Itaconix accelerates FY revenue growth

Specialty polymers manufacturer Itaconix told investors on Thursday that revenue growth had accelerated in 2019 and said it now expects underlying losses to be in line with expectations.

Itaconix reported unaudited revenues for the year of £1.1m, representing 59.6% growth over 2018, which the group said reflected growing commercial validation of its products and consistent progress made with customer projects across all of its products and application areas.

Net cash balances as of 31 December 2019 were £600,000 - including £130,000 in research and development tax credits received ahead of expectations before the year-end.

Chief executive John Shaw said: "Our ingredients have unique value that offer performance, cost, and sustainability advantages for the next generation of products used in everyday applications.

"Our pipeline continues to strengthen as we maintain our focus on accelerating key revenue opportunities in the first half of 2020."

As of 1005 GMT, Itaconix shares were down 4.55% at 1.57p.