Iofina PLC - London-based iodine producer - Posts nearly quadrupled profit in 2021. Pretax profit surges to GBP5.1 million from GBP1.3 million in 2020. Revenue grows to GBP39.0 million from GBP29.7 million the year before. Iofina Chemical performed well as an integral part of sales & earnings, group says. "The directors do not recommend payment of a dividend," firm adds. Says it is focused on growing iodine production and its specialty chemical business.
Says iodine prices began 2021 at around USD32.5 to USD36 per kilogram and ended the year at USD50 per kilogram after a "significant increase" in global demand for iodine. Current global iodine spot prices are up 20% since the beginning of 2022, at USD60 per kilogram and above, Iofina explains.
"We were able to deliver enhanced revenues and profits and significantly reduce our debt through strong cash generation," says Chief Executive Officer Tom Becker. "We expect a laboratory upgrade in the second quarter of 2022 to improve the company's research & development capabilities," adds Becker.
Current stock price: 19.90 pence, down 0.5% on Monday
12-month change: up 73%
By Tom Budszus; tombudszus@alliancenews.com
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Iofina (IOF)