Last checked at 26 Jan 2021 07:00
Strictly embargoed for 07.00: 26th January 2021
Itaconix plc
("Itaconix" or "the Company")
Trading Update for the year ended 31 December 2020
Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable specialty polymers, is pleased to update the market on a positive year of trading in which the Company made substantial commercial and financial progress.
The Company experienced continued growth in the use of its proprietary polymers as key ingredients in an expanding range of everyday consumer products. Brands are increasingly looking to Itaconix to improve product performance and bolster the environmental credentials of their products. Major launches of new brands and reformulations of existing brands occurred in dishwashing detergents, hair styling products, and deodorizing cleaners.
As a result of the increased demand, the Board is pleased to report that unaudited 2020 revenues and EBITDA were slightly ahead of current market expectations. Similarly, net cash as of 31 December 2020 was also slightly ahead of expectations.
John R. Shaw, CEO of Itaconix, commented:
"Consumers and brand managers are increasingly aware of the potential for consumer goods to generate less carbon emissions, reduce energy consumption, and decrease the release of chemicals into the environment."
"With new urgency in consumer markets to address both cleanliness and climate change, our years of development efforts propelled our commercial activities and results to a new stage of growth. We are pleased that brands are recognising the role our plant-based polymers play as advanced materials within the decarbonisation economy."
"I look forward to updating shareholders on our progress in more detail when our final results are released."
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Enquiries:
Itaconix | +1 (603) 775 4400 |
John R. Shaw / Laura Denner | |
N+1 Singer | +44 (0) 207 496 3000 |
Peter Steel / James Moat (Corporate Finance) Tom Salvesen (Corporate Broking) | |
Belvedere Communications | +44 (0) 20 3687 2756 |
John West / Llew Angus |
About Itaconix
Itaconix develops and produces bio-based specialty polymers that improve the safety, performance and sustainability of consumer and industrial products, with technology and market leading positions in non-phosphate detergents, odour control, and hair styling.
www.itaconix.com