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Iofina PLC - London-based iodine producer - Posts nearly quadrupled profit in 2021. Pretax profit surges to £5.1 million from £1.3 million in 2020. Revenue grows to £39.0 million from £29.7 million the year before. Iofina Chemical performed well as an integral part of sales & earnings, group says. ‘The directors do not recommend payment of a dividend,’ firm adds. Says it is focused on growing iodine production and its specialty chemical business.
Says iodine prices began 2021 at around $32.5 to $36 per kilogram and ended the year at $50 per kilogram after a ‘significant increase’ in global demand for iodine. Current global iodine spot prices are up 20% since the beginning of 2022, at $60 per kilogram and above, Iofina explains.
‘We were able to deliver enhanced revenues and profits and significantly reduce our debt through strong cash generation,’ says Chief Executive Officer Tom Becker. ‘We expect a laboratory upgrade in the second quarter of 2022 to improve the company's research & development capabilities,’ adds Becker.
Current stock price: 19.90 pence, down 0.5% on Monday
12-month change: up 73%
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