Business
Preliminary Results
Preliminary Results.
About this update from Itaconix Plc
[{"type":"text","content":"\n\nEmbargoed: 31 March 2025\nITACONIX PLC\n(\"Itaconix\" or the \"Company\")\nPRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024\n \nItaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, announces its Preliminary Results for the year ended 31 December 2024.\nCommenting on the results, John R. Shaw, CEO of Itaconix said:\n\"2024 was a pivotal year in strengthening the foundation of our business, following our decision to rebuild our customer base around the true value of our ingredients. The results are already evident - improved gross margins, a more diverse and resilient customer base, and momentum in Europe and non-cleaning segments.\n\"We are entering 2025 with a stronger platform for growth, enhanced by the launch of our SPARX™ innovation program, which is already producing promising new products like Itaconix® TSI™ 422. With consumer demand rising for safer, sustainable, and high-performing products, we believe Itaconix is uniquely positioned to scale as a specialty ingredients leader.\"\n \nFinancial and Operational Highlights\n\n\n\n\n\n\n\n2024\n\n\n2023\n\n\n2022\n\n\n2021\n\n\n2020\n\n\n\n\n$'000\n\n\n$'000\n\n\n$'000\n\n\n$'000\n\n\n$'000\n\n\n\n\nRevenue\n\n\n6,503\n\n\n7,866\n\n\n5,600\n\n\n2,596\n\n\n3,292\n\n\n\n\nGross profit\n\n\n2,260\n\n\n2,437\n\n\n1,487\n\n\n700\n\n\n1,154\n\n\n\n\nGross profit margin\n\n\n34.7%\n\n\n31.0%\n\n\n26.6%\n\n\n27.0%\n\n\n35.1%\n\n\n\n\nAdjusted EBITDA 1\n\n\n(1,778)\n\n\n(925)\n\n\n(1,395)\n\n\n(1,640)\n\n\n(993)\n\n\n\n\nCash used from operating activities\n\n\n(2,753)\n\n\n(1,923)\n\n\n(219)\n\n\n(2,023)\n\n\n(1,157)\n\n\n\n\nNet cash and investments at year-end\n\n\n6,734\n\n\n10,023\n\n\n597\n\n\n683\n\n\n1,448\n\n\n\n\n \n[1] Adjusted for interest, tax, depreciation, amortization, share based payment charge, and exceptional items.\n· Revenue of $6.5 million (2023: $7.9 million), reflecting the strategic decision to exit lower-margin business with a major North American customer. 53.5% growth in remaining revenue base, excluding the discontinued North American merchandiser contract.\n· Gross profit margin improved to 34.7% (2023: 31.0%), driven by better pricing, lower input costs and operating efficiencies.\n· Adjus...