9 January 2020
Itaconix plc ("Itaconix" or the “Company”)
Full Year Trading Update
Itaconix (LSE: ITX) (OTCQB: ITXXF), a leading innovator in sustainable specialty polymers, is pleased to announce the following trading update for the year to 31 December 2019.
Unaudited revenues for the year were £1.1 million, representing 59.6% growth over 2018. Unaudited LBITDA(1) was in line with management expectations.
Net cash balances as of 31 December 2019 were £0.6 million and include £0.13 million in R&D tax credits received ahead of expectations before the year end.
John R. Shaw, CEO of Itaconix, stated: “The acceleration in our revenue growth reflects growing commercial validation and consistent progress with customer projects across all of our products and application areas. Our ingredients have unique value that offer performance, cost, and sustainability advantages for the next generation of products used in everyday applications. Our pipeline continues to strengthen as we maintain our focus on accelerating key revenue opportunities in the first half of 2020.”
1Loss before interest, tax, depreciation and amortization
Ends
For further information please contact:
Itaconix +1 (603) 775 4400
John R. Shaw / Laura Denner
N+1 Singer +44 (0) 207 496 3000
Richard Lindley / James Moat (Corporate Finance)
Mia Gardner (Corporate Broking)
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.