Iofina's strategic success: revenue surpasses $50 million, expansion underway | News Direct

Iofina's strategic success: revenue surpasses $50 million, expansion underway

Iofina PLC
News release by Iofina PLC

facebook icon linkedin icon twitter icon pinterest icon email icon London, UK | May 08, 2024 08:16 AM Eastern Daylight Time


Iofina PLC (AIM:IOF, OTC:IOFNF) CEO Dr Tom Becker takes Proactive's Stephen Gunnion through the company's 2023 full-year performance, which marked another record.

Iofina achieved its first-ever revenue exceeding $50 million, marking the sixth consecutive year of growth, a roughly 18% increase from the previous year, with EBITDA at $10.8 million. Becker attributed the growth to effective company strategies but noted challenges like increased input costs due to rising prices of chemicals used in their iodine extraction processes. He anticipates these costs will not escalate as sharply moving forward.

Despite a slightly lower realised iodine price in 2023 compared to 2022, the market remains strong, particularly driven by demand for X-ray contrast media. Becker expects iodine prices to remain high, projecting stability into 2024.

Iofina also reported strong cash generation, enabling significant debt reduction and a net cash position of $1.2 million. This financial health supports their ongoing investments in expanding iodine production, with new plants such as IO#9 operational and IO#10 expected to start in Q3 2024. Future expansions include plans for an IO#11 plant.

Becker highlighted the seasonal increase in iodine production, with the second quarter typically seeing more output due to favourable conditions, and projected an overall increase in 2024 production.


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