detergent brands are
expected to start using Itaconix(R) TSI(TM) by the end of 2021.
Although the Company is seeing renewed evaluation activity as
formulators return to work, the Board expects some continued delays
in volumes for detergent applications as supply chains adjust to
the end of lockdowns.
Revenues in personal care applications for the first five months
of 2021 were slightly less than the same period in 2020 as
shipments in the last part of 2020 met customer needs during the
lockdowns in North America and Europe. The Board expects there may
be a period of variable order patterns as formulators return to
work and consumers return to more normal buying behaviours as they
emerge from the Covid-19 pandemic.
As previously announced, the expansion of the Itaconix
management team has enabled increased focus on new revenue
opportunities. The Company plans to extend the use of its
VELAFRESH(TM) products into new hygiene opportunities and expand
the potential for its VELASOFT(TM) product line into personal care
applications.
Applications development also continues for BIO*Asterix(TM)
functional additives, with extended customer formulation timelines
likely for the types of applications under evaluation.
The Company's balance sheet will also be strengthened following
notification that the US Small Business Administration intends to
forgive the $0.2m loan that Itaconix received last year under the
US Government Paycheck Protection Program, which will eliminate
this liability.
Itaconix recently received the London Stock Exchange's Green
Economy Mark in recognition for the Company's significant
contributions to the transition to a sustainable, low carbon
economy. Itaconix generated 96% of its 2020 revenues from the sale
of plant-based products. The Mark, first introduced in 2019, was
created to highlight companies and investment funds listed on all
segments of the London Stock Exchange's Main Market, and on AIM,
that are driving the global green economy.
John R. Shaw, CEO of Itaconix, said:
"Our focus on being key ingredients in everyday consumer
products is delivering continued commercial progress on the revenue
potential in every household for our plant-based technologies. As
we increase recognition of the Company's green credentials, improve
our balance sheet, and expand our line of sustainable products, we
are positioning Itaconix for new routes to broader revenue horizons
in the emerging low-carbon economy."
- ends -
Enquiries:
Itaconix +1 (603) 775 4400
John R. Shaw / Laura Denner
Belvedere Communications +44 (0) 20 3687 2756
John West / Llew Angus
N+1 Singer +44 (0) 207 496 3000
Peter Steel / James Moat (Corporate
Finance)
Tom Salvesen (Corporate Broking)
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under the UK
version of article 7 of the Market Abuse Regulation (EU) No.
596/2014.
Notes to Editors
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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