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Itaconix ends quarter with a growing number of active customers

Itaconix aims to be a leader in functional ingredients that improve the performance and sustainability of its customer’s products.
Hairstylist
Orders for the hairstyling product are initial conversions in boutique brands from small, nimble early adopters and indicate a broadening market interest in the benefits of the product

Polymers specialist Itaconix Plc (LON:ITX) overcame adverse currency movements to post an increase in first quarter revenues.

Group revenue rose 8% to £149,000 from £138,000 the year before, boosted by the sale of Itaconix CHT - a water conditioner for binding calcium that replaces banned phosphates - into a new automatic dish-wash (ADW) formulation for the US private label market, plus expanding sales in Revcare NE 100S (hairstyling), and initial minimum royalties from the tremco-illbruk licence.

READ Itaconix positive on outlook as focus on polymers yields results

The company said it is hopeful of repeat orders from the North American ADW market, while on the hairstyling side the hope is that the big boys in the sector will follow the early adopters and take an interest in RevCare NE 100S.

Meanwhile, the company continues to work in support of its partnership with AkzoNobel, Croda and Solvay.

"The start of 2018 has seen a growing number of active customers across a variety of application areas, geographies and products. This is beginning to lead to revenue growth, albeit moderate currently, as each product gains traction and markets become more familiar with the benefits of each product in terms of performance, cost and sustainability.,” said Dr Kevin Matthews, the chief executive officer of Itaconix.

“The board is confident, subject to the availability of further funding, that the company is well positioned to continue to deliver revenue growth through 2018 in line with expectations," he added.

"The start of 2018 has seen a growing number of active customers across a variety of application areas, geographies and products. This is beginning to lead to revenue growth, albeit moderate currently, as each product gains traction and markets become more familiar with the benefits of each product in terms of performance, cost and sustainability. The board is confident, subject to the availability of further funding, that the Company is well positioned to continue to deliver revenue growth through 2018 in line with expectations."

The company ended the quarter with £2.5mln in cash, down from £6.9mln a year earlier.

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