What Itaconix does
Its core technology was developed by a US company, called Itaconix Corporation, that it acquired in June 2016.
At the time of that purchase, the AIM-listed firm was known as Revolymer PLC, a company that had polymer technologies of its own as well as a nicotine gum business that it sold off to Danish firm Alkalon.
On March 1, 2017, the company changed its name to Itaconix.
Most of its products are bio-based, being derived from itaconic acid, which in turn is taken from corn starch, so the products are sustainably sourced, helping its customers improve the sustainability of their own consumer products.
Some of the brands under Itaconix’s banner include Itaconix CHT, a water conditioner for binding calcium that replaces banned phosphates; RevCare NE, a bio-based hair-styling polymer; and Eureco RP103, a product for the removal of stubborn stains.
Other products include Itaconix Velasoft, a natural skin conditioner for handwash; Itaconix Zinadore, a water-soluble odour neutraliser; deodorant ingredient Velafresh ZP30 and Itaconix DSP, a phosphate-free water conditioner used in detergents for consumer, industrial and agricultural applications.
How it's doing
Itaconix said the first half of the year saw the company’s proprietary sustainable chemistries increasingly used by major brands in everyday products.
The sustainable speciality polymers specialist saw revenues in the six months to the end of June 2020 shoot up 80% to US$1.1mln from US$604,000 in the first half of 2019.
The acceleration in revenues is the result of the continued broadening of the customer base and advancement in customer projects in the company's major application areas, Itaconix said.
The loss before tax narrowed to US$813,000 from a loss of US$2.21mln the year before.
What the boss says: John Shaw, chief executive
"Major advancements in our customer pipeline allowed us to enter a new phase of commercial growth in the first half of 2020. Our customers are succeeding with new products that leverage the unique value and functionality of our sustainable ingredients.
“When consumers purchase these new products for their performance and cost, they also benefit the environment through a reduction in the depletion of natural resources, an increase in the use of safer chemicals, and a reduction in the release of chemicals."
- Orders have bounced back after COVID-19 crisis, especially for dishwasher detergent
- Production line still active
- Finances have stabilised