10th Oct 2018 09:25
LONDON (Alliance News) - Iofina PLC on Wednesday reported record quarterly iodine production since company inception and said it expects positive momentum to result in a significant increase in revenue and profit versus the first half of current year.
Shares in Iofina were trading 12% higher at 14.25 pence each.
The company produced 172.3 metric tonnes of crystalline iodine in the third quarter to September end, up 38% from 125 metric tonnes recorded in the year ago period.
The jump in production was attributed to full quarter of strong performance at the company's new IO Number 7 plant and consistent operation of existing plants.
Iofina, which produces iodine and halogen-based specialty chemical derivatives, anticipate positive momentum to continue into the fourth quarter and remains confident to achieve 2018 forecast total production of 575,000 to 605,000 metric tonnes of crystalline iodine. Iofina's current 436.4 metric tonne of produced crystalline iodine through September positions the company to significantly surpass 2017 total production of 503 metric tonnes.
"Iofina Chemical continues to trade well and is exploring additional revenue streams. Not only have we been marketing the company's IOflo crystalline iodine, but also its other chemical products. Debt restructure and growth in 2019 remain the top priority for myself and the management team as we move towards the end of 2018," Iofina President & Chief Executive Tom Becker said.
Related Shares:
Iofina