Board Change • Mar 30
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director David McInerney was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 15
Full year 2022 earnings released: US$1.15 loss per share (vs US$0.59 loss in FY 2021) Full year 2022 results: US$1.15 loss per share (further deteriorated from US$0.59 loss in FY 2021). Revenue: US$161.9m (down 2.4% from FY 2021). Net loss: US$59.8m (loss widened 97% from FY 2021). Board Change • Mar 15
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director David McInerney was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director David McInerney was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 29
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director David McInerney was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director David McInerney was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: US$0.079 loss per share (vs US$0.10 loss in 3Q 2021) Third quarter 2022 results: US$0.079 loss per share (improved from US$0.10 loss in 3Q 2021). Revenue: US$47.8m (down 2.9% from 3Q 2021). Net loss: US$4.14m (loss narrowed 21% from 3Q 2021). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.9% decline forecast for the Chemicals industry in the United Kingdom. Buying Opportunity • Nov 11
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be US$3.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Board Change • Oct 27
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director David McInerney was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2022 earnings released: US$0.18 loss per share (vs US$0.029 profit in 1Q 2021) First quarter 2022 results: US$0.18 loss per share (down from US$0.029 profit in 1Q 2021). Revenue: US$39.9m (up 2.3% from 1Q 2021). Net loss: US$9.52m (down US$11.0m from profit in 1Q 2021). Over the next year, revenue is forecast to grow 6.5% compared to a 18% decline forecast for the industry in the United Kingdom. Board Change • May 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director John Atkin was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.59 loss per share (up from US$1.27 loss in FY 2020). Revenue: US$166.0m (up 5.3% from FY 2020). Net loss: US$30.3m (loss narrowed 53% from FY 2020). Revenue exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 6.1% compared to a 12% decline forecast for the industry in the United Kingdom. Board Change • Mar 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director John Atkin was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director John Atkin was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 03
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director John Atkin was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director John Atkin was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2021 earnings released: US$0.10 loss per share (vs US$0.52 loss in 3Q 2020) The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2021 results: Revenue: US$49.2m (down 6.8% from 3Q 2020). Net loss: US$5.25m (loss narrowed 80% from 3Q 2020). Board Change • Nov 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director John Atkin was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director John Atkin was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 17
First quarter 2021 earnings released: EPS US$0.047 (vs US$0.074 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$39.0m (up 18% from 1Q 2020). Net income: US$2.42m (up US$6.14m from 1Q 2020). Profit margin: 6.2% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 12
Full year 2020 earnings released: US$1.26 loss per share (vs US$1.21 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$157.6m (down 7.3% from FY 2019). Net loss: US$64.2m (loss widened 5.5% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 12
Revenue misses expectations Revenue missed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 5.9% compared to a 8.5% decline forecast for the Chemicals industry in the United Kingdom.