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Hi JD
Blended Gross Profit Margin up 3.2% to 28%
This was due mainly to production ramp up and pricing increases to customers in the late part of 2022
Performance Ingredients – GPM 34%
Formulation Ingredients – GPM 10%
So even less of an impact ?
Looks like we have taken delivery of a further 40 metric tonnes of raw materials, will post details when confirmed, with complete BOL and up to date shipping information.
ATB
AJP
Does not look like todays news has has any effect on our staffing requirements, which should tell us that it is still full steam ahead, we do not want to be a one trick pony?
https://itaconix.bamboohr.com/careers
4 positions still require filling
ATB
AJP
Hi JD
Think as you say there needs to be further clarification and next week would be as good a time as any to get this?
Is this a stand-off situation?
As has been said by John that once you are formulated in it is very difficult to get formulated out.
I would guess that whichever customer we are talking about would now have to go down the road of a reformulation, rebranding and I guess not being able to claim the advantages associated with using ITX ingredients, a very costly exercise I would have thought, with no guarantee that the new product would be successfully adopted by the public?
I am sure a compromise will be trying to be sought
ATB
AJP
The question, is have they walked away, we are very quick here to jump onto the negatives, but would it make sense to be supplying this customer and not making anything at all , what would be your reaction to that? very similar I would hazard a guess.
As has been said and I agree, John would not have taken this step to defend the margin unless he has something coming out soon to cover surpass this revenue blip
Have we forgotten the potential of the big boys (Unilever etc), who we have broken into and the further revenue streams of Leather products, paint and superabsorbents.
All is not doom and gloom and that there is a bright future for ITX, we cannot be held to ransom by one customer, think there is more to come from this and maybe it will take it being out in the open to reach a resolve?
Long term holders have seen this all before
ATB
AJP
Typical AIM, total overreaction.
"Whilst discussions on 2024 pricing and volumes are continuing, and some order volumes remain likely, the impact is likely to be much lower volumes and revenue from this merchandizer in FY 2024 compared to FY 2023."
Good to see that ITX have made a stand on this, is it a case of this is not dead, but we are demonstrating that we will not be pushed into a corner, but will stand our ground and go toe to toe?
Holding firm and looking to pick up a few more on the dip, clearly a buying opportunity, not only for us but for any potential suitor in the background?
Interesting final results presentation next week? (RNS out this week I would have thought)
ATB
AJP
Hi Elsol
Looks like another large purchase posted a day later than transaction?
27-Mar-24 14:48:08 260.00 8,600 Unknown* 254.00 270.00 22.36k
Markets closed tomorrow and Monday for Easter, so would think news will be out early next week on date for the finals
ATB
AJP
Hi Elsol
Thank you for the breakdown of the presentation, as you allude to there are some very interesting development that are happening right now and even more to come as we move forward.
2 million to replicate a plant in Europe, now that would be a huge step forward? and relatively cheap to double our capacity from where we are at the moment, and all the benefits that would bring.
ITX SP is just in its infancy, how do you value the potential here(huge)? personally I do not think we will get the chance to achieve this and will get taken out?
ATB
AJP
Think that some of the large trades over the last period may be those taking the opportunity to use up their ISA allowance using up their tax free allowance for the year, sell out of share account and buy back into ISA, as April is just around the corner. (basing that on on real share price change based on size of trades and many very closely timed?
For example
25 Mar 24 09:29 2,183 219.50 4,791.69
25 Mar 24 09:29 2,203 218.00 4,802.54
25 Mar 24 09:09 2,404 219.30 5,271.97
25 Mar 24 09:09 2,423 218.00 5,282.14
RNS out tomorrow, with Date for the Finals?
ATB
AJP
Hi
From last month
Not sure if this has been posted previously, but totally worth the watch. (full presentation and Q&A)
https://www.youtube.com/watch?v=LW02eSCJ2Bw
ATB
AJP
Hi Luthrin
Then the figures may well be better than I have forecast, this was only a rough set of numbers and are I guess open to interpretation, but where I was coming from was that the overall figures should not be a million miles away from breakeven?
Good to get others thoughts on what we should expect, as we can see from the recent posts on links into new products being produced by the big boys, that we are also making inroads there, which can only be positive.
Not long now, my guess would be 3rd or 10th of April for the finals, should be very interesting?
ATB
AJP
Hi JD
No problem, was tucked away at the bottom of the RNS.
