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."
- Ends -
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.
www.itaconix.com
