Business
Iofina Reports Audited Full Year Financials
Iofina Reports Audited Full Year Financials.
About this update from Iofina Plc
[{"type":"text","content":"\n \nRNS Number : 9556H Iofina PLC 07 June 2011 \n \n\n7 June 2011\n \nIofina plc\n(\"Iofina\" or the \"Company\")\n \nIofina Reports Audited Full Year Financials\n \nThe directors of Iofina are pleased to announce its final results for the year ended 31 December 2010.\nHighlights:\n· Revenues increased during the year under review to £8,858,657 (2009: £3,381,995)\n \n· Significant development of the Mid-Stream iodine collection and extraction business; five Iodine Collection and Extraction Agreements in four states\n \n· Consistent production in third quarter from the Atlantis Field of 175,000 cubic feet of gas per day and c. 5,000 barrels of water per day\n \n· Iofina Chemical has provided the Group with direct integration into the higher margin $2.5-3 billion USD per annum iodine chemical derivatives market. Key changes in the year have included re-pricing of certain products; pitching for new higher margin business; scaling back lower margin products and accounts; launching a new iodine based product; complete inventory work downs; making capacity improvements to the plant for methyl iodide (a new crop fumigant); and changes in senior management\n \n· Continuing development of its water assets in Montana. The plan is to process its produced water so that it can be discharged into the Fresno Reservoir. Initial feasibility study for the physical discharge point into the Fresno Reservoir has been completed and no major obstacles are anticipated\n \n· An exploration evaluation of the deeper horizons under its current acreage position, specifically the Bakkan, the Group seeks a JV partner and it plans to actively market its deep rights beginning Summer 2011\n \n· Iodine demand returned strongly in the first half of 2010 but weakened in the second half of 2010. Prices remained flat for 2010 but still at record highs. As was anticipated, iodine has seen strong demand in the first quarter of 2011 with recent spot prices reaching a new all time high \n \n· Post the year end, in April 2011, the Company raised £2.84 ...