24 September 2021
Iofina plc
(“Iofina”, the “Company” or the “Group”)
(LSE AIM: IOF)
INTERIM 2021 RESULTS
Record revenue and profitability
Customer markets recovering
Iofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to announce its Interim Results for the six months ended 30 June 2021 (the “Period”).
Record revenue and profitability
- Revenue increased by 27% to $19.9m (H1 2020: $15.74m)
- Gross profit increased by 10% to $5.4m (H1 2020: $4.90m)
- EBITDA increased by 18% to $3.5m (H1 2020: $2.9m)
- Operating profit increased by 22% to $2.6m (H1 2020 $2.2m)
- Paycheck Protection Program loans of $1.1m were forgiven
- Profit before and after tax increased by 164% to $3.5m (H1 2020 $1.3m)
- Basic and diluted profit per share was $0.018 (H1 2020 $0.007)
Net debt further reduced
- Net debt reduced by 27% from $9.9m (H1 2020) to $7.2m
- Interest charges fell by 70% from $0.7m (H1 2020) to $0.2m
- Well placed to finance our ongoing operational investment program
Iodine production
- Met revised production target of 249.4 MT during H1 after impact of extreme weather and reduced brine supply at two Iofina plants
- H2 production on track to meet 260-275MT target
- In negotiations with targeted partners for Iofina to build and operate IO#9, with additional expansion efforts beyond IO#9 also being evaluated
Commenting on today’s results, Dr. Tom Becker, President and CEO stated: “The Group has delivered an excellent performance in the first half. Recoveries are underway in our customer markets and with this we expect the demand for iodine and its end-use products to continue to improve.
“Despite H1 iodine production being impacted by extreme winter weather and lower brine supply from our oil and gas partners, importantly we have had sufficient production and reserves to take advantage of demand. Our chemicals division continues to excel with its product range and capabilities, and is a vital driver of Group sales and earnings. On the current trajectory, we are confident of producing 260-275MT of crystalline iodine in the second half and anticipate IO#9 construction to begin before year-end.
“With debt further reduced we are in an excellent position to invest in our operations and continue to implement our growth strategy. The US Government small business loans of $1.1m were also forgiven in the period, further strengthening the Company’s balance sheet. As Iofina executes its growth plans and iodine prices continue to increase, Iofina will be well positioned for success in the future and to deliver shareholder value.
“I would once again like to thank our staff for their continued efforts and dedication in a challenging environment, and our shareholders for their continued support. Iofina has never been stronger both operationally and financially and we remain confident of achieving our goals for the rest of the year.”
Enquiries:
Dr. Tom Becker
CEO & President
Iofina plc
Tel: +1 859 356 8000
Christopher Raggett/Tim Harper (Corporate Finance)
Tim Redfern (ECM)
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Charles Goodwin/Joe Burgess
Yellow Jersey PR Limited
Tel: +44 (0)7747 788 221