Iofina sees record production numbers in 2018
By Josh White
Date: Thursday 17 Jan 2019
(Sharecast News) - Iodine and halogen-based specialty chemical producer Iofina updated the market on an "exceptional year" for the company on Thursday, in which it produced record volumes of crystalline iodine and executed on its commitment to growth and increased profitability.
The AIM-traded firm said it saw a record half-year and full-year production of crystalline iodine, with second-half production rising 21% year-on-year to 324.7 metric tonnes.
Full-year production was ahead 17% at 588.8 metric tonnes.
Both were record production totals for the group, the board said, in spite of operating just four iodine production plants.
That was said to have been in large part due to the success of the new IO#7 facility, which opened in February last year.
The board said it was undertaking a review of potential IO#8 sites and financing options, and expected to continue its expansion plans with the development of an IO#8 in 2019.
Debt restructure negotiations were said to be at an advanced stage, with the board also noting that iodine prices continued to increase in 2018 from $24 per kilogram at the start of the year to between $26 and $27 per kilogram, and were predicted to increase further in 2019.
First-half production in 2019 was currently forecast at between 310 and 330 metric tonnes of crystalline iodine.
Iofina Chemical continued to trade strongly in both iodine and non-iodine products, the board reported.
"'I am delighted with the Group's improved performance in 2018, in which we produced a record amount of iodine and successfully increased output whilst reducing the overall cost of production," said Iofina president and chief executive officer Tom Becker.
"Meanwhile, the restructuring of debt remains a priority for us and we are making good progress towards its conclusion."
Dr Becker said the company was entering the new year in a "strong" position, seeing decent growth across the group.
"We are confident that this momentum can be maintained and that 2019 profitability will continue to improve in line with the iodine price."
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