REG - Itaconix PLC - Half Year Results
10/09/2024 07:00
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RNS Number : 5081D Itaconix PLC 10 September 2024
Itaconix plc
("Itaconix" or the "Company")
Half year results for the period ended 30 June 2024
Itaconix (LSE: ITX) (OTCQB: ITXXF), a leading innovator in sustainable
plant-based polymers used to decarbonise everyday consumer products, is
pleased to announce its unaudited interim results for the six months ended 30
June 2024.
A copy of the Interim Report & Accounts is available for download on
Itaconix's website at www.itaconix.com.
John R. Shaw, CEO of Itaconix, commented:
"We have succeeded at adjusting our revenue base with gross profit margins
that better reflect the value of our plant-based ingredients. Our efforts in
the first half of the year place the Company in position for a strong second
half and future long-term growth. With cash resources in place to support our
new marketing efforts and new product development, the Company is firmly in a
new stage of progress, focused on achieving near-term targets while also
pursuing larger and broader opportunities for its technology platform. The
Company remains on track to deliver full-year 2024 results in line with the
Board's expectations."
Financial Highlights
· First half revenues of $2.8 million were 30% lower than in the
first half of 2023 ($4.0 million).
· Gross profits were $1.1 million, consistent with the first half
of 2023.
· Gross profit margin was 39% compared to 28% for the first half of
2023. Gross profit margin on Performance Ingredients was 46% compared to 34%
for the first half of 2023. This improvement in gross profit margin was based
on the strategic decision, as previously announced, to focus on higher-margin
business and a more diverse revenue base for its performance ingredients.
· Adjusted EBITDA(1) was a loss of $1.0 million, compared to a loss
of $0.4 million for the first half of 2023 and a loss of $0.5 million for the
second half of 2023, due to increased investment spending on major new revenue
generating opportunities and further development of our operating
capabilities.
· As at 30 June 2024, Cash and Investments were $8.0 million,
compared to $10.0 million as at 31 December 2023. To date, we have
judiciously used the proceeds from our 2023 fundraise on working capital,
capital spending on laboratory and facility upgrades, new marketing efforts,
increased new product development, new regulatory approvals, and further
studies to support the human and environmental safety of our ingredients.
· The Board reiterates its revenue expectations of $6.0 million to
$6.5 million and gross profit margin expectations of 36% for FY 2024.
Company Milestones:
· Cleaning revenues of $2.3 million for the first half of 2024
compared to $3.7 million in the first half of 2023.
o As announced on 2 April 2024, the Company reached an impasse on acceptable
pricing with a major existing merchandizing customer in North America for
supply in 2024. The Company continues to benefit from new orders and
continuing revenues for the merchandizer at lower levels and better gross
profit margins.
· Combined hygiene and beauty revenues were $0.4 million for the
first half of 2024 compared to $0.3 million in the first half of 2023.
· Improving gross profit margins, as the Company is diversifying its
revenue base with new accounts and growth from existing accounts.
o Initial orders were received in the first six months for a new dish
detergent application in Europe, a new sustainable leather account, and a new
application in mineral processing.
o As previously disclosed, revenues and volume growth from these new
accounts are expected to occur predominantly in H2 2024 and beyond.
o Post period end, Company signed new Performance Ingredients supply
agreements with two European customers and one US customer, as of 1 September
2024, and expects at least two more agreements in the second half of 2024.
· Polymer research and process development on the Company's plant-based
superabsorbents have succeeded in achieving absorption performance that
approaches the incumbent acrylate superabsorbent polymers.
o These breakthroughs are milestones towards the Company's goal of
introducing more competitive products with broader market appeal.
· Jonathan Brooks was appointed as an Independent Non-Executive
Director and Chair of the Nomination Committee in February 2024, adding
extensive legal as well as capital markets and growth company experience to
the Company.
(1) Adjusted EBITDA is defined and reconciled to Operating Loss in Note 4 of
the Interim Report.
