Itaconix expecting a loss following restructuring efforts

18th Feb 2019 14:57

(Sharecast News) - Specialty polymer developer Itaconix expects to record a loss following the restructuring of its UK operations during the last trading year.Itaconix reported revenues of £700,000 for the year ended 31 December, marking a 27% year-on-year increase.However, Itaconix, which turned in a pre-tax loss of £10.2m in 2017, warned that it was set to record an EBITDA loss in line with expectations for 2018.Elsewhere, the AIM-listed outfit, which successfully completed the restructuring of its UK operations in 2018, said it had reduced its overall cost base to a rate of £2.1m per year - the same figure as its positive cash balance at year-end.Chief executive John Shaw said: "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."I believe we are well positioned for continued revenue growth in our core markets of non-phosphate detergents, odour control, and hair styling."As of 1500 GMT, Itaconix shares had sunk 13.43% to 2.90p.