By Elric Langton | 14 September 2022
Half-year results for the period ended 30 June 2022
Itaconix (LSE: ITX) (OTCQB: ITXXF), a leading innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, is pleased to announce a drop in gross margins! Uhm, really! The Companyβs unaudited interim results for the six months ended 30 June 2022 showed my concerns about pricing pressure have come to pass.
In my July update, I warned, βthe Company claims it is in a strong position to meet market expectations for revenues in 2022, but no such assurance on stable margins.β
βWorse, the overall gross profit margin for the period was lower than a year prior due to the mix of product revenue and the timing of passing on higher raw material costs to customers.β