For further information please contact:
Itaconix plc +1 603 775-4400
John R. Shaw / Laura Denner
Rosewood +44 (0) 20 7653 8702
Financial PR
John West / Llewellyn Angus
Canaccord Genuity +44 (0) 20 7523 8000
Nominated Adviser and Sole Broker
Adam James / Harry Pardoe
About Itaconix
Itaconix uses its proprietary plant-based polymer technology platform to
produce and sell specialty ingredients that improve the safety, performance,
and sustainability of consumer products. The Company's current ingredients
are enabling and leading new generations of products in cleaning, hygiene, and
beauty.
www.itaconix.com (http://www.itaconix.com)
Chief Executive's Statement
We believe that new generations of everyday consumer products can make the
world better by how they are produced, how they are used, and what footprint
they leave behind. They will be safer for humans, animals, and the
environment. They will contribute to rebalancing the planet's carbon cycle.
They will not persist in the environment.
Nature produces many materials that can make the world safer without placing
costly new burdens on consumers and society. We believe itaconic acid is one
of the more attractive opportunities that nature offers for new generations of
safer everyday products. Itaconic acid is a natural ingredient produced in the
human and plant world that has the functional performance to displace
fossil-based chemicals such as acrylic acid or styrene across $20 billion of
potential consumer and industrial uses, ranging from detergents to paints.
With our broad proprietary technology platform and a growing line of
performance ingredients that harness the unique value of itaconic acid, we are
pursuing the largest near-term market opportunities with a focus on enabling
safer and more sustainable consumer products without compromising on
performance or cost.
Our Business Plan
Our goal is to build a large, profitable company with recurring revenues from
a large and broad base of customers who purchase and use Itaconix products as
key ingredients in their successful products.
Performance Ingredients
Our primary focus is on selling our products as ingredients used in consumer
product formulations. These formulations are turned into packaged consumer
products produced either by contract manufacturers or a brand's internal
operations. We support the selling process with extensive technical assistance
and testing to determine or influence the best formula for a brand to achieve
its desired performance and cost targets. When we see a sizable unmet customer
need or opportunity, we use our technology platform to create a new itaconic
acid-based ingredient that enables a new cost-effective solution. With the
equity funding raised in 2023, we are expanding and accelerating our core
performance ingredients business with the development and launch of new
products in the coming years.
Formulated Solutions
When contract manufacturers and consumer brands know that our ingredient
enables significant competitive advantages in a product category, such as
dishwashing detergent, they often seek our formulation support to assure
better and faster success. Brands also seek our technical knowledge and
solutions to rapidly reformulate or create products in new formats, such as
tablets or sachets. We have responded by selectively selling full or partially
Formulated Solutions to contract manufacturers or brands to accelerate
adoption, assure quality, and build value for our technical capabilities. As
customers succeed in the market with these Formulated Solutions, we are
attracting more requests from brands, contract manufacturers, and other
value-added ingredient suppliers to collaborate on new innovative solutions
and formats.
Building blocks
Our proprietary technology platform includes itaconic acid-based intermediates
that function as plant-based replacements for current fossil-based
intermediates or as valuable building blocks for new materials. We have
invested in intellectual property, safety studies, process development, and
sample quantities. The next stage in our plan is to sell research volumes to
industrial and academic laboratories under our Asterix® brand. We are also
developing applications and collaborations for larger volumes, with a current
focus on paints.
Revenue paths
The decision to use our Performance Ingredients or Formulated Solutions are
made mostly by the brands, usually based on how effective an entire
formulation is at meeting a brand's performance and cost objectives. While our
selling efforts focus heavily on the brands, about 74% of our first-half
revenues were to contract manufacturing sites that purchase our materials to
blend and package into end-products for brands. These volumes were for use in
formulations that either a brand developed and brought to a contract
manufacturer or a contractor manufacturer brought to a brand. A contract
manufacturing site may use our ingredients across 20 or more brands.
