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Itaconix PLC

Itaconix on track to meet full-year expectations after a solid first half

The company is a specialist in sustainable polymers used in detergent, odour control and hair styling

woman at polymer machine
During the opening six months it agreed two global supply deals with former AkzoNobel speciality chemicals business Nouryon for detergent and styling polymers

Itaconix Plc (LON:ITX) said revenues had grown 59% year-on-year in the first half, while underlying losses to narrowed significantly as it said it expected to match full-year market expectations.

The company, a specialist in sustainable polymers used in detergent, odour control and hair styling, said turnover was £500,000 for the six months to June 30.

It reckons its loss before interest, tax, depreciation and amortisation will be in the order of £1mln for the period, down from £2.4mln a year earlier. Importantly for company in the early stages of its commercial journey, Itaconix was sitting on £1.5mln of cash at the end of last month.

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.

“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.

Quick facts: Itaconix PLC

Price: £0.02

Market: AIM
Market Cap: £4.58 m
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Itaconix looking to scale the business now the foundations are in place

Itaconix Plc (LON:ITX) CEO John Shaw talks Proactive London's Andrew Scott through the firm's first half 2019 trading update. Revenues grew 59% year-on-year in the period while underlying losses to narrowed significantly. Importantly for a company in the early stages of its commercial...

on 18/7/19

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