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Highlights
- Iofina’s H1 FY24 net revenue reached USD 26 million, marking a 7% annual increment.
- The company’s new IO#10 plant is expected to boost iodine production significantly in FY24.
Iofina PLC (LSE:IOF) is a UK based vertically integrated company. It is focused on exploring and producing iodine, as well as manufacturing specialty chemical products. With a market capitalization of GBP 39.26 million, it is listed on the FTSE AIM All-Share index.
In the first half of FY24, the company had a net revenue of USD 26 million, which is a 7% increase from USD 24.3 million in the previous corresponding period. This growth came from higher demand for iodine and increased production. By the end of H1 FY24, the company's net cash balance rose to USD 1.1 million, compared to just USD 0.2 million in pcp.
However, gross profit fell from USD 8.3 million to USD 5.2 million, a decrease of 37.3%.
Further, in FY23, the company had a higher current ratio of 2.79x and a higher net margin of 13.1%, compared to the industry median of 1.75x and 4.9%, respectively.
Recent Business Update
As per an update of 13 Sep 2024, Iofina has commissioned its IO#10 IOsorb® plant in Oklahoma. It is now undergoing hydro-testing and preparing to begin iodine production.
This new facility is Iofina's seventh. It is expected to notably boost crystalline iodine production with an annual capacity of 100-150 metric tons as it is located in an area with active oil and gas drilling.
Company Outlook
The company anticipates margins and production volumes to increase in H2FY24. This aligns with seasonal efficiencies at the plants. It is aiming for full-year adjusted EBITDA between USD 8.5 million and USD 9 million. This is dependent on the successful ramp-up of the IO#10 plant.
Top 10 Shareholders:
Iofina’s top 10 shareholders collectively form around 41.12% of the total shareholdings. Sneller (Richard) holds the maximum number of shares with approximately 20.18% shareholding. David John and Monique Newlands stand at the second position with around 7.47% shareholding, as depicted in the chart below:
Price Information
Iofina’s share price has declined by around 4.65% in the last one month and over the last 6 months, it has decreased by around 6.82%. The stock’s 52-week low and 52-week high price is GBX 17.01 & GBX 30.00, respectively. At present, it is trading below the average of its 52-week high-low value.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 23 September 2024. The reference data in this report has been partly sourced from EODHD/Others.
