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2024 Full Year Results

Posted date: May 12, 2025

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12 May 2025

 

Iofina plc

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

(AIM: IOF)

 

2024 FULL YEAR RESULTS 

Revenue up 9% to record $54.5 million

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 2024 (the “Period”).

 

Higher sales of iodine derivatives and increased iodine production drive 9% revenue growth:

  • Revenue of $54.5m (2023: $50.0m); Seventh successive year of revenue growth
    • Iodine derivatives sales increased by 31% to $16.9m (2023: $12.9m)
    • Crystallised iodine sales of $24.7m (2023: $24.9m)
  • Iodine production increased by 74.8MT (13%) to 634.1MT
  • Gross profit of $13.2m (2023: $15.7m)
  • Adjusted EBITDA1 of $7.6m (2023: $10.8m)
  • Operating profit of $5.0m (2023: $8.6m)
  • Profit before tax of $4.8m (2023: $8.3m)

 

Robust balance sheet and further increase in net cash position:

  • Cash of $6.8m at year-end up (2023: $6.5m)
  • Net cash increased by $1.7m from $1.2m to $2.9m

 

Investing for growth:

  • Capital investment into new iodine plants and Iofina Chemical processes grew to $9.5m (2023: $6.2m)
  • Signed an agreement for IO#11 in Q3 2024 and began construction in Q4 2024
  • Investment to upgrade the website has generated an increase in sales enquiries

 

2025 so far:

  • Production of 124.1MT of crystalline iodine in Q1 2025 from Iofina’s seven IOsorb® plants
  • Expect H1 2025 crystalline iodine production to be near 300MT
  • Demand for Iofina’s crystalline iodine is strong
  • The iodine global spot price remains steadily above $70/kg, and prices are expected to stay at these levels into the second half of 2025
  • IO#11 is currently on schedule and expected to be operational in the first half of Q3 2025 
  • Potential sites for IO#12 identified, with construction targeted to commence by the end of 2025

 

1Non-IFRS measure – please refer to the Consolidated Statement of Comprehensive Income for calculation

 

Commenting, President and CEO, Dr. Tom Becker, stated:

“In 2024, Iofina achieved record revenues for the seventh straight year. Profitability was somewhat impacted by the renegotiation of two brine water supply contracts as well as logistical delays in December that pushed $2m of confirmed sales into 2025. However, good progress was made in increasing iodine production by 13% to 634MT with the additional output from the Company’s newest plants. The Company also benefitted from higher average selling prices in the second half of 2024 as the spot iodine price increased.

 

“The Company continued to execute its growth strategy with the support of strong cash flow and completed its latest iodine plant, IO#10. The robust levels of sales of crystalline iodine mirrored those achieved in 2023, whilst sales of our iodine derivatives products increased by $4m. Further investment in product R&D was made during the year to support customer demand, with new products being introduced in 2025, including a new iodine-based animal feed additive. 

 

“Moving into 2025, our investment for growth continues and we are pleased to report that IO#11 is on track to be operating in the first half of Q3 2025. This will become our eighth IOsorb® plant in operation and our third new plant in three years, hitting our target of adding a new plant each year.

 

“Since reporting our Q1 2025 update, we are pleased to confirm that brine water flows to our facilities are at expected levels after the prolonged effects of extreme winter conditions. We continue to work with our oil and gas partners to maximise the amounts of brine to our plants. We expect greater flows and higher iodine production efficiencies during the warmer months and are on track to produce about 300MT of crystalline iodine in H1 2025. At the same time, iodine spot prices have risen since 2024 and look set to remain above $70 per kilogram throughout 2025, which will support more profitable sales with Iofina continuing to sell all the iodine it is currently producing.”

 

 

Enquiries:

 

Dr. Tom Becker

CEO & President

Iofina plc

Tel: +44 (0)20 3006 3135

 

Nomad & Broker:

Henry Fitzgerald-O’Connor/Harry Rees

Canaccord Genuity Limited

Tel: +44 (0)20 7523 8000

 

Media Contact:

Charles Goodwin/Shivantha Thambirajah/Zara McKinlay

Yellow Jersey PR Limited

Tel: +44 (0)7747 788 221/+44 (0)7983 521 488

 

 

About Iofina:

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.

 

LEI: 213800QDMFYVRJYYTQ84

ISIN: GB00B2QL5C79

 

Iofina Resources

Iofina Resources develops, builds, owns, and operates iodine extraction plants using Iofina’s WET® IOsorb® technology. Iofina currently operates seven producing IOsorb® plants in Oklahoma and is consistently using technology and innovation to improve and expand its operations.

 

Iofina Chemical

Iofina Chemical has manufactured high-quality halogen speciality chemicals derived from raw iodine, as well as non-iodine-based products. Iofina Chemical celebrated its 40th anniversary in 2023 as a preeminent halogen-based specialty chemicals company.

 

www.iofina.com

 

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