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Iofina in profit last year and expects progress on loan talks

The 2019 performance has left the group in a "stronger position than ever from which to resolve its current debt situation"

Iofina PLC -
Iofina extracts iodine from the brine produced by onshore oil wells

Iofina PLC (LON:IOF) has revealed it moved into a profit in 2019 after record iodine production for a second year running.

In a statement covering the period for the year to December 31, 2019, the chemicals group reported revenues that rose by 22% to US$29.2mln while there was a pre-tax profit of US$600,000 compared to a loss of US$1.1mln.

Net debt also fell to US$18.2mln from US$25.6mln and chief executive Tom Becker said the 2019 performance had left it in a "stronger position than ever from which to resolve its current debt situation".

Becker said progress on its debt had slowed due to the coronavirus (COVID-19) situation, but said he remained confident that a solution will be realised ahead of the repayment date for the company's current debt package on July 1, 2020.

The currently mothballed IO#8  brine extraction plant should also re-start in the second half of this year, he said.

The plant only came onstream in April but was immediately affected by a slide in oil prices, which meant wells were shut reducing the amount of brine for the plant to process.

"IO#8 was completed on time and within budget and is now currently idle.  However, we anticipate that IO#8 will be back online in H2 2020m,” Becker said in the results statement.

Iofina has already reported that production in the first quarter of the current year was 129.7 tonnes, more or less in line with the 134.4 tonnes produced in the same quarter of 2019.

Quick facts: Iofina PLC

Price: 12.655 GBX

LSE:IOF
Market: LSE
Market Cap: £24.28 m
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