Iofina swings to profit on higher sales, iodine prices


Iodine manufacturer Iofina swung to annual profit as revenue increased by more than a fifth on higher sales and iodine prices.

For the 12 months to 31 December 2019, the company reported a pre-tax profit of $0.6m compared with a loss of $1.1m on-year as revenue increased 22% to $29.2m.

Iodine prices rose over 20% in 2019 and, moving into 2020, the spot price was generally in the mid $30's/kg, as a result of the continuing demand for iodine and a tightness in supply, the company said.

'The directors believe that the next few years will see a paradigm shift for Iofina, as the restrictions of our historical debt to earnings (EBITDA) ratio will be lifted thanks to our growing EBITDA and reduced debt,' it added.

At 8:36am: (LON:IOF) Iofina PLC share price was +1.28p at 15.78p

Related content

Iofina secures two-month debt repayment extension from Stena Investments

Iodine producer Iofina said it had secured a two-month loan repayment extension while it looks to refinance its debt.

The company said it was in...

Fri, 26/06/2020 - 14:53

Broker Forecast - finnCap issues a broker note on Iofina PLC

finnCap today reaffirms its corporate investment rating on Iofina PLC (LON:IOF) and cut its price target to 32p (from 35p).

Broker Forecasts data provided by...

Wed, 27/05/2020 - 08:30

Iofina warns production to fall short as brine supply to dry up in coming days

Iodine producer Iofina said warned on first-half iodine production on expectations for a shortage of brine supply needed for iodine isolation at its plant IO#8....

Mon, 04/05/2020 - 09:02

Iofina urges investors to reject Arron Banks move on board

Iodine producer Iofina urged its shareholders to reject an attempt by investor and Brexit campaigner Arron Banks to remove chairman and co-founder Lance Baller from...

Tue, 10/03/2020 - 13:51

Iofina targets April completion of new iodine plant; eyes US cannabidiol market

Iodine manufacturer Iofina said a new manufacturing facility in Oklahoma was likely to be brought on line in April.

The company also said it was...

Tue, 25/02/2020 - 13:30