--- title: ITACONIX PLC FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019 description: ITACONIX PLC FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019 image: https://8820271.fs1.hubspotusercontent-na1.net/hubfs/8820271/itaconix-plc-full-year-results-for-the-year-ended.png --- ### Find what you're looking for Search - [ Applications ](https://itaconix.com/applications) - [ Categories ](https://itaconix.com/applications) - [ Dish Detergent ](https://itaconix.com/applications/dish-detergent) - [ Fabric Care ](https://itaconix.com/applications/fabric-care) - [ Household ](https://itaconix.com/applications/household) - [ Pet ](https://itaconix.com/applications/pet) - [ Beauty ](https://itaconix.com/applications/beauty) - [ Hygiene ](https://itaconix.com/applications/hygiene) - [ Claims ](https://itaconix.com/claims) - [ Safety ](https://itaconix.com/claims/safety) - [ Performance ](https://itaconix.com/claims/performance) - [ Affordability ](https://itaconix.com/claims/affordability) - [ Sustainability ](https://itaconix.com/claims/sustainability) - [ Products ](https://itaconix.com/products) - Key Attributes - [ Scale Inhibition ](https://itaconix.com/products?function=%22Scale+Inhibition%22) - [ Dispersion ](https://itaconix.com/products?function=%22Dispersion%22) - [ Chelation ](https://itaconix.com/products?function=%22Chelation%22) - [ Odor Neutralization ](https://itaconix.com/products?function=%22Odor+Neutralization%22) - [ Foam Enhancement ](https://itaconix.com/products?function=%22Foam+Enhancement%22) - [ Film Former ](https://itaconix.com/products?function=%22Film+Former%22) - Cleaning - [ Itaconix® DSP 2K® ](https://itaconix.com/products/itaconix-dsp-2k) - [ Itaconix® TSI® 322 ](https://itaconix.com/products/itaconix-tsi-322) - [ Itaconix® TSI® 422 ](https://itaconix.com/products/itaconix-tsi-422) - [ Itaconix® ONZ™ 100 ](https://itaconix.com/products/itaconix-onz-100) - [ Itaconix® ONZ™ 105 ](https://itaconix.com/products/itaconix-onz-105) - [ Itaconix® ONZ™ 400 ](https://itaconix.com/products/itaconix-onz-400) - [ Itaconix® ONZ™ 405 ](https://itaconix.com/products/itaconix-onz-405) - [ Itaconix® SF 505 ](https://itaconix.com/products/itaconix-sf-505) - Beauty - [ VELASOFT® NE 100 ](https://itaconix.com/products/velasoft-ne-100) - Hygiene - [ VELAFRESH® ZP20 ](https://itaconix.com/products/velafresh-zp-20) - [ VELAFRESH® ZP30 ](https://itaconix.com/products/velafresh-zp-30) - [ VELAFRESH® ZP75 ](https://itaconix.com/products/velafresh-zp75) - [ VELAFRESH® ZP95 ](https://itaconix.com/products/velafresh-zp95) - Resources - [ Technical Data Sheets ](https://itaconix.com/resources?type=%22TDS%22) - [ Safety Data Sheets ](https://itaconix.com/resources?type=%22SDS%22) - [ Formulas ](https://itaconix.com/formulas) - About - About - [ History ](https://itaconix.com/about) - [ Tech Platform ](https://itaconix.com/about/technology-platform) - [ Leadership ](https://itaconix.com/leadership) - [ News & Events ](https://itaconix.com/blog) - Investors - Investors - [ At a Glance ](https://itaconix.com/investors) - [ Regulatory Announcements ](https://itaconix.com/investors/regulatory-announcements) - [ Reports & Results ](https://itaconix.com/investors/results-and-reports) - [ Share Information ](https://itaconix.com/investors/share-information) - [ Corporate Governance / AIM Rule 26 ](https://itaconix.com/investors/corporate-governance) - [ Corporate Contacts ](https://itaconix.com/investors/corporate-contacts) ##### Need Help? 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A copy of the Annual Report & Accounts is available for download on Itaconix's website at  www.itaconix.com. 2019 Financial Highlights Financial results for 2019 show increased demand for the Company’s products, significant cost savings from the restructuring of operations in 2018, and the full exit from the nicotine gum business. The Company transitioned its reporting currency from UK Sterling to US Dollars. - Total revenues increased by 46.2% to $1.3m from $0.9m in 2018. - Gross profits increased by 221.4% to $0.45m in 2019 from $0.14m in 2018 reflecting an increase  in gross profit margin to 34.9% in 2019 from 15.9% in 2018. - Net losses decreased by 86.2% to $1.4m in 2019 from $9.9m in 2018. - Losses before interest, tax and non-cash items decreased 58.8% to $2.8m in 2019 from $6.8m in  2018. - Cash reserves at the end of 2019 were $0.8m, down from $2.7m at the end of 2018. - In May 2019, Itaconix completed its divestment of its minority interest in Alkalon for a total cash  consideration of c. £242,000. 