Speciality polymers company Itaconix Plc (LON:ITX) said underlying earnings (EBTIDA) for 2018 were in line with expectations.
Unaudited revenues for the year were around £700,000, up from £553,000 the year before.
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It was a year in which the company successfully completed the restructuring of its UK operations, reducing its overall cost base for ongoing operations in the second half of 2018 to a rate of £2.1 million per annum.
Itaconix ended the year with a positive cash balance of £2.1mln, while it expects to receive around £300,000 in cash in the near future in the form of research & development tax credits related to expenditure in 2017.
"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 Shaw, the chief executive officer of Itaconix.
"I believe we are well positioned for continued revenue growth in our core markets of non-phosphate detergents, odour control, and hair styling," he added.
Itaconix Plc CEO discusses exclusive global agreement with Nouryon ...https://t.co/WxQWDNct5X
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