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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