2019 Operational Highlights The Company achieved important progress and major milestones in establishing the value of its core  products and developing a broad base of customers for continued revenue growth in its major  application areas: - Use of the Company’s detergent polymers increased, including new orders from customers in Europe. - The Company transitioned the marketing and sales of its hairstyling polymer to Nouryon to expand global awareness and usage. - The Company added a new odor control product and saw expanded use of its products through its global marketing and sales collaboration with Croda. In addition, the Company continued to develop its organization with the appointment of Laura Denner  as Chief Financial Officer. Mike Townend stepped down as a Non-Executive Director after many years  of dedicated service to the Company. Post Year End - In May 2020, Itaconix Corporation received a US Government Paycheck Protection Program Loan for $0.2m to support the business through the Covid-19 pandemic. - In July 2020, the Company provided a trading update on unaudited revenues and revenue growth for the first six months of 2020. Full interim results are expected to be released by the end of October. - In July 2020, the Company completed an equity raise with gross proceeds of $2.2 million to fund  operating losses and working capital needs as revenues advance toward break-even profitability. Outlook John R. Shaw, CEO of Itaconix, stated: "Our 2019 results show the transformation in revenue and profit potential that we created from our focus on sustainable specialty ingredients and the restructuring of  operations in 2018. We exited 2019 as a lean commercial operation with a growing base of customers  and recurring revenues from our direct success in detergents and our blue-chip collaborations with Croda and Nouryon. With product demand in the first half of 2020 reflecting the ramp up we expected to start in late 2019 and the proceeds from our July equity raise, we have the commercial momentum and operations in place for continued strong revenue growth.” For full release, please download full news release. ![background image](https://8820271.fs1.hubspotusercontent-na1.net/hubfs/8820271/assets/images/backgrounds/glow-cta-bar.svg) ### Download full news release [Download ](https://8820271.fs1.hubspotusercontent-na1.net/hubfs/8820271/Imported_Blog_Media/Full-Year-Results-for-the-Year-Ended-31-December-2019-30-September-2020.pdf) ## Related Articles [Investor News ITACONIX PLC FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 Mar 30, 2021 4 min read ![](https://8820271.fs1.hubspotusercontent-na1.net/hub/8820271/hubfs/itaconix-plc-full-year-results-for-the-year-ended-31-dec-2020-blog.png?width=450&height=250&name=itaconix-plc-full-year-results-for-the-year-ended-31-dec-2020-blog.png) ](https://itaconix.com/blog/full-year-results-year-end-31-december-2020-rns) [Investor News ITACONIX PLC FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022 Jun 5, 2023 2 min read ![TACONIX PLC FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022](https://8820271.fs1.hubspotusercontent-na1.net/hub/8820271/hubfs/itaconix-generic-rns-Jul-02-2024-07-11-52-8752-PM.jpg?width=450&height=250&name=itaconix-generic-rns-Jul-02-2024-07-11-52-8752-PM.jpg) ](https://itaconix.com/blog/05-06-2023-itaconix-preliminary-announcement-fy22-year) [Investor News ITACONIX PLC FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021 Jun 8, 2022 1 min read ![](https://8820271.fs1.hubspotusercontent-na1.net/hub/8820271/hubfs/itaconix-plc-full-year-results-for-the-year-ended-31-dec-2021.png?width=450&height=250&name=itaconix-plc-full-year-results-for-the-year-ended-31-dec-2021.png) ](https://itaconix.com/blog/22-06-08-itaconix_preliminary-announcement-fy21-year-end-final) ## Subscribe via Email Subscribe to our blog to get insights sent directly to your inbox. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Laura Denner", "url" : "https://itaconix.com/blog/author/laurad" }, "dateModified" : "2024-06-11T20:31:32.265Z", "datePublished" : "2020-09-30T06:02:10.000Z", "headline" : "ITACONIX PLC FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019", "image" : [ "https://8820271.fs1.hubspotusercontent-na1.net/hubfs/8820271/itaconix-plc-full-year-results-for-the-year-ended.png" ], "mainEntityOfPage" : { "@id" : "https://itaconix.com/blog/full-year-results-for-the-year-ended-31-december-2019-30-september-2020", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://8820271.fs1.hubspotusercontent-na1.net/hubfs/8820271/assets/images/logos/logo-full-color.png" }, "name" : "Itaconix" } } ```