For release: 07.00, 27 February
2024
Itaconix
plc
("Itaconix" or the "Company")
Trading
Update
Another record year of
revenues
Itaconix (AIM: ITX) (OTCQB:
ITXXF), a leading innovator in sustainable plant-based
polymers used to decarbonise everyday consumer products, is pleased
to provide a trading update and report that
trading is in line with current expectations.
Itaconix achieved another record
year with unaudited revenues of $7.9 million, a substantial
increase of 40.6% over FY22 of $5.6 million. The
Company has now grown revenues at a compound annual growth rate of
54.9% since 2018. Europe led this year's growth rate, with
revenues increasing by 89.3% to $1.0 million, while North America
continued to generate significant increases, with revenues growing
by 35.6% to $6.9 million.
The Cleaning Sector was the major
revenue contributor, generating $7.2 million in unaudited revenues,
a 43.7% increase compared to FY22. This growth is attributed to
expanding detergent sales volumes across North America and Europe,
bolstered by increased volume from existing customers in North
America and notable successes in acquiring new detergent customers
in Europe.
Although Itaconix ingredients
increase sustainability, the Company's key competitive advantage is
in delivering both performance and affordability, which remain
major concerns for brands, retailers, and consumers alike.
Cleaning Sector revenues consisted of $5.3 million for
Performance Ingredients and $1.9 million for Formulated Solutions.
The Company anticipates further growth as awareness of Itaconix's
competitive advantages (performance, cost and sustainability)
continues to expand in North America and Europe.
The Hygiene and Beauty Sectors
contributed revenues of $0.6 million over the period, representing
a 31.4% increase over FY22. Renewed growth is coming from higher
volumes to existing customers and increasing traction with new
customers for the Company's odour neutralizing
ingredients.
Itaconix is also making significant
progress in developing new products, including superabsorbent
polymers, a new water-soluble polymer, and the application of
BIO*Asterix ingredients in paints and leather, opening up exciting
new revenue streams.
Unaudited net cash and investments
as at 31 December 2023 was $10.0 million (2022: $0.6
million).
Further details of FY23 trading and
the outlook for 2024 will be provided when the Company announces
FY23 results planned for early April 2024.
John R. Shaw, CEO of Itaconix, commented:
"We have completed another record-setting year with revenues
again growing substantially. This is being driven by both new
customer wins and an expanding base of recurring revenues from
existing customers. Our strong balance sheet is enabling us
to target new customers and product innovation to underpin our
growth objectives. With our commercial advancements and the
development of new revenue opportunities, we are well placed to
fulfil our strategy of becoming a large, profitable specialty
ingredient company, distinguished by our commitment to safer
chemicals, superior performance, cost-efficiency, and
sustainability."
- Ends -
Itaconix plc
John R. Shaw / Laura
Denner
|
+1 603 775-4400
|
Belvedere Communications
John West / Llew Angus
|
+44 (0)20 7653 8702
|
Canaccord Genuity - Nominated Adviser and Sole
Broker
Adam James / Harry Pardoe
|
+44 (0) 20 7523 8000
|
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
cleaning, hygiene, and beauty.
www.itaconix.com