Itaconix PLC Trading Update (3094Q)
18 Octubre 2019 - 1:00AM
UK Regulatory
TIDMITX
RNS Number : 3094Q
Itaconix PLC
18 October 2019
18 October 2019
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Itaconix plc ("Itaconix" or the "Company")
Trading Update
Itaconix, a leading innovator in sustainable specialty polymers,
provides an update on trading for the year ending 31 December
2019.
Revenues for the first three quarters of 2019 ended 30 September
2019 reached GBP0.7m, representing a 78% increase over revenues for
the first three quarters of 2018 and matching full-year 2018
revenues of GBP0.7m. This growth demonstrates the value of the
Company's products in detergents, personal care, and odour control.
The Board expects second half revenues will exceed the first half
of 2019. However, as a result of delays in certain customer
projects, the Board believes that full-year revenues will be below
current market expectations, but still represent a very significant
increase over 2018 revenues. The Company continues to have a strong
pipeline of active customer projects and is undertaking efforts to
accelerate key revenue opportunities, particularly in water
treatment and detergents.
As a result of lower than expected revenues and also some
one-off costs related to new product development, the Board expects
that the EBITDA(1) loss for the second half of the year will be
broadly in line with the GBP1.0m loss for the first half of the
year, which will be a substantial improvement over the GBP3.9m
EBITDA loss for 2018.
Other than an R&D tax credit of c. GBP0.13 million, which is
now expected to be received in early 2020 rather than in the
current year, the Board believes that year-end cash will be in line
with expectations due to significant improvements in working
capital utilization.
John R. Shaw, CEO of Itaconix, stated: "The use of our novel
products in an increasing range of end-products is establishing a
broad customer base for long-term revenue growth and ultimate
profitability. While project delays can be rather frustrating, our
commercial momentum continues to build, we remain confident about
our outlook, and our future remains equally bright."
(1) Earnings before interest, tax, depreciation and
amortisation.
Ends
For further information please contact:
Itaconix +1 (603) 775 4400
John R. Shaw
N+1 Singer +44 (0) 207 496 3000
Richard Lindley / James Moat (Corporate
Finance)
Mia Gardner (Corporate Broking)
About Itaconix
Itaconix plc is a leading innovator in bio-based functional
ingredients for improving the safety and performance of homecare,
personal care, and industrial products. Its proprietary polymer
technology generates a growing range of new ingredients with unique
functionality that meet consumer demands for value and
sustainability.
www.itaconix.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTDGBDGXGBBGCR
(END) Dow Jones Newswires
October 18, 2019 02:00 ET (06:00 GMT)
Itaconix (LSE:ITX)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Itaconix (LSE:ITX)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024