Itaconix PLC Full Year Trading Update (2816Q)
February 18 2019 - 2:00AM
UK Regulatory
TIDMITX
RNS Number : 2816Q
Itaconix PLC
18 February 2019
18 February 2019
Itaconix plc ("Itaconix" or the "Company")
Full Year Trading Update
Itaconix (AIM: ITX), a leading innovator in sustainable
specialty polymers, is pleased to announce the following trading
update for the year to 31 December 2018.
Unaudited revenues for the year were GBP0.7 million, with
unaudited EBITDA(1) in line with expectations. In addition, the
Company successfully completed the previously announced
restructuring of its UK operations, reducing its overall cost base
for ongoing operations in the second half of 2018 to a rate of
GBP2.1 million per annum.
Net cash balances as of 31 December 2018 were GBP2.1 million.
The Company is also shortly expected to receive GBP0.3 million of
cash from R&D tax credits related to expenditure in 2017.
Since the year end, the Company has announced a supply agreement
with Nouryon for Itaconix polymers to be used in non-phosphate
detergents.
"We achieved major progress in the second half of 2018 and the
start to 2019 with increased revenues, another collaboration with a
worldwide leader, and a major reduction in our fixed costs," said
John R. Shaw, CEO of Itaconix. "I believe we are well positioned
for continued revenue growth in our core markets of non-phosphate
detergents, odor control, and hair styling."
(1) Loss before interest, tax, depreciation and
amortisation.
Ends
For further information please contact:
Itaconix +1 (603) 775 4400
John R. Shaw / Michael Norris
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 specialty polymers that
improve the safety, performance and sustainability of consumer and
industrial products, with technology and market leadership
positions in non-phosphate detergents, odor control, and hair
styling.
www.itaconix.com
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END
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