By Ian Walker
Shares in Itaconix PLC fell 19% on Wednesday after the company said that cleaning and beauty revenues for 2021 will be less than the previous year, and that it expects market volatility to continue into this year.
Still, the London-listed plant-based specialty-polymers company said group revenue for the year will be in line with market expectations.
Shares at 0830 GMT were down 0.95 pence at 4.05 pence.
The company expects to report group revenue for the year of $2.6 million. Within this, cleaning revenue is expected to be $1.8 million compared with $2.6 million in 2020, and beauty revenue is expected to be $0.2 million compared with $0.4 million.
Hygiene revenue is expected to be 70% higher at $0.5 million for 2021 compared with $0.3 million, the company said.
Itaconix said it has made selective price increases to offset higher raw-material costs, while at the same time managing stocks.
“Although market volatility will continue in 2022, achievement of commercial milestones and advances in major customer projects in 2021 have already created substantial progress towards market expectations for 2022,” Chief Executive John Shaw said.
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