Itaconix PLC - New Hampshire, US-based speciality polymer developer - Reports a narrowed loss in 2021, despite lower revenue, thanks to exceptional income. Pretax loss in 2021 narrows to USD448,000 from GBP1.6 million in 2020. Revenue falls 21% to USD2.6 million from USD3.3 million. Loss is slimmer as firm books exceptional income of USD1.6 million versus an exceptional loss of USD339,000 in 2020. Exceptional income is related to revaluation of contingent consideration.
Citing supply chain bottlenecks, company says: "Even with a growing commercial base and expanding technology platform, 2021 showed that we are not immune to the macro forces affecting consumer product industries." It adds: "Incoming raw materials and outgoing customer shipments had longer delivery times and higher costs. The supply of other ingredients into our customers' products had major supply disruptions that delayed the use of our products."
Regarding its outlook, the provider of plant-based ingredients sees opportunities as it expects higher demand for more sustainable products.
Current stock price: 4.48 pence, down 18% on Wednesday
12-month change: down 64%
By Tom Budszus; tombudszus@alliancenews.com
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Itaconix Plc (ITX)