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Itaconix (AIM: ITX), a leading innovator in sustainable specialty polymers, announces its audited results for the year ended December 2018 ("2018").

A copy of the Annual Report & Accounts is available for download on Itaconix's website at www.itaconix.com.

2018 Financial Highlights

• Total revenues of £0.66 m (FY17: £0.55 m)
• Cash reserves at 31 December 2018 of c. £2.1m (FY17: c. £3.6m)
• As part of the restructuring undertaken in 2018, operating costs have been reduced by over £2m per annum
• Equity raise in August 2018 with net proceeds of £3.3 million to fund commercial development and meet working capital needs as the Group moves toward profitability

2018 Operational Highlights

• The Group achieved important progress at establishing the commercial value of its core products in their major application areas:
  • Success by Croda in geographic expansion of revenues and projects for our odour control polymer
  • Expanded our launch of our hairstyling polymer with use and revenues in Europe, North America and Asia
  • Developed a new auto dish detergent based on our new Itaconix® CHT™ 122 polymer and licensed the formula to New Wave for the marketing and sales of private-label detergent pods to major retailers in North America
  • Notified by Nouryon of interest in our detergent polymers based on internal performance evaluation and market assessment
• Restructuring of our operations in 2018 generated significant change in our organisation, Executive Team, and Board of Directors

Post Year End

• Received first order for use of our new detergent polymer in a European auto dish detergent product  
• Completed worldwide supply agreements with Nouryon for our detergent and hair styling polymers, including the first purchase order for the hair styling product
• In May 2019, Itaconix completed its divestment of our minority interest in Alkalon for a total cash consideration of c. £242,000
• Effective 24 May 2019, Michael Townend stepped down as a Non-Executive Director

John R. Shaw, CEO of Itaconix, stated: "We are positioned for revenue growth and a focus on profitability with a reduced cost base and global partners in place for our current major products.  While the ramp up in 2019 sales was initially delayed, revenue growth is accelerating, with underlying pre-tax losses for the full year decreasing and remaining in line with expectations.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR)

For further information please contact:

Itaconix plc	+1 603 775-4400
John R. Shaw
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 functional ingredient that improve the safety, performance or sustainability of consumer and industrial products, with technology and market leadership positions in non-phosphate detergents, odour control, and hair styling.  

www.itaconix.com