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Iofina plc (LSE:IOF), a specialist in the exploration and production of iodine and manufacturer of specialty chemical products, has announced its unaudited interim results for the six months ended 30 June 2024.
H1 2024 Financial Highlights
- Record Revenue: The Group achieved a record revenue of $26.0 million, reflecting a 7% increase compared to H1 2023.
- Cost of Sales: Reported costs of sales totaled $20.8 million.
- Gross Profit: The gross profit for the period was $5.2 million.
- Adjusted EBITDA: The adjusted EBITDA stood at $2.3 million.
- Operating Profit: Operating profit was reported at $1.1 million.
- Profit Before Tax: The profit before tax also reached $1.1 million.
- Net Cash Position: Net cash as of the end of the period was $1.1 million, up from $0.2 million in H1 2023.
Business Highlights
- Increased Product Demand: Strong demand for iodine and higher production levels contributed to revenue growth.
- Brine Water Agreements: The company secured new agreements for brine water supply at two existing IOsorb® plants, ensuring stability of supply.
- Investment in Operations: The Group's capital expenditure totaled $4.7 million, primarily related to the IO#10 project and an additional $0.9 million invested in Iofina Chemical.
- Cash Position: Iofina maintained a strong overall cash position of $5.7 million, despite increased investment expenditures during the period. This is compared to $6.3 million in H1 2023.
- Renewed Loan Facility: A renewed loan facility of $10 million provides additional financial support for ongoing operational investments.
Outlook
Looking ahead, with the IO#10 facility now fully commissioned, Iofina expects to produce between 355 and 380 metric tons of crystalline iodine in the second half of 2024. Overall production for the year will depend on the ramp-up rate of IO#10. The current spot price for crystalline iodine has seen a marginal increase, hovering in the upper sixties USD per kilogram. The Board is optimistic that the Group remains on track to meet market expectations for the full year.
