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IP GROUP PLC

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IP : Itaconix plc - Half year results for the period ended 30 June 2021

09/28/2021 | 05:22am EDT

Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in plant-based specialty polymers used as essential ingredients in everyday consumer products, is pleased to announce its unaudited interim results for the six months ended 30 June 2021.

John R. Shaw, CEO of Itaconix, commented:

"We continue to build a diverse foundation of consumer products that rely on our ingredients to meet customer demands for performance, price, and sustainability. Progress with new and recurring orders from our growing customer base increased overall revenues compared to the first half of 2020 and expanded the use of our plant-based technology platform in the global low-carbon economy. I am especially excited that a major brand set a new standard for bio-based content by launching a new North American dishwashing detergent in February based on Itaconix® TSI™ 322."

Highlights

· First half revenues of $1.4 million were 26% higher than the first half of 2020. Due to customer ordering patterns, these first half revenues were 36% lower than in the second half of 2020.

· Gross profits were $0.5 million, representing an increase of 30% over the first half of 2020 and decrease of 30% over the second half of 2020.

· Gross profit margin was 38% compared to 35% for the full year of 2020, remaining in line with Company expectations for a specialty ingredient company.

· Adjusted EBITDA1 was a loss of $0.7 million, compared to a loss of $0.6 million for the same period in 2020, reflecting some increase in investment spending on new products and applications.

· Loss before taxes was $0.2 million, represented a decrease of 78% from losses of $0.8 million in both the first and second halves of 2020. Revaluation of the contingent consideration liability as a non-cash item contributed $0.5 million to this decrease. Forgiveness of the US PPP loan for Covid-19 government assistance contributed another $0.2 million to this decrease.

· Cash and cash equivalents as at 30 June 2021 was $1.4 million, compared to $1.4 million as at 31 December 2020.

· In June 2021, the Company completed an equity raise with gross proceeds of $1.5 million to fund general working capital needs and new product development.

· The Company received the London Stock Exchange's Green Economy Mark in recognition for its contributions to the global green economy.

Commenting on the outlook John R. Shaw, CEO added:

"Our revenue opportunities continue to grow in line with increasing recognition of the role our ingredients play in meeting demands from brands and retailers for more sustainable consumer products. Order volumes are recovering from the disruptions we experienced in the first half of the year, but we expect some continuation in market volatility through to the first half of next year. Underlying consumer demand for our products and new application developments are generating new customers and revenue potential for 2022."

1Adjusted EBITDA is defined and reconciled to Operating loss in Note 4 of the Interim Report.

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)

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

Disclaimer

IP Group plc published this content on 28 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2021 09:21:05 UTC.


© Publicnow 2021
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