Another 18% of first half revenues were for products sold to Croda and Nouryon
to sell under their own label or to distributors, such as Brenntag, to resell
under our label. Only 8% of first half revenues were directly from brands.
Net carbon footprint
Our technology platform relies on a ready supply of high-quality itaconic
acid. We currently purchase itaconic acid, receive it into our US production
facility, process it through our proprietary processes into our ingredients,
and ship our ingredients globally to customers. Itaconic acid is produced by
industrial fermentation and currently only in China. We have reliable supplies
from multiple parties, benefit from strong working relations with the largest
producers, and know they have ample capacity to meet our growth needs far into
the future.
Future opportunities in our technology platform may depend on both having
plant-based carbon and a better net carbon footprint for the entire supply
chain than alternative ingredients. We have invested in studies on the carbon
footprint of our products and have proprietary knowledge of current and
alternative supply scenarios.
We see paths for potential step-change reductions in the carbon footprint of
current and future ingredients based on our raw material supply chain. While
our focus will remain on converting itaconic acid into value-added
ingredients, we are evaluating ways to collaborate with current and potential
suppliers to achieve these reductions.
Financial Results
We emerged from record revenues in 2023 with a strategic focus on increasing
our gross profit margins to align with our goal of achieving overall
profitability. This task was complicated by a post-pandemic decline in the
price of many detergent ingredients (for example, surfactants), US consumer
shifts to discount detergents in response to inflation, and US retailer
pressures on brands to reduce prices.
These elements generated ongoing price reduction pressures on the Company from
a large North American merchandizer that represented a large portion of the
Company's revenues to multiple US contract manufacturing sites. As announced
on 2 April 2024, the Company reached an impasse on pricing and thus took a
strategic decision to lose substantial product volumes at these contract
manufacturing sites. This decision was to focus on higher-margin business and
reposition the revenue structure to better capture and protect the value of
its performance ingredients in consumer products.
As a result, first half revenues of $2.8 million were 30% lower than the first
half of 2023 and 26% lower than the second half of 2023. The Company is making
the desired progress to expand and diversify its customer base and also
continues to benefit from new orders and continuing revenues at lower levels
for the aforementioned merchandizing customer. Itaconix is well positioned
to achieve current 2024 revenue targets.
Despite the reduction in revenues, the Company achieved the desired increase
in gross profit margin with first half gross profits of $1.1 million that were
consistent with the first half of 2023. First half 2024 gross profit margin
improved to 39%, up from 28% for the first half of 2023 and 31% for the full
year of 2023. This increase was driven by a more favorable product mix with
higher margins and a decrease in lower-margin revenues. The Company
anticipates continued favorable gross profit margins in the second half of
2024, with gross profit margin expectations of 36% for FY 2024.
Adjusted EBITDA(1) resulted in a loss of $1.0 million, compared to losses of
$0.4 million in the first half of 2023 and $0.5 million in the second half of
2023. The Company increased key operating expenditures on marketing, product
studies, new product development, regulatory approvals, and organization
development in the face of the revenue decline and remains committed to making
measured investments that create significant new revenue opportunities.
The loss for the period was $1.0 million, compared to a loss of $0.7 million
in the first half of 2023 and a loss of $0.8 million in the second half of
2023.
As at 30 June 2024 Cash and Investments were $8.0 million, compared to $10.0
million as at 31 December 2023. We have judiciously used the proceeds from our
2023 fundraise on working capital, capital spending on laboratory and facility
upgrades, new marketing efforts, increased new product development, new
regulatory approvals, and further studies to support the human and
environmental safety of our ingredients. These non-recurring expenses are
approximately $0.4m.
