Itaconix plc
Itaconix plc (AIM:ITX) is a UK-incorporated, US-operating innovator in plant-based specialty polymers derived from itaconic acid, protected by 18 patent families. It develops, produces and sells functional ingredients (scale inhibitors, odour neutralisers, hair fixatives) primarily for homecare, personal care and industrial product manufacturers, with a near-term focus on unit-dose laundry and dishwashing detergents in North America and EMEA. The company was previously named Revolymer plc (renamed; same registered company, number 08024489). It also has an early-stage BIO*Asterix specialty itaconate monomers/binders business targeting paints and coatings.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 25 Apr 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Itaconix makes plant-based ingredients for products such as dishwashing and laundry detergents. In the year to 31 December 2025 its revenue rose to $10.5m from $6.5m, up 61.4%, and its loss after tax narrowed to $1.4m from $2.0m. The growth came mainly from wider use of its scale inhibitors, ingredients that stop mineral deposits building up, in detergents in Europe and North America. Administrative costs rose, largely because of extra staff, and the loss includes a one-off $197k write-down of earlier development costs. Cash at the year end was $2.4m, down from $5.5m, with further money held separately in term deposits. The company increased its stocks of raw materials, partly to guard against US tariffs. It had no borrowings, issued no new shares and paid no dividend, and it does not expect to pay one in the foreseeable future. Management expects another strong year of growth in 2026 and a move to a profit before interest, tax, depreciation and one-off items. The report warns that growth may slow from 2025's exceptional rate and that three customers account for a large share of revenue. The auditors gave a clean opinion and raised no doubt about the company's ability to keep trading.
From the reportevery line sits on the page it namesWhat drove revenueItaconix Performance Ingredients scale inhibitors in unit-dose dishwashing detergents (EMEA)
EMEA Performance Ingredient revenues grew 104% YoY to $3.9m in 2025, driven by broader adoption of scale inhibitors among existing and new customers
page 6AndNorth American scale inhibitor adoption via SPARX Formulated Solutions
Developed new unit dose detergent formulations for 17 North American brands; 8 went into production in 2025, 7 more expected in 2026, 2 in evaluation
page 6What moved the margintailwindSegment mix shift toward higher-margin Performance Ingredients and margin improvement in SPARX
Performance Ingredients weighted avg gross margin 41% (2024:43%); SPARX improved to 17% (2024:11%); overall gross margin stable at 35%
page 11AndtailwindStable raw material costs and favourable FX movement
Group maintained gross margin due to continued pricing discipline, stable raw material costs, favourable FX movement and improved operating efficiencies
page 11One-offs in the year$197k charge: Impairment of intangible assets (previously capitalised development costs)
page 40What management saidWe anticipate that our current pipeline of North American dishwashing detergent projects will support another strong year of growth in scale inhibitor and SPARX Formulated Solutions revenues in 2026.
page 6The dividendItaconix is seeking primarily to achieve capital growth for shareholders; intends to retain future distributable profits and does not anticipate paying dividends in the foreseeable future; no dividend recommended for 2025 (2024: £nil)
page 30Going concern and the auditUnqualified ('true and fair') audit opinion issued by PKF Littlejohn LLP (Hannes Verwey, Senior Statutory Auditor). Going concern basis adopted; Directors reviewed cash flow forecasts covering at least 12 months from approval date; auditor identified no material uncertainties over going concern. Key audit matters: (1) revenue recognition around year-end cut-off, (2) recoverability of investments in subsidiaries and intergroup loans (Company only)
page 34The risks it names first- Commercialisation risk — ability to meet long-term profitability goals depends on growing sales volumes, managing ordering patterns and maintaining momentum in new product adoption; recent trading indicates growth rates may moderate versus 2025's exceptional increasesp.13
- Recruitment and retention of key staff — high competition for specialty polymer chemists and skilled operations staffp.13
- Key persons risk — senior corporate management relies on three people: CEO, CFO and VP of Operationsp.13
- Customer concentration and retention — loss of key customers or excessive dependence on a limited number of customers could adversely impact resultsp.13
Read from C000691-AR-2025-ch.
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