Iofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to announce its Interim Results for the six months ended 30 June 2022 (the 'Period').

Revenue and profitability

EBITDA increased by 6% to $3.7m (H1 2021: $3.5m)

Gross profit increased by 5% to $5.7m (H1 2021: $5.4m)

Revenue decreased by 4% to $19.2m vs. exceptional comparable period (H1 2021: $19.9m) when excess inventory built up during Covid was sold

Cost of Sales decreased by 7.2% to $13.5m (H1 2021: $14.6m)

Operating profit increased by 8% to $2.8 (H1 2021 $2.6m)

Profit before tax of $2.6m decreased by 34% (H1 2021 $3.5m)*

Net debt

Net debt was in line with December 2021 balances

Cash of $4.7m (H1 2021: $1.7m) with net debt of $2.8m (H1 2021: $7.2m)

Interest charges remained stable at $0.2m from (H1 2021 $0.2m)

Well placed to finance our ongoing operational investment program

Iodine production and sales

Produced 234MT of crystalline iodine during H1, in line with revised 225 - 240MT range

H2 production on track to meet 255 - 275MT target

Raw Iodine sales returned to more normalized levels (down 71%) compared to H1 2021 when large, excess inventory built up during Covid was sold off

H1 2021 profit before tax included the one-off forgiven US government Paycheck Protection Program loan of $1.1m

The new IOsorb plant, IO#9, is in the final stages of contract negotiations and we will commence construction of the plant once finalised. The iodine-rich brine partner and the site location are awaiting final approvals.

Commenting on today's results, Dr. Tom Becker, President and CEO stated: 'The Group has delivered a strong first half performance, particularly when compared to the exceptional H1 2021 period, which was heavily weighted to the sale of the excess raw iodine inventory that built up during Covid. With iodine prices increasing by 40% during the period, the Group has achieved higher profitability, which has also been supplemented by improved cost controls.

'The combination of our growing cash position and available facilities means that the Group is now in a position to look at further strategic growth opportunities that complement our specialty chemicals offering, particularly where we can cross-sell to our existing customer base.

'Looking to the second half, on current output, we are confident of producing 255-275MT of crystalline iodine, with brine supplies now stabilised following the saltwater disposal maintenance work undertaken by one of our oil and gas partners. Market demand for raw iodine and our speciality products remains strong despite wider macroeconomic concerns. As such, the board anticipates meeting full year expectations.

'With the agreement of IO#9 close to finalisation, we will commence construction work shortly and expect to have the new plant operating during Q2 2023 and making a significant contribution to the latter half of next year. The negotiation of sites for the construction of IO#10 is also ongoing and we will update the market in due course on this project.'

Contact:

Dr. Tom Becker

CEO & President

Iofina plc

Tel: +44 (0)20 3006 3135

Christopher Raggett

Tim Harper

Corporate Finance

Tim Redfern/

Barney Hayward

finnCap Ltd

Tel: +44 (0)20 7220 0500

Kingsley Wilson

Chrystal Capital Partners LLP

Tel: +44 (0)20 7850 4761

Media

Charles Goodwin

Laurie Gellhorn

Yellow Jersey PR Limited

Tel: +44 (0)7747 788 221

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