Commercial Progress
The Company is at the forefront of introducing new generations of consumer
products that offer better safety, performance, cost-effectiveness, and
sustainability. The Company provides technical product and solutions to make
sure that customers achieve their product goals and utilize the full
multi-functional value of Itaconix ingredients. Over 75% of first half
revenues were estimated to come from customer formulations that were completed
or heavily influenced by the Company technical support team.
Performance Ingredients
Performance Ingredients revenues were $2.1 million for the first half of 2024
compared to $2.9 million in the first half of 2023. The decline was entirely
in Cleaning application revenues with a decrease to $1.6 million in the first
half of 2024 from $2.6 million in the first half of 2023 despite increased
volumes in Europe. Hygiene and Beauty application revenues increased to $0.4
million in the first half of 2024 from $0.3 million in the first half of 2023
with increased volumes from Croda and Nouryon.
The Company announced the introduction of two new performance ingredients in
April 2024. Itaconix® TSI™ 422 is the new advance in our plant-based scale
inhibition technology for detergents that offers improved performance and
cost-effectiveness. Itaconix® ONZ™ 405 is a new dry form of our plant-based
odor neutralizer designed for use in powder laundry detergents and additives.
The first commercial use of Itaconix® ONZ™ 405 is expected in the first
quarter of 2025.
Important progress was made in restructuring the customer base with new North
American purpose-driven brands and increasing volumes from European contract
manufacturers. In addition, the Company has signed new supply agreements with
two European customers and one US customer, as of 1 September 2024, and
expects at least two more agreements in the second half of 2024.
New product advances continue with our plant-based superabsorbent. We have the
desired polymer and are continuing to develop and optimize modifications to
the production process that are expected to improve the production economics
and possibly generate new intellectual property. We are encouraged that other
related new polymers may emerge from this development work.
Formulated Solutions
Formulated Solutions revenues were $0.7 million in the first half of 2024
compared to $1.1 million in the first half of 2023. The decrease came from
Cleaning applications in North America. We made significant progress with
restructuring our efforts and gaining new customers, including significant
ones that started in recent months. We expect continued success in the second
half of 2024.
BIO*Asterix®
Our Asterix® products did not generate any revenues in the first half of
2024, consistent with the first half of 2023. As discussed above, the Company
is making progress on the marketing and sale of research quantities of our
plant-based building blocks.
New marketing efforts
The Company has made and will continue to make significant investments in new
digital marketing capabilities and efforts aimed at educating brands and
contract manufacturers about new generations of consumer products. In addition
to our new corporate website, we will have better formulation solutions
readily available for customer use in consumer product categories where we see
the potential for step-change improvements in safety, performance, cost, and
sustainability.
Operational Review
We successfully fulfilled all customer orders in the first half of 2024 and
have the capacity and capabilities in place to meet anticipated customer needs
through 2024 and into 2025. To ensure we meet these demands, we are building
our finished goods inventories in North America and Europe. Additionally, we
are planning targeted investments in production upgrades and modifications to
improve process efficiencies and production rates at our current facility,
positioning us to better meet future customer needs.
The costs and delivery times for the raw materials used in our production
processes have stabilized, and we expect this stability to lead to some easing
in material and transportation costs over the next six months.
Organization Changes
Jonathan Brooks was appointed as an Independent Non-Executive Director and
Chair of the Nomination Committee in February 2024. Jonathan retired as
Equity Capital Markets Partner at Fieldfisher LLP following a distinguished
career as a corporate lawyer in the City of London. He adds extensive legal as
well as capital markets and growth company experience to the Company.
Helen Cane retired as Vice President, Operations in April 2024. Her management
duties were distributed across internal promotions and restructuring of
responsibilities. Her experience and knowledge from a long and productive
career managing large chemical operations contributed greatly to the
advancement of the Company's operations over her three years at Itaconix.
William McClure retired as Communications Director in early September 2024. He
significantly advanced awareness of the Company and Itaconix products through
his social media marketing efforts and the development and launch of the
Company's new website. The Company will add new and expanded staffing that
will continue to grow the marketing capabilities that he initiated.
