Itaconix reports slower than anticipated revenue in 2017
Source - SMW
Itaconix reported slower than anticipated revenue growth in 2017 of £600,000 compared with £300,000 in the previous year while operating loss was unchanged from the prior year at £5.2m.
The company said key partnerships signed during the year included, Croda, AkzoNobel Performance Additives, and AkzoNobel Chelates, while a distributor network was established for its personal care business.
Dr Bryan Dobson, Chairman, said: 'Itaconix has achieved real commercial progress in 2017, albeit at a slower than anticipated revenue growth rate.'
'The business is now well positioned with products in market and channels in place, both through major strategic partnerships with parties such as Solvay, Croda and AkzoNobel as well as a distribution network for Personal Care. The Board is confident that the Company is now well positioned to deliver revenue growth from 2018.'
At 9:57am: (LON:ITX) Itaconix Plc share price was -3p at 13.5p