Itaconix completes UK operations restructure; annual earnings meet expectations
Source - SMW
Specialty polymers maker Itaconix said Monday its earnings for the full year met expectations following the restructuring of its UK operations.
For the year to 31 December 2018, unaudited revenues were £0.7m, with unaudited earnings (EBITDA) in line with expectations.
The company also completed the previously announced restructuring of its UK operations, reducing its overall cost base for ongoing operations in the second half of 2018 to a rate of £2.1m a year.
Net cash balances as of 31 December 2018 were £2.1m with the company shortly expected to receive £0.3m of cash from R&D tax credits related to expenditure in 2017.
Since the year end, the company had announced a supply agreement with Nouryon for Itaconix polymers to be used in non-phosphate detergents.
'We achieved major progress in the second half of 2018 and the start to 2019 with increased revenues, another collaboration with a worldwide leader, and a major reduction in our fixed costs,' said John R. Shaw, CEO of Itaconix. 'I believe we are well positioned for continued revenue growth in our core markets of non-phosphate detergents, odor control, and hair styling."'
At 9:57am: (LON:ITX) Itaconix Plc share price was -0.45p at 2.9p