Iofina PLC H1 2018 Update (6670U)
July 16 2018 - 1:00AM
UK Regulatory
TIDMIOF
RNS Number : 6670U
Iofina PLC
16 July 2018
16 July 2018
Iofina plc
("Iofina", the "Group", or the "Company")
(LSE AIM: IOF)
H1 2018 Update
Like-for-like production up 10%; IO#7 contributing to increased
production
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 first half
of 2018.
As expected, the Company produced a total of 264.1 metric tonnes
("MT") of crystalline iodine from its four IOsorb(R) plants
operating in Oklahoma. This was an increase of 10.8 per cent from
the prior year (H1 2017 235.5 MT). During the first half of the
year, Iofina successfully opened IO#7 which is now a major
contributor to the total iodine production of the Group. With our
four operating plants, we anticipate a total of 575-605 MT of
IOflo(R) iodine for the entire year in 2018, which would be a
significant increase in output compared to last year (FY 2017: 503
MT).
Iodine prices have risen steadily throughout H1 2018 and Iofina
expects prices to continue to rise progressively in the second half
of the year as iodine prices continue to lag below historical
levels.
Iofina Chemical has continued to invest in its operations and
take on new halogen based products. The first half of 2018 saw a
substantial increase in some of Iofina's non-iodine based
products.
Commenting, President and CEO Dr. Tom Becker, stated:
"After a slow start to the year, iodine production has now
picked up and is performing well. With IO#7 fully contributing to
the Group, we are poised for a strong second half of the year.
"The Directors are committed to growth through expansion of
iodine production at Iofina Resources, and ongoing product
development at Iofina Chemical. This growth, coupled with
increasing iodine prices, will add to the positive progress we have
seen in the first half of 2018"
Enquiries:
Iofina plc
Dr. Tom Becker, CEO & President
Tel: +44 (0)20 3006 3135
finnCap Ltd
Christopher Raggett/Giles Rolls/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(R) IOsorb(R) 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
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.
END
MSCLLFFADVIELIT
(END) Dow Jones Newswires
July 16, 2018 02:00 ET (06:00 GMT)
Iofina (LSE:IOF)
Historical Stock Chart
From Apr 2024 to May 2024
Iofina (LSE:IOF)
Historical Stock Chart
From May 2023 to May 2024