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Purchase raw materials 2020 which $1.1 Million held at end of year , statement in RNS said that they need to hold more in stock due to delivery problems.
Its happening across the globe , to say we lost X without clear interims is fantasy land
we have to trust the statement and to be true was a flat statement but gives a glimpse of future of positive
Yes you are right AJP but in the absence of a proper financial statement it’s all we have to go on. We all love ITX but it’s accounts are rather opaque and do not provide a full picture! One noticeable difference between the H1 trading statement and the M1 to M5 trading update prior to the fund raise is that the M5 update did not state the cash position. In fact the trading statement led us to believe all was well... “The Company's balance sheet will also be strengthened following notification that the US Small Business Administration intends to forgive the $0.2m loan that Itaconix received last year under the US Government Paycheck Protection Program, which will eliminate this liability.”
Had the cash position been given in the M5 trading update I imagine the share price would have fallen more than it did which in my opinion the company wouldn’t have wanted if they were raising funds with a 12.1p share price.
I hope in future the company provides a fuller set of accounting figures!
Hi
yes that is the net cash position, but you cannot quote that figure as a loss, there are so many other things that need to be taken into account, before you can determine what profit/loss is.
ATB
AJP
I should have quoted $ not £ but anyway figures are:
Cash at end of 2020 was $1.448m
Fundraise of $1.5m
Cash at end of 2021 was $1.4m
So taking into account the fundraise our net cash position deteriorated by $1.548m
I agree they will have used the fundraise towards raw material stock piling which will benefit the H2 position.
sorry results from 2020
Hi Smart
How did you manage to come up with that figure, as looking at full year results from 2021, I would have thought back of a fag packet calculation the loss for the first six months would be about $250/$300 thousand, I would assume that we have used most of the cash in hand we had to purchase raw materials to stockpile, taking shipping issues for the rest of this year out of the equation and this could be done knowing we had the money from the Institutional Investor coming in as cover going forward?
Think we all want the same thing, a successful ITX
AIMHO
ATB
AJP
In case your wondering what the loss was I calculate it at £1.548m for H1 and that’s what I believe led to the sell off.
H2 needs to deliver a healthy profit to restore market confidence and for the reasons given in my earlier post I believe it will. For new investments at today’s share price that represents a cracking opportunity to ‘hopefully’ IMO double your money in 6 months! I hope we will all still be here in 6 months to see this realised.
Thanks guys for providing the details of the large trade (I should’ve looked more closely). In answer to the “what’s changed” question I believe the market reaction is because H1 posted a bigger loss than expected. Though that loss isn’t broadcast in the RNS you can easily calculate it from the changes to cash balance and subtracting the recent fund raise. Many of us had talked about the company moving into profit. However I can fully understand the company making a H1 loss given a) revenue was lower than 2020 H2 (though it was significantly up on 2020 H1). b) higher raw material costs c) sales prices agreed pre-inflation. The company has now taken steps to address this by stock piling raw material and adjusting selling prices moving forward. We also know H2 sales will be very good. So I expect H2 to move us into profit and the market will react extremely positively to that. So 6 months of patience is now required.
Hi Buffer
I would have thought that now the deal has been posted that buyers have been found for that particular quantity, therefore we start afresh tomorrow.
I think that we are slightly overreacting, the share price may have gotten ahead of itself granted, but do not think there is any justification on how far the share price has fallen, where we were busy researching, discovering and confirming many new products of which ITX had a hand in and looking to the bright future we had here, this has been replaced with negative murmurings. Can someone explain to me what has changed from a week ago, we increased our revenue in the first six months of the year by almost the amount we generated in the first six months of 2019, I think maybe that things have to be put into perspective. This is only a blip, yes it may take a bit of time to recover, but recover it will.
AIMHO
ATB
AJP
Sadly that 900K trade was from y.day.
Looking at the price it was almost certainly a sell.
Many of us PI's bought y.day and despite many more buys than sells, that trade was why we finished lower.
Large seller in background now will push SP lower.
I have not sold a single share over last 4 months.
I can only congratulate Luthrin for his trading tactics.
LTH have different perspective.
It is not until a new contract is announced, that SP may recover to even 10p
Feel for many loyal holders.
The new Institutional Investor took up a notifiable percentage of our equity.
Let us see who appears on the share register eventually.