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.
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