AIM listed Iodine producers Iofina plc, has announced another year of record revenues, driven by sustained demand and a strong iodine spot price in year end results announced today. highlights include revenues up 8% on the previous period to $42.2m and profit before tax up by 96% to $10m The balance sheet had cash of $5.9m with ned debt reduced to $0.9m from $3m.

In Q1 2023 the  group has seen 107.1MT of crystalline iodine produced from its five US based plants

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.”

News in full

In the video below, President & CEO Tom Becker outlines iofina’s business including the increasing global demand for iodine