Bounce back in demand boosted sales and profits in 2021
Revenue increased by 31% to
Gross profit increased by 28% to
EBITDA improved by 47% to
Operating profit increased by 78% to
Profit before tax increased by 301% to
Strong balance sheet and further reduction in net debt
Cash flow generation of
Finance expense decreased by 83% to
Investing for growth: Commenced site negotiation process for IO#9 construction in the Period.
Capital investment into projects and equipment was
2022 so far: Current global iodine spot prices have reached
Production of 103.8 MT of crystalline iodine in Q1 from Iofina's five IOsorb plants
Finalising terms with new brine supply partner for IO#9 plant
Commenting, President and CEO Dr.
'Whilst lower brine supply from our oil and gas partners impacted iodine production in the Period, we are hopeful supply will improve this year with oil and gas companies now reinvesting in their assets to boost production. The delay to the construction of our IO#9 plant has been frustrating, but we are now finalising an agreement with a new brine supply partner and expect to have a further update on this shortly.
'Iofina Chemical continued to perform well and was integral to the Group's sales and earnings. We have been working on enhancements to improve efficiencies and capacity for certain iodine and non-iodine products, and we expect a laboratory upgrade in Q2 2022 to improve the Company's R&D capabilities.
'With market fundamentals remaining favourable, a much-improved balance sheet, and continued strategic investment in our growth, the Board remains confident in the future success of the business and looks forward to keeping shareholders updated on progress.'
Investor Presentation
The Company plans to provide a presentation relating to the Company's outlook and these 2021 results. Details will be provided soon via a RNS Reach announcement.
Contact:
Dr.
Tel: +44 (0)20 3006 3135
About Iofina
Iofina Resources
Iofina Resources develops, builds, owns and operates iodine extraction plants using Iofina's WET IOsorb technology. Iofina currently operates five producing IOsorb plants in
Iofina Chemical
Iofina Chemical has manufactured high quality halogen specialty chemicals derived from raw iodine, as well as non-iodine based products for over 38 years.
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