John Shaw of Itaconix: Revenue growth of 115% compared to last year & confident outlook
Episode 1207, Feb 23, 2023, 11:06 AM
John Shaw, CEO of Itaconix #ITX discusses their recent £10.3m fundraise (completed at only 5% discount) and their expected revenue growth of 115% this year, which follows first half revenue growth of 124%.
Highlights
Fundraising
· Oversubscribed Placing and Subscription with new and existing institutional and other investors to raise gross proceeds of approximately £10.3 million plus an Open Offer to raise an additional amount up to approximately £0.4 million.
· The Fundraising has been sought (i) for general working capital purposes to support continued revenue growth; (ii) to accelerate the development of new products and applications; and (iii) for capital spending to support continuous process improvements.
· The Open Offer is being made available to provide an opportunity for existing Qualifying Shareholders, who are not participating in the Placing and the Subscription, to participate in the Fundraising, raising additional funds to support the Company's continued growth.
FY22 financial results
· The Company expects to report revenues for the full year to 31 December 2022 ahead of market expectations at US$5.6 million, representing 115% growth when compared to revenues of US$2.6 million in the year to 31 December 2021. A small improvement in gross margin percentage was achieved in the second half of the 2022 financial year. The Company expects to report net cash of US$0.6 million as at 31 December 2022. Further details are provided below.
Outlook
· Significantly strengthened by the Fundraising, the Company is confident in its financial outlook for FY23 and beyond.
To read the full RNS click here
Highlights
Fundraising
· Oversubscribed Placing and Subscription with new and existing institutional and other investors to raise gross proceeds of approximately £10.3 million plus an Open Offer to raise an additional amount up to approximately £0.4 million.
· The Fundraising has been sought (i) for general working capital purposes to support continued revenue growth; (ii) to accelerate the development of new products and applications; and (iii) for capital spending to support continuous process improvements.
· The Open Offer is being made available to provide an opportunity for existing Qualifying Shareholders, who are not participating in the Placing and the Subscription, to participate in the Fundraising, raising additional funds to support the Company's continued growth.
FY22 financial results
· The Company expects to report revenues for the full year to 31 December 2022 ahead of market expectations at US$5.6 million, representing 115% growth when compared to revenues of US$2.6 million in the year to 31 December 2021. A small improvement in gross margin percentage was achieved in the second half of the 2022 financial year. The Company expects to report net cash of US$0.6 million as at 31 December 2022. Further details are provided below.
Outlook
· Significantly strengthened by the Fundraising, the Company is confident in its financial outlook for FY23 and beyond.
To read the full RNS click here