Business
Full Year Results Ended 31 December 2020
Full Year Results Ended 31 December 2020.
About this update from Itaconix Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8835T\n Itaconix PLC\n 30 March 2021\n \n \n \n \n Strictly Embargoed until 07.00, 30 March 2021 \n \n \n \n \n \n Itaconix plc\n \n \n (\"Itaconix\" or \"the Company\")\n \n \n 156% Revenue Growth for Full Year Results Ended 31 December 2020\n \n \n \n \n \n Itaconix plc (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable plant-based polymers used as essential ingredients in everyday consumer products, announces Final Results for the year ended 31 December 2020.\n \n \n \n \n \n Commenting on the results, John R. Shaw, CEO of Itaconix, said: \n \n \n \n \n \n \"We achieved 155.6% growth in revenues to $3.29 million and reduced adjusted EBITDA losses to under $1 million from progress with new and recurring orders in detergent, odour control, and personal care applications. In addition, having completed a successful fundraise, we have also substantially strengthened our balance sheet and had healthy cash balances at the year end.\"\n \n \n \n \n \n \n \"\n \n \n With Polymers for Better Living™, Itaconix is dedicated to decarbonisation to reduce the planet's carbon footprint and address climate change. Our plant-based polymers are essential ingredients in a new generation of safer, more sustainable consumer products.\n \n \n \n \n \n \n \n \"2020 was transformational for our Company, as brands increasingly looked to Itaconix to improve the competitive position of their products with new performance and environmental claims. \n \n \n Milestones achieved from major customer projects progressing to launch in 2020 increased our revenues and our revenue potential in a broadening range of home and personal care products. The expanding foundation of formulations among our customers is building a strong base of recurring use to underpin our continued growth.\"\n \n \n \n \n \n \n Financial Highlights\n \n \n \n \n \n \n \n \n \n \n \n \n % difference to previous financial year\n \n \n \n \n 2020\n \n \n \n \n \n $'000\n \n \n \n \n 2019\n \n \n \n \n \n $'000 \n \n \n \n \n \n \n Revenue\n \n \n \n \n +155.6%\n \n \n \n \n 3,292\n \n \n \n \n 1,288\n \n \n \n \n \n \n Gross profit\n \n \n \n \n +156.4%\n \n \n \n \n 1,154\n \n \n \n \n 450\n \n \n \n \n \n \n Gross profit margin\n \n \n \n \n +0.6%\n...