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Itaconix sees sharp increase in revenue in 2019

Itaconix's proprietary polymer technology generates new ingredients with unique functionality that meet consumer demands for value and sustainability.

Itaconix PLC -

Polymers specialist Itaconix PLC (LON:ITX) saw a sharp year-on-year increase in revenue in 2019.

In a short trading update, the company said unaudited revenue for the year just ended was £1.1mln, up 59.6% on 2018.

Loss before interest, tax, depreciation and amortisation was in line with management’s expectations.

Net cash balances at the end of the year were around £600,000 and included some £130,000 in research & development tax credits received ahead of expectations before the year-end.

"The acceleration in our revenue growth reflects growing commercial validation and consistent progress with customer projects across all of our products and application areas,” said John Shaw, the chief executive officer of Itaconix.

“Our ingredients have unique value that offer performance, cost, and sustainability advantages for the next generation of products used in everyday applications. Our pipeline continues to strengthen as we maintain our focus on accelerating key revenue opportunities in the first half of 2020,” he added.

Shares in Itaconix rose to 1.65p from 1.575p yesterday after the company announced that the US Patent and Trademark Office had formally issued a new patent to the company for the composition of detergents containing Itaconix's novel bio-based polymers.

Quick facts: Itaconix PLC

Price: 1.35 GBX

LSE:ITX
Market: LSE
Market Cap: £3.63 m
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