25 April 2023
(“Iofina”, the “Company” or the “Group”)
2022 FULL YEAR RESULTS
FIFTH SUCCESSIVE YEAR OF RECORD REVENUE AND EBITDA
Iofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, announces its audited full year results for the 12 months to 31 December 2022 (the “Period”).
Sustained demand and a strong Iodine spot price accelerated sales and profits in 2022:
- Revenue increased by 8% to $42.2m to (2021: $39.0m)
- Gross profit increased by 47% to $15.8m (2021: $10.7m)
- Adjusted EBITDA improved by 65% to $11.5m (2021: $6.9m)
- Operating profit increased by 85% to $9.6m (2021: $5.2m)
- Profit before tax increased by 96% to $10.0m (2021: $5.1m)
Strong balance sheet and further reduction in net debt:
- Cash of $5.9m at year-end
- Net debt reduced from $3.0m to $0.9m
Investing for growth:
- Capital investment into chemical and iodine plants was $3.1m (2021: $1.5m)
- Commenced site negotiations for future IOsorb® plants in the Period.
2023 so far:
- Production of 107.1 MT of crystalline iodine in Q1 from Iofina’s five IOsorb® plants
- The iodine global spot price remains steady at $70/kg and prices are expected to stay at these levels into the second half of 2023
- IO#9 is currently scheduled to be operational before the end of Q2 2023
Commenting, President and CEO, Dr. Tom Becker, stated:
“We have delivered another strong year across the business in terms of profitability and have invested in growth projects. Being a low cost producer of iodine means we have continued to capitalise on sustained, higher iodine market prices. Demand for our products coming through Iofina Chemical remains robust and our improved cash position of $5.9m has reduced net debt to below $1m.
“Having commenced the construction on IO#9 in Q4 2022, we remain on track to have this in operation by the end of Q2 2023. The new plant is expected to add 100MT-150MT of crystalline iodine per annum, which will be a significant step change in production. We are also pleased that negotiations are progressing well with several interested parties for IO#10, with potential sites identified and further testing underway. Outside of the construction of new IOsorb® plants, the Board is also examining other potential growth projects that complement Iofina’s existing skill set and range of products, which would present cross-selling opportunities.
“2023 has started well in terms of production from our existing plants and corresponding sales, with the market remaining strong and the Company on track to meet its H1 production targets. We look forward to confirming the completion and switch on of IO#9 soon and updating shareholders on our further progress.”
Iofina will be hosting a presentation for retail investors via the Investor Meet Company platform in early May. A further announcement will follow soon to confirm the date and time for the event.
Dr. Tom Becker
CEO & President
Tel: +44 (0)20 3006 3135
Nomad & Broker:
Henry Fitzgerald-O’Connor/Patrick Dolaghan/Andrew Potts
Canaccord Genuity Limited
Tel: +44 (0)20 7523 8000
Chrystal Capital Partners LLP
Tel: +44 (0)20 7850 4761
Charles Goodwin/Shivantha Thambirajah/Jazmine Clemens
Yellow Jersey PR Limited
Tel: +44 (0)7747 788 221/+44 (0)7983 521 488
Iofina plc (AIM: IOF) is a vertically integrated company that specialises in the production of Iodine and the manufacturing of specialty chemical products. Iofina is the second largest producer of iodine in North America and operates the manufacturing entities Iofina Resources and Iofina Chemical.
Iofina Resources develops, builds, owns, and operates iodine extraction plants using Iofina’s WET® IOsorb® technology. Iofina currently operates five producing IOsorb® plants in Oklahoma and is consistently using technology and innovation to improve and expand its operations.
Iofina Chemical has manufactured high quality halogen speciality chemicals derived from raw iodine, as well as non-iodine-based products. Iofina Chemical will be celebrating its 40th anniversary in 2023 as a preeminent halogen-based specialty chemicals company.