viewItaconix PLC

Itaconix has laid the foundations for 'many years of revenue growth'


  • Nouryon deal to support estimates for detergent revenues in 2019 and beyond
  • Strong pipeline of active projects at various stages of development
  • Sales in personal care for 2019 already ahead of 2018 figure
  • On track to hit full-year expectations

Quick facts: Itaconix PLC

Price: 1.55 GBX

Market: AIM
Market Cap: £4.17 m

Use of our polymers in increasingly broader categories of consumer products has established the foundation for many years of revenue growth

John Shaw, chief executive

What Itaconix does:

The AIM-listed firm makes speciality polymers that are used in a wide variety of products, ranging from paints through washing liquids to mascara.

Its core technology was developed by a US company, called Itaconix Corporation, that it acquired in June 2016.

At the time of that purchase, Itaconix Plc was known as Revolymer PLC, a company that had polymer technologies of its own as well as a nicotine gum business that it sold off to Danish firm Alkalon.

On March 1, 2017, the company changed its name to Itaconix.


Most of its products are bio-based, being derived from itaconic acid, which in turn is taken from corn starch, so the products are sustainably sourced, helping its customers improve the sustainability of their own consumer products.

Some of the brands under Itaconix’s banner include Itaconix CHT, a water conditioner for binding calcium that replaces banned phosphates; RevCare NE, a bio-based hair-styling polymer; and Eureco RP103, a product for the removal of stubborn stains.

Other products include Itaconix Velasoft, a natural skin conditioner for handwash; Itaconix Zinadore, a water soluble odour neutraliser; and Itaconix DSP, a phosphate-free water conditioner used in detergents for consumer, industrial and agricultural applications.


Inflection points:

  • In July, Itaconix reported a 59% year-on-year jump in first-half revenues to £500,000, while underlying losses narrowed significantly to £1mln (H1 18: loss of £2.4mln)
  • During the opening six months it agreed two global supply deals with former AkzoNobel speciality chemicals business Nouryon for detergent and styling polymers. It also delivered first orders for Itaconix CHT 122, used in environmentally friendly dish washer detergents.
  • Sitting on cash of £1.5mln as of the end of June, and remains on track to hit full-year expectations.
  • “Use of our polymers in increasingly broader categories of consumer products has established the foundation for many years of revenue growth, especially when combined with the global reach of our partners," said chief executive John Shaw at the time.


Blue Sky:

Speaking to Proactive, CEO Shaw said the deal with Nouryon had “validated” the company’s business across all of its product lines and that its bio-based polymers addressed “a key need” in the personal care sector.

Looking ahead, Shaw said the deal meant there would be “faster revenue growth” in the business area, with the company sales so far in 2019 having already surpassed its 2018 sales in the personal care space.

There is also “a very robust pipeline” of opportunities, Shaw said, adding that over the coming months the firm would see a huge benefit from its deal with Nouryon.

With shares trading at around 2.6p as of 30 August 2019, Itaconix carries a market cap of £7mln.


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