REG - Itaconix PLC - AGM Statement and Trading Update

ItaconixAnnouncement

20/05/2024 07:00

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RNS Number : 0051P  Itaconix PLC  20 May 2024

For release: 07.00, 20 May
2024

 

Itaconix plc

("Itaconix" or the "Company")

Annual General Meeting Statement and Trading Update

Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable
plant-based polymers used to decarbonise everyday consumer products, will
today hold its Annual General Meeting ("AGM") at 14.00 at Fieldfisher LLP, 9th
Floor, Riverbank House, 2 Swan Lane, London EC4R 3TT, United Kingdom.

At the AGM, Dr. Peter Nieuwenhuizen, Non-Executive Chair, will make the
following statement:

"After the decisions we made at the start of the year, I am pleased to report
on year-to-date progress with new products launched, new accounts won, uses in
new applications, higher gross profit margins, new studies on the
biodegradability of our products, and an expanding global footprint of
regulatory approvals for our products. Itaconix trading to date and the
Board's expectations for FY 2024 results remain in line with what we set out
in our announcement of 2 April 2024.

"We announced two new products on 29 April 2024. Itaconix TSI 422 is an
advanced version of our leading Itaconix TSI 322 that offers improved
performance, lower overall formulation costs, and more compact formulations in
cleaning applications. Itaconix ONZ 405 is a powder version of our current
liquid odour neutraliser to meet customer needs in powder formulations,
particularly in laundry and hygiene applications.

"We have received initial orders from important new accounts in Europe and
North America, including a new dish detergent gel in Europe and expanded use
in sustainable leather. We expect revenues from these new accounts and
meaningful volume growth from two key existing accounts to predominantly fall
in H2 2024 and beyond.

"As stated in our announcement of 2 April 2024, we are working to realise more
value for the benefits that our ingredients deliver in consumer products.
Importantly, our unaudited year-to-date total gross profit margin is greater
than 35 per cent compared to 31 per cent for FY 2023.

"We have completed a series of studies to expand the data showing that our
water-soluble polymers do not persist in the environment as customers and
regulators increasingly focus on the safety of ingredients used in consumer
products.

"We have advanced the global regulatory acceptance of our major products with
new approvals in China, Australia, and New Zealand. These approvals are
expected to generate new revenue opportunities for current European and North
American accounts to sell their products into this region and for new
prospective customers in these countries.

"As stated before, our strong balance sheet provides us with the resources to
continue our commercial expansion and pursuit of new customer, application,
and product opportunities for high-margin revenue growth. We remain optimistic
about our goal to build a large, profitable company with recurring
attractive-margin revenues from a large and broad base of customers that use
Itaconix products as key enabling ingredients in new generations of consumer
products."

-Ends-

 

 Itaconix plc                                                                        +1 603 775-4400

 John R. Shaw / Laura Denner
 Belvedere Communications                                                     +44 (0)20 7653 8702

 John West / Llew Angus
 Canaccord Genuity - Nominated Adviser and Sole Broker                       +44 (0) 20 7523 8000

 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 cleaning, hygiene, and
beauty.  

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

 

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