REG - Itaconix PLC - Trading Update

ItaconixAnnouncement

20/04/2022 07:00

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RNS Number : 6634I  Itaconix PLC  20 April 2022

For release: 07.00, 20 April
2022

 

Itaconix plc

 

("Itaconix" or "the Company")

 

Trading Update

 

Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in plant-based
specialty polymers used as essential ingredients in everyday consumer
products, is pleased to update the market on current trading.

The Company reports that trading in the first three months of 2022 is
substantially ahead of the same period in 2021 and supports current market
expectations for FY2022.

Product volumes in cleaning applications are leading revenue growth in early
2022 based on continued recovery and increases in orders for uses in
dishwashing detergents. Volumes from existing major North America brands grew
from expanded success with retailers and consumers. Recurring orders from
three new North American brands that started in H2 2021 added further volumes.
One new North American brand is expected to go into production in Q3 2022,
with more expected by the end of 2022. The first, and previously announced, EU
detergent brand for our Itaconix® TSI™ 322 polymer is expected to have
recurring orders starting in Q3 2022, while another EU detergent brand is
conducting trials for potential production orders in 2023.

Hygiene revenues are currently tracking close to 2021 results. Itaconix is
working with select customers on trials of VELAFRESH® SAP80, a plant-based
superabsorbent with potential uses in more sustainable baby diaper, adult
incontinence, feminine hygiene, and industrial absorption products. In
addition, the Company recently entered into a development agreement with a
major North American pulp and paper company for adding VELAFRESH® odour
neutralization technology to a range of potential consumer products.

Beauty revenues are currently tracking close to 2021 results. Itaconix
recently advanced its position as a leading innovator in sustainable hair care
with a patent application filed for new plant-based technology to maintain the
natural health and shine of hair. The Company plans to develop this
proprietary technology into a new ingredient for consumer and professional
products that prevent or repair damaged hair.

The Company continues to maintain sufficient raw material supplies and
production capacity to meet customer needs. With year to date and expected
continued growth in EU sales versus the prior financial year, the Company is
accelerating plans to strengthen its finished goods inventories in the EU to
assure reliable and ready delivery times to EU customers.

John R. Shaw, CEO of Itaconix, commented:

"Our plant-based technologies will address consumer needs across many segments
of the low-carbon economy. As we grow in larger steps, the impact and progress
that we are making at decarbonizing everyday cleaning, beauty, and hygiene
products is becoming more real and more tangible. Itaconix is building a
broader base of recurring revenues with new customers, new applications, and
new products. The driver is the continued spotlight on the global low-carbon
economy and the need for sustainable consumer products with powerful
performance and competitive costs."

 

- Ends -

 

For further information please contact:

 Itaconix plc                                                     +1 603 775 4400
 John R. Shaw / Laura Denner
 Belvedere Communications                                         +44 (0) 20 3687 2756
 John West / Llew Angus
 finnCap                                                          +44 (0) 20 7220 0500
 Ed Frisby / Abigail Kelly / Milesh Hindocha (Corporate Finance)

 Andrew Burdis / Sunila de Silva (ECM)

www.itaconix.com (http://www.itaconix.com)

 

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 contributions to the global low carbon economy are
recognised by the London Stock Exchange's Green Economy Mark.

www.itaconix.com (http://www.itaconix.com/)

 

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