Itaconix PLC Trading Update (2575S)
13 Juillet 2022 - 8:00AM
UK Regulatory
TIDMITX
RNS Number : 2575S
Itaconix PLC
13 July 2022
13 July 2022
Itaconix plc
("Itaconix" or the "Company")
Trading Update
Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in
plant-based specialty polymers used as essential ingredients in
everyday consumer products, is pleased to provide a trading update
for the half year to 30 June 2022.
The Company produced record unaudited revenues of $3.0 million
for the first six months of the year. These revenues reflect 124%
growth over the first half of 2021 and 149% growth from the second
half of 2021. In addition, they are 118% of the full year revenues
for 2021 and 93% of the full year revenues for 2020. The Company is
in a strong position to meet market expectations for revenues in
2022.
Cleaning applications led overall revenue growth for the period
with a 212% increase over the first half of 2021 as Itaconix
polymers found important new usage in European detergent
formulations and continued to gain share in North America. The
Company had strong volumes throughout the first six months and is
starting the second half with a solid order book.
These gains were offset by lower revenues from beauty and
hygiene applications in the first half of 2022 compared to the
first half of 2021. The Company made good progress with new
accounts and usages in both areas, but they were not enough to
balance against lower order volumes from partners.
Overall gross profit margin for the first six months was lower
than in previous periods due to the mix of product revenues and the
timing of passing on higher raw material costs. The Company expects
a more favourable blend of product mix and raw material prices in
the second half of the year, together with some sales price
increases.
Net unaudited cash as at 30 June 2022 was $0.9 million.
John R. Shaw, CEO of Itaconix, commented:
"Engagement with customers on decarbonizing everyday products
with our innovative ingredients is paying off with a solid base of
recurring revenues and a strong pipeline of new revenue
opportunities.
"We are seeing increased traction for our plant-based cleaning
ingredients as existing customers expand into more retailers and
important new customers bring new formulations to market. We expect
to see at least one new European detergent product on the market
this year, and possibly even more. With these breakthroughs and
steady advances in North America, we expect continued progress
through in to 2023.
"As the revenues and success of our current products become more
certain, we are setting our sights on bigger and broader ingredient
opportunities from our proprietary technology platform. We are
working with potential customers on new products that they can
bring to the hygiene market with our plant-based
superabsorbent.
"We are very pleased to see our business progress to this stage,
are excited about the opportunities in front of us to grow the
Company, and are now in the process of strengthening our Board for
our next level of growth."
Capital Markets Webinar
An online Capital Markets webinar was recently held on 6 July
2022 and investors can access the video presentation, which gives
more detail on product development and market opportunities, at the
following link: www.edisongroup.com/itaconix-capital-markets-day/ .
The video will also be available shortly in the investor section of
Itaconix's website.
- Ends -
For further information please contact:
Itaconix plc +1 603 775 4400
John R. Shaw / Laura Denner
Belvedere Communications +44 (0) 74 070 23147
John West / Llew Angus
finnCap +44 (0) 20 7220 0500
Ed Frisby / Abigail Kelly / Milesh Hindocha
(Corporate Finance)
Andrew Burdis / Sunila de Silva (ECM)
About Itaconix
Itaconix uses its proprietary plant-based polymer technology
platform to produce and sell specialty ingredients that improve the
safety, performance, and sustainability of consumer products. The
Company's current ingredients are enabling and leading new
generations of products in detergents, hygiene, and hair care.
Itaconix's contributions to the global low carbon economy are
recognised by the London Stock Exchange's Green Economy Mark.
www.itaconix.com
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END
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