Last checked at 1 Jul 2022 07:00
For release: 07.00, 1 July 2022
Itaconix plc
("Itaconix" or "the Company")
Annual General Meeting Statement
and
Notice of Capital Markets Event
Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in plant-based specialty polymers used as essential ingredients in everyday consumer products, will at 13:00 BST today hold its Annual General Meeting ("AGM") at the offices of Fieldfisher LLP, Riverbank House, 2 Swan Lane, London EC4R 3TT.
At the AGM, John R. Shaw, CEO, will make the following statement regarding current trading:
"We are pleased to announce record revenues in the first half. We delivered our fourth consecutive year of first half revenue growth by achieving revenues substantially ahead of any prior half year. Demand has remained strong right into this week.
"Our business is progressing very well and places us in a strong position to meet market expectations for revenues in 2022. We are growing with new orders from current customers and with the addition of important new customers in the cleaning sector. We have an attractive pipeline of new customer projects in cleaning, hygiene, and beauty applications. As a result, we continue to build a much broader base of recurring revenues.
"We have the production capacity to meet expected customer needs and a supply chain for our raw materials that has improved and become more predictable in recent months. We are fortunate that the value of our products and the lack of direct competition support us in making judicious price increases as we navigate the cost increases experienced globally. We are now passing the majority of these costs onto our customers and so are hopeful that gross margin will be protected in the near term.
"We remain encouraged that underlying consumer demand for the products which contain our ingredients remains strong. Current and prospective customers are actively seeking solutions from our technology platform to formulate more environmentally sustainable products, without compromising on performance or cost.
"We will provide a more detailed trading update with first half highlights and a second half outlook in the week commencing 11 July 2022."
Capital Markets Webinar
An online Capital Markets webinar will be held live on 6 July 2022 at 14:00 BST. If you wish to attend this virtual event, please register at the following link: https://www.openexchange.tv/edison-group.
- Ends -
For further information please contact:
Itaconix plc | +1 603 775 4400 |
John R. Shaw / Laura Denner | |
Belvedere Communications | +44 (0) 74 070 23147 |
John West / Llew Angus | |
finnCap | +44 (0) 20 7220 0500 |
Ed Frisby / Abigail Kelly / Milesh Hindocha (Corporate Finance) Andrew Burdis / Sunila de Silva (ECM) |
About Itaconix
Itaconix uses its proprietary plant-based polymer technology platform to produce and sell specialty ingredients that improve the safety, performance, and sustainability of consumer products. The Company's current ingredients are enabling and leading new generations of products in detergents, hygiene, and hair care. Itaconix's contributions to the global low carbon economy are recognised by the London Stock Exchange's Green Economy Mark.
www.itaconix.com