Business
INTERIM RESULTS
INTERIM RESULTS.
About this update from Iofina Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3653A\n Iofina PLC\n 29 September 2020\n \n \n \n \n D\n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014\n \n \n \n \n \n \n \n \n \n 29 September 2020\n \n \n \n \n \n \n \n \n Iofina plc\n \n \n (\"Iofina\", the \"Company\" or the \"Group\")\n \n \n (LSE AIM: IOF)\n \n \n \n \n \n INTERIM 2020 RESULTS\n \n \n \n \n \n Record Revenue and EBITDA\n \n \n \n \n \n Iofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to announce its Interim Results for the six months ended 30 June 2020 (the \"Period\"). \n \n \n \n \n \n During the Period the Group achieved a number of significant milestones including record half year sales revenues of $15.74m (H1 2019: $14.53m) and record half year EBITDA of $2.95m (H1 2019: $1.97m). These record figures were a result of continued cost controls, solid iodine production, strong non-iodine specialty chemicals sales and increases in iodine prices.\n \n \n The Group's iodine production plants produced a total of 284.4 metric tonnes (\"MT\") of crystalline iodine in the Period, in line with H1 2019 production of 286.7 MT. The Group also completed IOsorb® plant, IO#8, on budget which is now fully operational.\n \n \n KEY FINANCIAL POINTS: \n \n \n \n \n \n \n · \n Revenue increased by 8% to $15.74mm (H1 2019: $14.53m);\n \n \n · \n Gross profit increased by 25% to $4.87m (H1 2019: $3.90m), and from 27% to 31% of sales;\n \n \n · \n EBITDA increased by 50% to $2.95m (H1 2019: $1.97m), and from 14% to 19% of sales;\n \n \n · \n Operating profit increased by 77% to $2.15m (H1 2019 $1.21m);\n \n \n · \n Profit before and after tax was $1.32m (H1 2019 loss $0.30m); \n \n \n · \n Basic and diluted profit per share was $0.007 (H1 2019 basic loss per share $(0.002));\n \n \n · \n Cash balances were $5.51m (H1 2019: $10.26m);\n \n \n · \n Paycheck Protection Program loans of $1.09m were received and are eligible for forgiveness;\n \n \n · \n New plant IO#8 was completed on time in April 2020 at a total cost of $3.1m;\n \n \n · \n Debt of $2.73m was repaid at the end of June and the balance of $15.45m was refinanced in September 2020 by a $10m bank t...