Iofina PLC H1 2021 Update (2760F)
15 Julio 2021 - 1:00AM
UK Regulatory
TIDMIOF
RNS Number : 2760F
Iofina PLC
15 July 2021
Iofina Plc
("Iofina" or the "Company")
(LSE AIM: IOF)
H1 2021 Update
Iofina plc, specialists in the exploration and production of
iodine and manufacturers of specialty chemical products, today
provides an update to the market regarding its activities during
the first half of 2021 ("H1" or the "Period").
Highlights
-- Strong sales period with demand for Iofina iodine and halogen
derivative products increasing as customer markets reopen
-- Spot iodine prices have moved slightly higher to $35-37/kg,
providing further increases in revenue
-- H1 production of 249.4MT of crystalline iodine, in line with revised forecast of 250MT
-- Expansion plans progressing well and IO#9 construction expected to begin by year end
The iodine market has continued its recovery, with prices now
$35-37/kg, and the Company is seeing good demand for its iodine and
halogen derivative products. Importantly, Iofina has been able to
meet this demand and deliver strong H1 2021 sales, despite the
interruption to the brine water supply at some plants in February.
During H1 2021, 249.4 metric tonnes ("MT") of crystalline iodine
was produced from Iofina's five operating IOsorb(R) plants, which
was in line with the forecast cited in Company's Q1 2021
update.
For H2 2021, the Company is anticipating iodine production of
260-275MT, with operational changes at a brine partner's sites
affecting supply levels to two of our plants this year. Despite
this, Iofina believes it is currently on track to achieve full year
revenue and profit targets.
The Company is working to increase brine supply and, given the
recovery in the oil market, is anticipating some reinvestment in
oil fields by its partners, which would boost brine output. The
Company is also progressing well with expansion plans for IO#9 to
further offset any reduced supply, with construction expected to
commence by the end of the year.
Commenting, President and CEO of Iofina Dr. Tom Becker, stated:
"The iodine market is seeing an excellent recovery in line with the
rapidly accelerating global economic recovery as we begin to emerge
from the challenging COVID-19 period. Demand is strong and prices
are back at pre-pandemic levels of around $35-$37/kg, supporting
higher revenue expectations. We are also seeing excellent recovery
in the oil markets with prices up to around $75/bbl, which we are
hopeful will result in increased reinvestment by our partners into
their oil fields.
"I am also pleased with the progress being made towards IO#9 and
we are expecting to begin construction of this new plant by the end
of the year. This will not only reduce any risk from reduced brine
supply seen by any of our plants but also ensure we are well
positioned to meet the rising demand we are seeing globally for
iodine and its derivative products.
"In spite of lower production, we are fulfilling demand with our
capacity and we remain on track to meet full year expectations. The
Company continues to meet its debt obligations and is in an
excellent position to continue with our prudent growth strategy. I
look forward to updating the market further on our expansion as
well as provide a fuller update on the Period at our interim
results."
Enquiries:
Dr. Tom Becker
CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Christopher Raggett/Tim Harper (Corporate Finance)
Tim Redfern (ECM)
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Charles Goodwin/Joe Burgess
Yellow Jersey PR Limited
Tel: +44 (0)20 3004 9512
About Iofina:
Iofina plc (AIM: IOF) is a vertically integrated Company that
specialises in the production of Iodine and the manufacturing of
specialty chemical products. As the second largest producer of
iodine in North America, it comprises three USA entities; Iofina
Resources, Iofina Chemical and IofinaEX.
LEI: 213800QDMFYVRJYYTQ84
ISIN: GB00B2QL5C79
Iofina Resources
Iofina Resources develops, builds, owns and operates iodine
extraction plants using Iofina's WET(R) IOsorb(R) technology.
Iofina currently operates five producing IOsorb(R) plants in
Oklahoma and is consistently using technology and innovation to
improve and expand its operations.
Iofina Chemical
Iofina Chemical has manufactured high quality halogen speciality
chemicals derived from raw iodine, as well as non-iodine based
products for over 35 years.
www.iofina.com
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFLFEEDDISLIL
(END) Dow Jones Newswires
July 15, 2021 02:00 ET (06:00 GMT)
Iofina (AQSE:IOF.GB)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Iofina (AQSE:IOF.GB)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024