Current Trading and Outlook
The Company achieved the desired gross profit results from its strategic
decision to restructure its revenue base and expects this progress to continue
through the second half of 2024. We believe this restructuring places our
Performance Ingredients and Formulated Solutions businesses on better paths
for more profitable long-term growth. Our focus is on increasing the adoption
of our current solutions and creating new and better solutions in high-volume
applications.
We have cash resources and are using them judiciously on major investments in
new marketing capabilities, new products, additional product studies, global
regulatory approvals, better production, and organization development to
support our growth.
We believe these efforts are progressing the Company towards highly attractive
and profitable lines of business that will form a diverse base of recurring
revenues for our next stage of growth.
The Company remains on track to deliver full year 2024 results in line with
the Board's expectations and reiterates its revenue expectations of $6.0
million to $6.5 million and gross profit margin expectations of 36% for FY
2024.
John R. Shaw
Chief Executive Officer
10 September 2024
Condensed consolidated income statement and statement of comprehensive income
For the six months ended 30 June 2024
Unaudited Unaudited
6 Months to 6 Months to
30 June 2024
30 June 2023
Notes $000 $000
Revenue 5 2,781 4,032
Cost of sales (1,686) (2,899)
Gross profit 1,095 1,133
Administrative expenses (2,306) (1,863)
Group operating loss (1,211) (730)
Interest income 182 48
Loss before tax (1,029) (682)
Taxation expense - (12)
Loss for the period 4 (1,029) (694)
Other comprehensive income, net of income tax
Items that may be reclassified subsequently to profit or loss: (54) 439
Exchange differences on translated foreign operations
Total comprehensive loss for the period (1,083) (255)
Basic and diluted loss per share (£) 6 (0.06£) (0.00p)
Condensed consolidated statement of financial position
As at 30 June 2024
Unaudited Audited
As at As at
30 June 31 December
2024 2023
Notes $000 $000
Non-current assets
Intangible Assets 147 24
Property, plant and equipment 557 337
Right-of-use asset 2,130 2,236
Investments 1,265 1,273
4,099 3,870
Current assets
Inventories 1,709 1,096
Trade and other receivables 957 1,421
Investments 2,754 6,183
Cash and cash equivalents 3 3,964 2,567
9,384 11,267
Total assets 13,483 15,137
Financed by
Equity shareholders' funds
Equity share capital 7 8,665 8,665
Equity share premium 58,012 58,012
Own shares reserve (5) (5)
Merger reserve 31,343 31,343
Share based payment reserve 902 872
Foreign translation reserve 375 429
Retained losses (89,121) (88,092)
Total equity 10,171 11,224
Non-current liabilities
Long-term lease liability 1,831 1,957
Current liabilities
Trade and other payables 1,206 1,677
Short-term lease liability 275 279
1,481 1,956
Total liabilities 3,312 3,913
Total equity and liabilities 13,483 15,137
Interim condensed consolidated statement of cash flows
For the six months ended 30 June 2024
Unaudited Unaudited
6 Months to 6 Months to
30 June 2024
30 June 2023
$000 $000
Cash flows from operating activities
Operating loss before tax (1,029) (682)
Adjustments for:
Interest received (182) -
Depreciation of property, plant and equipment 74 88
Depreciation of right-of-use asset 107 101
Share based payment charge 30 109
(Gain) / loss on foreign exchange (54) 439
Taxation - (11)
(Increase) / decrease in inventories (614) 5
Decrease / (increase) in receivables 464 (319)
Decrease in payables (473) (646)
Net cash outflow from operating activities (1,677) (916)
Cash flows from investing activities
Interest received 182 -
Change in Investments in money market account 3,438 -
Capitalisation of intangible assets (123) -
Purchase of leasehold improvements (260) -
Purchase of property, plant and equipment (34) (168)
Net cash inflow (outflow) from investing activities 3,203 (168)
Cash flows from financing activities
Cash received from issuing share of stock, net - 11,510
Lease payments (120) (57)
Interest expense on lease payments (9) (44)
Net cash (outflow) inflow from financing activities (129) 11,409
Net inflow in cash and cash equivalents 1,397 10,325
Cash and cash equivalents at beginning of the period 2,567 597
Cash and cash equivalents at end of the period 3,964 10,922
Notes to the interim condensed consolidated financial statements
1. General information
These unaudited interim condensed financial statements of Itaconix plc for the
six months ended 30 June 2024 were approved for issue in accordance with a
resolution of the Board on 9 September 2024. Itaconix plc is a public limited
company incorporated in the United Kingdom whose shares are traded on the AIM
Market of the London Stock Exchange.
