For release on RNS: 5 November 2024
Itaconix plc
("Itaconix", the "Company" or the "Group")
Trading Update
Itaconix plc (AIM: ITX) (OTCQB: ITXXF), a leading innovator in plant-based specialty polymers used to decarbonise everyday consumer products, is pleased to provide an update on current trading, which is in line with current expectations.
Revenues are tracking towards the upper end of its previous revenue guidance ($6.0 to $6.5 million) and gross profit margins for the full year are expected to be in line with previous guidance (at circa. 36%).
Revenue growth from the first half to the second half is supported by volume increases in the EU and North America, increased volumes with cleaning usage in new brands, steady beauty volumes, and growth in hygiene revenues.
The Company is progressing with new marketing efforts in conjunction with the previously announced new website and SPARX™ program. Brian Brand joined Itaconix as Marketing Director in October to lead and expand these efforts. Brian has a strong record of generating new revenues from his work across B2B and D2C channels at leading consumer products companies, including Timberland, Burton, and most recently Yogibo.
The Company's new SPARX program is already integrating the efforts of Itaconix and other advanced specialty ingredient companies with innovative end-product manufacturers and purpose-driven brands to speed the introduction of new generations of consumer products. The program was created recently in response to brands seeking new innovations to meet consumer demand for affordable products that perform better and are better for the world. It is also expected to generate more revenue opportunities.
John R. Shaw, CEO of Itaconix, commented:
"Our progress in the second half continues to show strong results from our efforts to expand and diversify our customer base with more profitable revenues. Our major investments in new marketing capabilities, new products, additional product studies, global regulatory approvals, better production, and organizational development are starting to pay off with the types of customers and revenues that we want to reach profitability and become a large, highly-attractive specialty ingredients company."
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Enquiries:
Itaconix plc +1 603 775 4400
John R. Shaw / Laura Denner
Rosewood +44 (0) 207 653 8704
Financial PR
John West / Llewellyn Angus
Canaccord Genuity +44 (0) 7523 8000
Nominated Adviser and Broker
Adam James / Harry Pardoe
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 products contribute to the global low carbon economy.
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