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Iofina salutes "exceptional performance" in 2019

The group remains confident in the potential of IofinaEX, the new business entity that is exploring the isolation of speciality chemical products from hemp

Iofina PLC -

Iofina PLC (LON:IOF) said 2019 was a record year for crystalline iodine production by the company and it expects this year's output to grow even more.

In a market update, Iofina said full-year crystalline iodine production totalled 602.7 tonnes in 2019, up from 588.8 tonnes in 2018, with 316 tonnes of the 2019 total being produced in the second half of the year.

The company currently expects to produce between 315 and 345 tonnes of crystalline iodine in the first half of this year.

Iofina said the construction of its IO#8 production plant continues to proceed according to plan and is expected to come online in April or May of this year.

Iodine prices rose by more than 20% in 2019 while the spot price was generally in the mid US$30s per kilogram as a result of continuing demand and a tightness in supply.

The board believes that contract and spot iodine prices will continue to increase in 2020, coinciding with the group's expansion with the addition of new iodine plants.

Iofina Chemical, the group's iodine derivative manufacturer located in Covington, Kentucky, continues to sell all of the group's products including crystalline iodine produced by Iofina Resources. The second half of the year saw Iofina Chemical improve efficiencies and some operations have moved to a schedule where they are operating 24 hours of every day.

The group also said it remains confident in the potential of IofinaEX, the new business entity that is exploring the isolation of speciality chemical products from hemp.

"I am delighted to report the group's exceptional performance in 2019, in which we achieved record iodine production whilst also executing on our expansion at the right time when iodine prices are continuing to build momentum. With the forthcoming addition of IO#8 we continue to look ahead, and will seek to expand our production capabilities beyond IO#8 this year,” said Tom Becker, the president and chief executive officer of Iofina.

"Meanwhile, we are working diligently on debt restructure solutions and are confident we will have a firm plan in place by the time we release our full-year results in Q2 2020," he added.

Quick facts: Iofina PLC

Price: 12.25 GBX

LSE:IOF
Market: LSE
Market Cap: £23.5 m
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