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ITACONIX PLC PRELIMINARY RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2018

June 27, 2019 2 min read

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27 June 2019

Itaconix plc (“Itaconix” or “the Group”)

Preliminary Results Announcement for the Year Ended 31 December 2018

Annual Report & Accounts

Itaconix (AIM: ITX), a leading innovator in sustainable specialty polymers, announces its audited results for the year ended December 2018 (“2018”).

A copy of the Annual Report & Accounts is available for download on Itaconix's website at www.itaconix.com.

2018 Financial Highlights

  •  Total revenues of £0.66 m (FY17: £0.55 m)
  •  Cash reserves at 31 December 2018 of c. £2.1m (FY17: c. £3.6m)
  •  As part of the restructuring undertaken in 2018, operating costs have been reduced by over £2m
    per annum
  •  Equity raise in August 2018 with net proceeds of £3.3 million to fund commercial development
    and meet working capital needs as the Group moves toward profitability

2018 Operational Highlights

  •  The Group achieved important progress at establishing the commercial value of its core products
    in their major application areas:
    • Success by Croda in geographic expansion of revenues and projects for our odor
      control polymer
    • Expanded our launch of our hairstyling polymer with use and revenues in Europe, North
      America and Asia
    • Developed a new auto dish detergent based on our new Itaconix® CHT™ 122 polymer
      and licensed the formula to New Wave for the marketing and sales of private-label
      detergent pods to major retailers in North America
    • Notified by Nouryon of interest in our detergent polymers based on internal
      performance evaluation and market assessment
  • Restructuring of our operations in 2018 generated significant change in our organization, Executive Team, and Board of Directors
Post Year End

  • Received first order for use of our new detergent polymer in a European auto dish detergent
    product
  • Completed worldwide supply agreements with Nouryon for our detergent and hair styling
    polymers, including the first purchase order for the hair styling product
  • In May 2019, Itaconix completed its divestment of our minority interest in Alkalon for a total
    cash consideration of c. £242,000
  • Effective 24 May 2019, Michael Townend stepped down as a Non-Executive Director

John R. Shaw, CEO of Itaconix, stated: "We are positioned for revenue growth and a focus on profitability with a reduced cost base and global partners in place for our current major products. While the ramp up in 2019 sales was initially delayed, revenue growth is accelerating, with underlying pre-tax losses for the full year decreasing and remaining in line with expectations."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 (MAR).

For further information please contact:

Itaconix plc                                                                                        +1 603 775-4400

John R. Shaw

N+1 Singer                                                                                        +44 (0) 207 496 3000

Richard Lindley / James Moat (Corporate Finance)

Mia Gardner (Corporate Broking)

About Itaconix

Itaconix develops and produces bio-based functional ingredient that improve the safety, performance or sustainability of consumer and industrial products, with technology and market leadership positions in non-phosphate detergents, odor control, and hair styling.

For full release, please download full news release.

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Download full news release

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