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Itaconix PLC - Operational Update

Wed, 30th May 2018 10:00

RNS Number : 6642P
Itaconix PLC
30 May 2018
 

Itaconix plc ("Itaconix", the "Company" or the "Group")

Operational Update

Itaconix, a leading designer and manufacturer of specialty polymers, announces that it is implementing a restructuring of its UK subsidiary to focus the Group's resources on growing revenues of its core products. The majority of Itaconix's activities will be consolidated into its US operations, thereby improving the link between product support and manufacturing. Only certain key individuals in marketing and product support will be retained within the UK business.  The Board's decision follows the ongoing successful execution of its strategy to launch and grow the sales of its performance, bio-based ingredients, through collaboration with market leaders as exemplified by the recent announcement regarding AkzoNobel Chelates and the ongoing relationship with Croda. 

Whilst the full financial effect of these changes will not be achieved immediately due to the costs of implementation, the cash fixed cost base of the Company (excluding capital expenditure and working capital) is forecast to fall to £3m - £3.5m per annum from 2019.  The Board remains confident, subject to the availability of further funding, that the Company is well positioned to continue to deliver revenue growth through 2018 in line with expectations.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

Ends

For further information please contact:

Itaconix

+44 (0) 1244 283 500

Kevin Matthews / Rob Cridland

N+1 Singer

+44 (0) 207 496 3000

Richard Lindley / Jen Boorer (Corporate Finance)

Hudson Sandler

Charlie Jack / Emily Dillon                                                                                         +44 (0) 207 796 4133

About Itaconix

Itaconix is developing proprietary ingredients that meet the performance and price needs of its customers and offers them improved safety and sustainability, thereby helping to deliver on the global sustainability agenda, with particular emphasis on the Personal Care and Homecare markets.

 

 

www.itaconix.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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