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Iofina heartened by the strengthening iodine market

IO#8 is currently in its first phase of construction

Iofina PLC -

Iodine producer Iofina PLC (LON:IOF) notched up record half-year revenues in the first six months of 2019.

Revenue rose 29% to US$14.53mln from US$11.30mln in the first half of last year while underlying earnings (EBITDA) soared 172% to US$1.97mln from US$720,000 the previous year.

The loss before tax more than halved to US$300,360 from US$750,429.

The group's four IOsorb iodine production plants produced a total of 286.7 tonnes ("MT") of crystalline iodine during the first half of the year, which was an 8.6% increase from the prior year's 264.1 tonnes.

A fifth IOsorb plant, IO#8, is now in the first phase of construction and the new partner in IO#8 is expected to provide opportunities for future plants at future sites.

Encouragingly, iodine prices have continued to rise with the current spot price on or around US$33 a kilogram. Iofina expects the market to remain tight, with iodine prices likely to move higher with Chilean supply being squeezed.

"It has been an exceptionally strong first half for Iofina,” declared Tom Becker, the president chief executive officer of Iofina.

"The company has been working diligently to expand its iodine production capabilities further,” Becker said.

“Whilst iodine expansion remains on track, the group has also successfully launched IofinaEX and IofinaEx Global, entities that are designed to directly benefit from the profitable and rapidly growing hemp market.

"The strengthening iodine market, coupled with our timely execution of iodine expansion and product development, will ensure that Iofina expands in line with its growth strategy and achieves a record profit in 2019 and future years to come," Becker predicted.

Quick facts: Iofina PLC

Price: 17.5 GBX

Market: LSE
Market Cap: £33.58 m

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Iofina PLC reveals 'record breaking year' in 2019 trading update

Iofina PLC (LON:IOF) CEO Tom Becker tells Proactive it has moved into a profit in 2019 after record iodine production for a second year running. Becker says the chemicals group reported revenues that rose by 22% to more than $29 million, while there was a pre-tax profit of $600,000 compared...

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