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Iofina PLC on Thursday reported ‘record’ total production for 2024 and said its growth strategy ‘remains firmly on track’ despite expecting earnings below its forecast range. Shares in Iofina were trading 4.2% at 21.09 pence on Thursday afternoon in London. The Colorado, US-based iodine producer said it expects to report adjusted earnings before interest, tax, depreciation and amortisation of around $7.5 million for 2024, below its forecast range of between $8.5 million and $9 million. It said this was due to ‘unexpected delays’ in December, which affected orders worth over $2.0 million and were caused by cargo shipping and logistical issues. These will be credited as sales in January, giving Iofina ‘a stronger start to the year than previously forecast’. Total production for 2024 ‘was a record for the company’, rising 13% to 634.1 metric tonnes from 559.3 MT in 2023. ‘The company, as expected, achieved record iodine production in 2024,’ said Chief Executive Officer Tom Becker. ‘Our business operations have gone from strength to strength throughout 2024 with the successful completion of our new plant IO#10, which is operating as expected, as well as strategic investment at Iofina Chemical.’ Iofina said it expects between 320MT and 355MT in total iodine production for the first half of 2025, up from 276.1 MT for the same period in 2024. Going forward, Iofina said its ‘growth strategy remains firmly on track’. It expects to complete construction on the IO#11 plant in the third quarter, and said preliminary talks ‘are progressing positively’ for IO#12. ‘Whilst the December shipping delays to customers were certainly frustrating in terms of hitting our year-end earnings target, we are pleased with the group’s overall performance in FY24,’ Becker said. ‘These delayed sales have been recognised in January 2025, which underpins our forecast for 2025. ‘With iodine prices currently above $70/kg, and expected higher iodine production compared to 2024, the current outlook for the year is very promising.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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