This half-yearly financial report is also available on the Group's website at
https://itaconix.com/investor/reports-documents/
(https://itaconix.com/investor/reports-documents/) .
2. Accounting policies
These interim consolidated financial statements have been prepared in
accordance with UK adopted International Accounting Standards (collectively
"IFRS"). They do not include all disclosures that would otherwise be required
in a complete set of financial statements and should be read in conjunction
with the 31 December 2023 ('2023') Annual Report. The financial information
for the half years ended 30 June 2024 and 30 June 2023 does not constitute
statutory accounts within the meaning of Section 434 (3) of the Companies Act
2006 and both periods are unaudited.
The annual financial statements of Itaconix Plc ('the Group') are prepared in
accordance with IFRS. The comparative financial information for the year ended
31 December 2023 included within this report does not constitute the full
statutory Annual Report for that period. The statutory Annual Report and
Financial Statements for 2023 have been filed with the Registrar of Companies.
The Independent Auditors' Report on the Annual Report and Financial Statements
for the year ended 31 December 2023 was unqualified and did not contain a
statement under 498(2) - (3) of the Companies Act 2006.
The interim condensed consolidated financial statements are presented in US
dollars and all values are rounded to the nearest thousand ($'000) except when
otherwise indicated. The interim condensed consolidated financial statements
are prepared on the historical cost basis.
The Group has applied the same accounting policies and methods of computation
in its interim consolidated financial statements as in its 31 December 2023
annual financial statements, except for those that relate to new standards and
interpretations effective for the first time for periods beginning on (or
after) 1 January 2024 and will be adopted in the 2024 financial statements.
There are deemed to be no new and amended standards and/or interpretations
that will apply for the first time in the next annual financial statements
that are expected to have a material impact on the Group.
Going concern
This Interim Report has been prepared on the assumption that the business is a
going concern. In reaching their assessment, the Directors have considered a
period extending at least 12 months from the date of approval of this
half-yearly financial report. This assessment has included consideration of
the forecast performance of the business for the foreseeable future and the
cash available to the Group. As such, the Directors have concluded that the
Group continue as a going concern for the foreseeable future. The interim
financial statements do not include the adjustments that would be required if
the Group were unable to continue as a going concern.
Risks and uncertainties
The principal risks and uncertainties facing the Group remain broadly
consistent with the Principal Risks and Uncertainties reported in Itaconix
plc's 31 December 2023 Annual Report.
3. Cash and cash equivalents
Unaudited Audited
As at As at
30 June 31 December
2024 2023
$000 $000
Cash at bank and in hand 3,964 2,567
3,964 2,567
4. Reconciliation of Operating Loss to Adjusted EBITDA
The detail below shows the reconciliation of operating loss to earnings share
based payment charge (non-cash), interest, taxes, depreciation and
amortisation (Adjusted EBITDA).
