viewItaconix PLC

Itaconix eyes 'many years of revenue growth'


  • Manufacturer of bio-based speciality polymers
  • Supply deals with large conglomerates
  • Strong pipeline of active projects at various stages of development

Quick facts: Itaconix PLC

Price: 0.425 GBX

Market: LSE
Market Cap: £1.14 m

Use of our polymers in increasingly broader categories of consumer products has established the foundation for many years of revenue growth

John Shaw, chief executive

What Itaconix does:

The AIM-listed firm makes speciality polymers that are used in a wide variety of products, ranging from paints through washing liquids to mascara.

Its core technology was developed by a US company, called Itaconix Corporation, that it acquired in June 2016.

At the time of that purchase, Itaconix PLC was known as Revolymer PLC, a company that had polymer technologies of its own as well as a nicotine gum business that it sold off to Danish firm Alkalon.

On March 1, 2017, the company changed its name to Itaconix.


Most of its products are bio-based, being derived from itaconic acid, which in turn is taken from corn starch, so the products are sustainably sourced, helping its customers improve the sustainability of their own consumer products.

Some of the brands under Itaconix’s banner include Itaconix CHT, a water conditioner for binding calcium that replaces banned phosphates; RevCare NE, a bio-based hair-styling polymer; and Eureco RP103, a product for the removal of stubborn stains.

Other products include Itaconix Velasoft, a natural skin conditioner for handwash; Itaconix Zinadore, a water-soluble odour neutraliser; deodorant ingredient Velafresh ZP30 and Itaconix DSP, a phosphate-free water conditioner used in detergents for consumer, industrial and agricultural applications.


How it is doing

In October, Itaconix said that turnover for the first three quarters of the year was £700,000, up 78% on the comparable period last year.

Revenues in the second half will be higher than the first six months, though below expectations due to delays in some projects coming through.

Itaconix said the loss for the final six months will be broadly in line with the £1mln shortfall at the EBITDA level seen in the opening six months. The deficit last year was £3.9mln.

Year-end cash will be in line with expectations “due to significant improvements in working capital utilisation”.

It also expanded an existing deal with FTSE 100 listed chemicals company Croda International Plc (LON:CRDA) to add ZINADOR 35L, a concentrated odour control polymer, to the already agreed ZINADOR 22L product line order. The first delivery was carried out in January.

In December management announced plans to trade shares on the US OTCQB market under the symbol ITXXF.


What the boss says: John Shaw, chief executive

"The use of our novel products in an increasing range of end-products is establishing a broad customer base for long-term revenue growth and ultimate profitability.

“While project delays can be rather frustrating, our commercial momentum continues to build, we remain confident about our outlook, and our future remains equally bright."


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Inflexion points

  • Plans to trade on the OTCQB market
  • New Velafresh line launched in October
  • Two global supply deals with former AkzoNobel speciality chemicals business Nouryon for detergent and styling polymers
  • Ramping up to production to accommodate these deals



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