Iofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to announce its unaudited Interim Results for the six months ended 30 June 2023 (the “Period”).

Revenue and profitability

• Adjusted EBITDA – $5.9m (2022: $3.7) UP 60%
• Revenue – $24.3m (2022: $19.2m) UP 27%
• Cost of Sales – $16.0m (2022: $13.5m) UP 19%
• Gross profit – £8.3m (2022: $5.7m) UP 46%
• Operating profit – $4.9m (2022: $2.8m) UP 77%
• Profit Before Tax – $4.7m (2022: $2.6m) UP 80%

Net cash/debt

• Net cash was $0.2m (H1 2022: net debt $2.8m), excluding lease liabilities and after capex of $3.7m, mainly on IO#9 (capex H1 2022 $0.7m)
• Cash up 33% to $6.3m (H2 2022: $4.7m)
• Well-placed to finance our ongoing operational investment program through a strong cash position and availability of bank finance, including $4.0m of currently undrawn loans.

Iodine production and sales

• Produced 242 metric tonnes (“MT”) of crystalline iodine during H1, in line with 235-250MT range
• With the addition of IO#9 output, H2’23 production is on track to meet the 325-350MT target
• Crystalline iodine sales up 122% to 169MT reflecting a return to strong demand after impact of Covid restocking by customers at the end of 2021
• The average prices realised (100% iodine equivalent) for sales of crystalline iodine increased by 13% from $63.27 for H1 2022 to $71.53 for H1 2023.

Commenting on today’s results, Dr. Tom Becker, President and CEO stated: “The Group delivered its best commercial performance for a first half period, supported by the ongoing robust iodine prices and meeting our production targets. In the process we have further improved our cash position even as we constructed a new iodine plant, which provides us with additional capability to fund growth projects.

“The completion of IO#9 in June 2023 is set to deliver a jump in iodine production during the second half and we are on track to meet our H2 target range of 325-350MT.

“We continue to successfully advance our growth plans and expect to finalise an agreement for IO#10 soon. Additionally, the planning process of IO#11 is already underway and we look forward to updating the market in due course on this project, along with all business updates throughout the rest of 2023.”

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