(Alliance News) - Speciality polymers firm Itaconix PLC on Tuesday warned of supply chain volatility and shipping delays as shares hit a three month low.
Shares were down 32% to 7.41 pence per share in London on Tuesday.
The London-based firm's revenue in the first half of 2021 was USD1.4 million, up 26% from the same period a year earlier but a 36% decline on the second half of 2020.
The firm noted interim revenue was in line with management expectations, as it anticipated to be lower than the second half of 2020 due to major customer order patterns.
The decline for Itaconix products accelerated towards the end of the first half as brands and retailers adjusted their inventories due to uncertainties around consumer buying habits.
Personal care applications took a notable hit and revenues were "substantially less than the second half of 2020" due to shipping challenges, the company said. It anticipates further delays.
Chief Executive John Shaw said: "Supply chain delays with both our customers and our suppliers are causing some short-term issues, but our revenue opportunities are growing through the increasing recognition of the value of our ingredients in sustainable consumer products and through new additions to our offering of plant-based products. Underlying consumer demand for these products also remains strong."
By Josie O'Brien; josieobrien@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Itaconix Plc (ITX)