23rd Sep 2019 11:00
(Alliance News) - Iodine exploration and production company Iofina PLC said its loss for the first half of 2019 narrowed on continued growth in revenue and production.
For the six months to the end of June, Iofina's pretax loss narrowed to USD300,360, from USD750,429 the year before.
Earnings before interest, taxes, depreciation and amortisation more than doubled to USD2.0 million from USD724,847 the prior year, on revenue that grew by 28% to USD14.5 million from USD11.3 million.
Revenue growth was driven by increased sales in both iodine and non-iodine products, as well as higher iodine prices.
In the period, Iofina produced 286.7 metric tonnes of crystalline iodine, up 8.6% from 264.1 tonnes the year before. Meanwhile, sales of iodine products increased by 46% to USD9.8 million, while non-iodine product sales rose by 4% to USD4.8 million.
Looking ahead, Iofina's fifth IOsorb plant, IO#8 is in the first phase of construction, while the reduction of debt and execution of new business strategies has led to confidence of record profits in 2019 and beyond.
"It has been an exceptionally strong first half for Iofina, with the group having achieved a record revenue of USD14.5 million in the period. This, together with the significantly improved Ebitda, has been a result of an increase in iodine production accompanied by growth in sales volumes and higher iodine prices," said Chief Executive Officer Tom Becker.
"The strengthening iodine market, coupled with our timely execution of iodine expansion and product development, will ensure that Iofina expands in line with its growth strategy and achieves a record profit in 2019 and future years to come," Becker added.
Shares in Iofina were up 1.7% at 29.50 pence on Monday.
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