Have had a stab at the figures for 2023, back of the cigarette packet job (lol)
1st half 2023
Revenue -$4,032
Cost of Sales – ($2,899)
Gross Profit - $1,133
Admin Expenses – ($1,863)
Group Op Loss – ($730)
Interest Income – $48
Loss for the period ($694)
Reclassification items $439
Total Loss for the period $225,000
2nd half 2023
Revenue - $3,900
Cost of sales – ($2,400) no raw materials all in 1st half
Gross Profit – $1,500
Admin Expenses ($1.900)
Group Op Loss – ($400)
Interest Income – $40
Loss for the period ($360)
Reclassification items $400 marked slightly down from 1st half
Total profit for the period $40,000
Looking forward to see how our GPM has improved, profits this year ?
Thoughts
ATB
AJP
Dishwasher product (Europe)
https://www.ecosplendo.co.uk/claro/eco-multi-tabs
• Polyitaconic acid sulfonated sodium salt
https://itaconix.com/wp-content/uploads/SDS-Itaconix-CHT-122-rev-EU-2-1.pdf
ATB
AJP
Washing powder in Europe, not seen this one before?
https://www.rossmann.de/de/haushalt-eco-freude-vollwaschmittel-20-wl/p/4305615834917
Sorry in German, but you get the gist. (Sodium Polyitaconate)
Rossmann
Pharmacy chain
Dirk Rossmann GmbH, commonly referred to as Rossmann, is one of the largest drug store chains in Europe with around 56,200 employees and more than 4000 stores. In 2019 Rossmann had more than €10 billion turnover in Germany, Poland, Hungary, the Czech Republic, Turkey, Albania, Kosovo and Spain.
ATB
AJP
With the results due out on the early part of April, will there be an AGM as well?
If so I would expect an RNS out next week to advise?
Sure there will be a bit of movement back and forth till then as investors try and get their positions sorted out.
Back to the research on products
ATB
AJP
Unbelievable at the moment.
MM taking out sells (possibly stop losses) as I cannot purchase any at the moment, another large order being filled?
NT for anything at the moment on HSD was looking to add at these levels, before the Finals.
ATB
AJP
Have been doing a bit of digging, can someone else please confirm the connection.
https://www.glossy.co/beauty/unilever-bets-on-bond-repair-category-with-k18-acquisition/#:~:text=Throughout%20the%20first%20quarter%20of,%2Din%2D1%20Super%20Serum.
https://www.sheamoisture.com/ca/en/jamaican-black-castor-oil-strong-hold-styling-gel/764302020653.html?bvstate=pg:2/ct:r
https://www.sheamoisture.com/ca/en/jamaican-black-castor-oil-strong-hold-styling-gel/764302020653.html?bvstate=pg:2/ct:r
Other products (sheamoisture)in that range also shown on last link.
"K18 is just one part of the growing bond repair space, which includes a growing number of brands like Bumble & Bumble, Living Proof, Ranavat, Kerastase, Redken, L’Oréal Paris and Paul Mitchell. "
We are also in Living Proof and Paul Mitchell for sure,
https://www.livingproof.co.uk/full/texturizing-foam/03421.html
https://flawlessbody.co.uk/products/paul-mitchell-awapuhi-no-blowout-hydrocream-150ml
ATB
AJP
Hi D
Think there are many keeping their powder dry waiting for the 2023 full year results due to be released sometime in the first two weeks of April.
Think that when you have risen over 100% in the last month that there is always a natural pause to take breath. Mind you is there someone in the background scooping up all the easy sells, as in yesterday?
Late trade yesterday scooping 6275 shares @ 257p circa £16k
https://www.londonstockexchange.com/stock/ITX/itaconix-plc/trade-recap
ATB
AJP
No sure if this is in addition to our current staff or a replacement, but we currently have four positions that need filling, one of which is another Laboratory Technician, we will be needing a bigger premises soon to accommodate all these additional people?
https://itaconix.bamboohr.com/careers
ATB
AJP
Hi DB
Cannot believe I missed this one, May last year (2023) as far as I can see.
https://www.henkel.co.uk/brands-and-businesses
https://www.schwarzkopf-professional.com/gb/en/styling/osis/curls-waves/tipsy-twirl.html
Henkel are also massive.
Large amount of products still to look through, but a styling gel very similar to Unilever styling gel product.
ATB
AJP