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This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014


                                                                                                                                                                                                                                                                                                29 September 2020



Iofina plc

(“Iofina”, the “Company” or the “Group”)




Record Revenue and EBITDA


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 2020 (the “Period”).  


During the Period the Group achieved a number of significant milestones including record half year sales revenues of $15.74m (H1 2019: $14.53m) and record half year EBITDA of $2.95m (H1 2019: $1.97m). These record figures were a result of continued cost controls, solid iodine production, strong non-iodine specialty chemicals sales and increases in iodine prices.

The Group’s iodine production plants produced a total of 284.4 metric tonnes (“MT”) of crystalline iodine in the Period, in line with H1 2019 production of 286.7 MT. The Group also completed IOsorb® plant, IO#8, on budget which is now fully operational.



  • Revenue increased by 8% to $15.74mm (H1 2019: $14.53m);
  • Gross profit increased by 25% to $4.87m (H1 2019: $3.90m), and from 27% to 31% of sales;
  • EBITDA increased by 50% to $2.95m (H1 2019: $1.97m), and from 14% to 19% of sales;
  • Operating profit increased by 77% to $2.15m (H1 2019 $1.21m);
  • Profit before and after tax was $1.32m (H1 2019 loss $0.30m);
  • Basic and diluted profit per share was $0.007 (H1 2019 basic loss per share $(0.002));
  • Cash balances were $5.51m (H1 2019: $10.26m);
  • Paycheck Protection Program loans of $1.09m were received and are eligible for forgiveness;
  • New plant IO#8 was completed on time in April 2020 at a total cost of $3.1m;
  • Debt of $2.73m was repaid at the end of June and the balance of $15.45m was refinanced in September 2020 by a $10m bank term loan and a working capital facility of up to $8m (of which $3m initially available).




  • IO#8 completed on budget and on schedule; IO#8 was shut-in between early May and late June but is now fully operational;
  • Production of crystalline iodine was 284.4 MT, in line with 2019 H1 production of 286.7 MT; 
  • Iodine prices continued to be strong in H1 2020 and spot prices ended the Period at or above $35/kg;
  • With the exception of a brief pause at IO#8, COVID-19 related issues did not affect production at Iofina facilities;
  • Iofina Chemical continues to invest in improvements and expansion of processes.



  • The iodine market was robust pre-COVID-19 and remained fairly strong through Q2 2020. Demand for iodine and iodine-based products has seemingly slowed slightly in Q3 2020 and, as a result, large volume iodine prices have fallen marginally from $35-37/kg in early Q3 to $33-35/kg currently.  It is difficult to predict the outlook of iodine demand and prices, which will likely be driven by the speed of the global economic recovery;  
  • Iofina recently completed restructuring of its debt with First Financial Bank and this new partnership allows the Group to focus on operations and growth;
  • No plans to invest further in IofinaEX given the regulatory uncertainty and low pricing environment for hemp-based products in the USA;
  • Iofina continues to explore opportunities for new IOsorb® plants, expansion of existing halogen-based derivatives and development of new products.


Commenting on today’s results, Dr. Tom Becker, President and CEO stated: I am pleased with the excellent results achieved in the first half of 2020. Despite a challenging global trading environment caused by COVID-19 we continued to execute our strategy effectively, reflected in the financial highlights and in our levels of iodine produced. The record revenues and EBITDA achieved by the Group is a result of business strategies implemented over the last few years and the efficiency of our IOsorb® plants.


“The delivery of our newest plant IO#8 on time and on budget is testament to our skilled workforce and our ability to manage and plan for projects of this scale and complexity. The new plant, although shut for several weeks due to the knock-on impact of COVID-19 and historically low oil prices, is now fully operational and contributing to our H2 iodine production. All of our other plants have been fully operational and have remained so throughout the pandemic as essential businesses.


“Despite the economic uncertainty, Iofina is a highly efficient, low-cost operator, so we are still delivering good margins on our Iodine sales. The completion of our debt restructuring also means that we have a much stronger balance sheet and eliminates an overhang on the business. With this major hurdle complete, we look to the future with confidence and look forward to continuing to update shareholders on our progress.”




Dr. Tom Becker

CEO & President

Iofina plc

Tel: +1 859 356 8000


Christopher Raggett/Giles Rolls/Matthew Radley (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


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