Unaudited Unaudited
6 Months to
6 Months to
30 June 2024
30 June 2023
$000 $000
Loss for the period (1,029) (694)
Share based payment charge 30 109
Interest Income (182) (48)
Taxes - 12
Depreciation and amortization 181 189
Adjusted EBITDA (1,000) (432)
5. Segmental analysis
Revenue by business segments:
The Group has two business segments. Performance Ingredients develops,
produces and sells proprietary specialty polymers that are used as functional
ingredients to meet customers' needs in cleaning, beauty and hygiene products.
Formulated Solutions provides technical services and ingredient supplies for
formulated products developed for customers based on Performance Ingredients.
These segments make up the continuing operations. Core Operations include
development expense, general and administrative expense, professional fees,
and governance costs to progress and grow the Groups operations.
Net assets of the Group are attributable solely to Europe and North America.
Six months ended 30 June 2024
Performance Ingredients Formulated Solutions Unaudited
Core 6 months to
Operations 30 June 2024
$000 $000 $000 $000
Revenue
Sale of goods 2,093 688 - 2,781
Segment revenue 2,093 688 - 2,781
Results
Depreciation and amortization (121) - - (121)
Cost of sales (996) (569) - (1,565)
Gross profit 976 119 - 1,095
Administrative expense - - (2,306) (2,306)
Interest income - - 182 182
Taxation expense - - - -
Segment (loss) / gain 976 119 (2,124) (1,029)
Operating assets 4,502 446 4,369 9,317
Operating liabilities (1,937) (343) (1,032) (3,312)
Other disclosure:
Capital expenditure* 8 - 409 417
Six months ended 30 June 2023
Formulated Solutions Unaudited
6 months to
30 June 2023
Core
Operations
$000 $000 $000
Revenue
Sale of goods 2,949 1,083 - 4,032
Segment revenue 2,949 1,083 - 4,032
Results
Depreciation and amortization (146) - - (146)
Cost of sales (1,778) (975) - (2,753)
Gross profit 1,025 108 - 1,133
Administrative expense - - (1,863) (1,863)
Exceptional expense - - 48 48
Taxation expense - - (12) (12)
Segment (loss) / gain 1,025 108 (1,827) (694)
Operating assets 1,959 67 11,125 13,151
Operating liabilities (668) (64) (696) (1,428)
Other disclosure:
Capital expenditure* 168 - - 168
*Capital expenditure consists of additions of property, plant and equipment,
and intangible assets.
Segmental information
Revenues
Unaudited Unaudited
Six Months to Six Months to
30 June 2024 30 June 2023
$000 $000
Cleaning 2,312 3,723
Hygiene 249 144
Beauty 194 139
Other 26 26
2,781 4,032
Geographical information
Revenues Net assets
Unaudited Unaudited Unaudited Audited
Six Months to Six Months to Six Months to Year to
31 December 2023
30 June 2024 30 June 2023 30 June 2024
$000 $000 $000 $000
Europe 581 387 7,736 9,720
North America 2,200 3,645 2,435 1,504
2,781 4,032 10,171 11,224
The revenue information above is based on the location of the customer.
6. Weighted-average number of ordinary shares
Unaudited Unaudited
6 Months to 6 Months to
30 June 2024 30 June 2023
No No
Weighted average number of ordinary shares for the 13,486 640,948
purposes of basic and diluted loss per share ('000)
7. Share capital
Effective 22 August 2023, the Company completed a 50:1 share consolidation.
The resulting number of new shares issued are 13,486,122 with a nominal value
of 50p per share
8. Events after the reporting period
There were no material post balance sheet events.
9. Cautionary statement
This document contains certain forward-looking statements relating to Itaconix
plc. The Company considers any statements that are not historical facts as
"forward-looking statements". They relate to events and trends that are
subject to risk and uncertainty that may cause actual results and the
financial performance of the Company to differ materially from those contained
in any forward-looking statement. These statements are made by the Directors
in good faith based on information available to them and such statements
should be treated with caution due to the inherent uncertainties, including
both economic and business risk factors, underlying any such forward-looking
information.
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. END IR EAFNNELALEAARecent news on Itaconix
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