Business
Correction to Full Year Results
Correction to Full Year Results.
About this update from Itaconix Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0016B\n Itaconix PLC\n 02 October 2020\n \n \n \n \n \n \n \n \n The following replaces the announcement released on\n \n \n 30 September 2020\n \n \n at 07:00 with RNS Number 5030A (\"the Announcement\").\n \n \n \n · \n \n The operating loss before exceptional items for 2019 of $2.8m set out in the Financial Review section of the Announcement should be $2.9m.\n \n \n \n · \n \n In Note 3 to the Announcement of the full year results for the year ended 31 December 2019:\n \n \n \n - \n \n Revenue attributable to North America ($'000) should be $1,128 for the year ended 31 December 2019 and $650 for the year ended 31 December 2018. \n \n \n \n - \n \n Revenue attributable to Europe ($'000) should be $160 for the year ended 31 December 2019 and $222 for the year ended 31 December 2018. \n \n \n \n - \n \n Net assets of the Group attributable to North America ($'000) as at 31 December 2019 should be $1,198 \n \n \n \n - \n \n Net assets of the Group attributable to Europe ($'000) as at 31 December 2019 should be ($2,195)\n \n \n \n A number of non-material typographical changes have been made to the Announcement. The changes are identified with an asterisk (*) and the full amended text is shown below.\n \n \n \n \n \n Itaconix plc (\"Itaconix\" or \"the Company\")\n \n \n Full Year Results for the Year Ended 31 December 2019\n \n \n Annual Report & Accounts\n \n \n Itaconix \n (LSE: ITX) (OTCQB: ITXXF), \n a leading innovator\n in sustainable specialty polymers, is pleased to \n announce its audited results for the year ended December 2019 (\"2019\").\n \n \n A copy of the Annual Report & Accounts is available for download on Itaconix's website at www.itaconix.com.\n \n \n 2019 Financial Highlights\n \n \n Financial results for 2019 show increased demand for the Company's products, significant cost savings from the restructuring of operations in 2018, and the full exit from the nicotine gum business. The Company transitioned its reporting\n currency from UK Sterling to US Dollars.\n \n \n · \n Total revenues increased by 46.2% to $1.3m from $0.9m in 2018.\n \n \n · \n Gross profits increased by 221.4% to $0.45m in 2019 from $0.14m in 2018 reflecting an increase in gross profit margin to 34.9% in 2019 from 15.9% in 2018.\n \n \n · \n Net losses decrea...