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...and well done John, Laura, and Yvon (and long term share holders) ! Onwards and upwards, heres to another great year.

I think the 4.8m was meant to be in respect of HY1 2025, rather than HY2 2024

2024 revenue was 6.5m. The RNS of HY1 2024 revenue (16 July 2024) noted revenue at 2.8m, implying HY2 revenue was 3.7m. But this latest RNS says HY2 revenue was 4.8m?

Thanks Elsol. For added context for everyone, it's less than 2% of their holdings

Previous TUs have been lackluster - relative to our time impatient attitudes towards a fledgling company, mind you - it's only 1) the long term marker opportunity, and 2) the ability of management to get us there in a timely manner, that matters in the medium to long term. I've unbridled faith in both, and have managed to invest at a lower SP than I have since 2021, thanks to illiquid savings and a similar attitude, which I'm thankful for and will continue to benefit from. That being said, I too really hope for a stellar update, which I do expect, bringing a paper gain I'll appreciate until cashing out on M&A or when I need the liquidity in decades to come. We'll get there.

Is it interesting they cite VELASOFT (high-performance hair styling ingredient) and VELAFRESH (odor neutralization), whereas the original announcement of the SPARX partnership with Bonals was to "accelerate the introduction of safer, better performing and sustainable unit dose detergent tablets in the US and Canada"?

Forgive me if I'm missing something, but isn't the Bonals delivery of machinery? I'd taken a look and seemed like it was under the SPARX programme rather than raw itaconic acid imports

WIll be interesting to clarify the situation with EU customers. To me one question is whether we are delivering end products via formulation solutions into Europe (as Sparx in US) or raw materials, as that might impact whether tariffs apply?

Increased costs might erode one of the value adds we offer to EU if it does - and in my view the largest given JS comments about companies talking the talk about sustainability in SAP but not moving if not cheaper, and P.LeB comments on that webinar shared a while back about drivers of take off of new ingredients - cheaper formlations. But unsure to what extent we're impacted, so thanks Elsol for reaching out.

Personally I'd be happy to absorb some / all of this additioanl cost to the extent there is any, in favour of penetrating and expanding market share in EU and then look to increase margin over time as tariff situation becomes clearer. New clients in EU might already have price security locked into contracts (but believe JS and LD might have said this isn't the case for most customers?). But in any case, as JS and LD indicated, I don't expect a large impact if any, probably talking arond the edges, the growth and diversity of recurring revenue is priority 1, 2, and 3 here IMV. Easy to miss the woods for the trees.

Or looking again, Bid/Ask yesterday before 11am was 120/128. Could be a good buy, but perhaps more likely a sell with MMs happy to take that many shares at 123p

Late buy yesterday for £61.5K and another this pm for £13.7k. Someone very confident (as am I) but surprised there was that many shares available and it hasn't done more the the SP

A very clear sense of commercial focus throughout this presentation. Enjoyed the transparancy in the presentation and the Q&A. Keep it up through 2025!

Very impressive guy. Thrilled to have him Chair of Board. Made me even more bullish about long term prospects listening to this. Would recommend listening (I did on x2).

He mentions ITX around 13:50 when talking about barriers to entry and regulatory challenge in chemical production market, cites ITX as execllent.

Talks about companies need a burning platform for adoption of new chemicals into production around 33mins, either regulatory change (EU market looking positive, US perhaps less so for us holders) OR new chemical is green and or cheaper: "it will take off in the market"

Cites ITX as phenomenal c38mins, when talking about the need for deep deep knowledge of your product to be able to sell it into products. This deep level of knowledge about your chemcicals is like gold dust, most can't / don't have this in house, ITX built this "phenomenal well" in house e.g. decades of working with it, buying 10 dishwashers and going to town understanding their product etc.

I've even more confidence ITX will, eventually, be highly profitible high revenue company. We're on the growth curve for cleaning products now and the others are not far behind. I can't wait for an update on BioAstrix, will continue to patiently wait and top up every now and again.

John won't be happy until he has manufacuring plants in Europe, if I recall from a past Q&A. I doubt, and like to think that, he and the BOD would be interested in cashing out for retirement until then. We've tremendous long term value, I'd feel short changed even if sold for 20p old money tomorrow (at c£135m Market cap)!

Already fixed, cheers John!

A tough spread to swallow, but I've just topped up in a few trades. Would have been nice to get in at the dip last week but this is still great value (c2.7 in old money) and I believe will rally on any good news to come

I suspect John and Laura have well considered their distribution model having exited the recent client / manufacturer relationship, and I believe it will soon be entering a new phased where we're more dealing with large manufacurers of FMCG directly, without the need for intermediaries to distribute to many small brands. DIstribution models will still work well for some products, like those used in beauty, for example.

The proactive investors youtube video was comforting. It sounded like it was John who terminated the co-dependent relationship and did so from a position of strength. ".[We know what] the value of our ingredient is" "Major opportunities developed in N.AMerica detergent market" "..but also developed a significant dependent on each other". Any speculation who the client was? Nouryon? If it was a supplier into detergent brands perhap those brands come to us now?

Impressive

Positive interview. Paraphrasing, a lot of built in gowth from 2023 will emerge in 2024, as well as growth from new brands approaching them for help reformulating. On top of new opportunities mentioed below! 2024 likely to be a heck of a year, especially as costs and investment managed judiciously

Thank you AJP. Fingers crossed SAP revenue is coming online (and did JS say that BIO*Asterix may start to generate revenue in 2024 at the earliest?)