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Iofina PLC (IOF)

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Wednesday 10 October, 2018

Iofina PLC

Q3 2018 Update

RNS Number : 4852D
Iofina PLC
10 October 2018
 
 

 

Iofina plc

("Iofina", the "Group", or the "Company")

(LSE AIM: IOF)

 

Q3 2018 Update

Record Quarterly Iodine Production Since Company Inception

 

Iofina, specialists in the exploration and production of iodine and halogen-based specialty chemical derivatives, today provides an update to the market regarding its activities during the third quarter ("Q3" or the "Period") of 2018.

 

During the Period, the Company produced the largest quarterly total of crystalline iodine in the history of the organisation, producing a total of 172.3 metric tonnes ("MT") of crystalline iodine from its four operating IOsorb® plants in Oklahoma.  This was an increase of 37.8 per cent from the prior year (Q3 2017: 125 MT). This record production reflected a full quarter of strong performance at the new IO#7 plant, as well as continued consistent operation of our mature IOsorb® plants.

 

The Directors anticipate that this positive momentum will continue as the Company moves into the fourth quarter and the winter months.  The Directors also remain confident that the Company will achieve the 2018 forecast total of 575-605 MT of crystalline iodine.  Iofina's current total of 436.4 MT of produced crystalline iodine through September positions the Company well to significantly surpass 2017 totals (FY 2017: 503 MT). 

 

Commenting, President and CEO Dr. Tom Becker, stated: 

"I am proud of the record quarterly production that has been achieved in the history of Iofina, in the third quarter this year.  The execution of the Company's growth strategy, in particular the advantageous location of IO#7, and the performance of the operations team, continues to pay off for the Company and its stakeholders.

 

"Iofina Chemical continues to trade well and is exploring additional revenue streams. Not only have we been marketing the Company's IOflo® crystalline iodine, but also its other chemical products.

 

"As recently stated in our interim results, announced on 20th September 2018, production and profitability continue to move in a positive direction.  Debt restructure and growth in 2019 remain the top priority for myself and the management team as we move towards the end of 2018.  We expect the positive momentum we are currently achieving to significantly increase the Group's revenues and profits versus the first half of this year."

 

Enquiries:

 

Iofina plc

Dr. Tom Becker, CEO & President

Tel: +44 (0)20 3006 3135

www.iofina.com

 

finnCap Ltd

Christopher Raggett/Anthony Adams/Camille Gochez

Tel: +44 (0)20 7220 0500

 

Media Contact:

Yellow Jersey

Charles Goodwin/Harriet Jackson

Tel: +44 (0)7544 275 882

 About Iofina:

Iofina specialises in the exploration and production of iodine, halogen based specialty chemical derivatives and produced water. Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants currently focused in North America, based on Iofina's WET® IOsorb® technology. Iofina has production operations in the United States, specifically in Kentucky and Oklahoma. It is a vertically integrated company, covering the process from the production of iodine in the field, to the manufacture of the chemical end-products derived from iodine, supplying them to the consumer, and the recycling of iodine using iodinated side-streams from waste chemical processes. Iofina utilises its portfolio of patented and patent-pending technology, and proprietary methods and trademarks throughout all business lines.

www.iofina.com

 

 

 


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