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Itaconix produces key ingredients for new generations of safer consumer products with superior performance and sustainability.
Using our proprietary plant-based technology, Itaconix develops uniquely functional ingredients that are safer for people and the planet.
We are building a large, profitable specialty ingredient company with safer products for the low carbon economy. Our growth rate has just begun to tap the potential of the addressable market.
Itaconix has entered a new era of development toward our long-term goal of becoming a large, highly profitable, capital-efficient specialty-ingredient company.
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26 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 recognizing the role our plant-based polymers play as advanced materials within the decarbonization 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, odor control, and hair styling.
www.itaconix.com
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