Revenue and profitability
EBITDA increased by 6% to
Gross profit increased by 5% to
Revenue decreased by 4% to
Cost of Sales decreased by 7.2% to
Operating profit increased by 8% to
Profit before tax of
Net debt
Net debt was in line with
Cash of
Interest charges remained stable at
Well placed to finance our ongoing operational investment program
Iodine production and sales
Produced
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
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.
'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.
CEO & President
Tel: +44 (0)20 3006 3135
Corporate Finance
finnCap Ltd
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