RE: 18% jump 1st-half sales +more2come25 Jan 2019 08:20
* Itaconix said in January that it had signed an exclusive global agreement with Nouryon, formerly AkzoNobel Specialty Chemicals to supply it with its bio-based polymers with chelating properties for the detergents market. The deal follows Itaconix's announcement in May 2018 that Nouryon had notified its desire to enter into a joint marketing effort after completing a successful technical and regulatory evaluation of the AIM-listed firm’s polymers.
* In December, the company signed a licence agreement with Canadian firm New Wave Global Services Inc to develop a non-phosphate dishwasher detergent formula. The formula, based on its CHT polymer, will be used by New Wave to produce and market a new triple-chamber automatic dishwasher detergent sachet for North American retailers in the private label market.
* New executive chairman, Jim Barber, has been on board since December following the departure of Kevin Matthews. The company is also searching for a new chief financial officer to replace Robin Cridland after he stepped down in August.
* Sales in the first half to the end of June 2018 jumped 18% to £269,000 compared to the second half of 2017, driven by the Itaconix CHT 122 polymer gaining new accounts and usage in non-phosphate detergents.
The company is well funded, having raised total gross proceeds of £3.5mln through a share placing and open offer in August.