Iofina lifted by 2019 results

Shares in AIM-listed chemical specialist Iofina (LON:IOF) rose by 12.67% to 16.34p (as of 13:00 BST) after the company reported a 22% improvement in revenues for the year ended 31st December. Following a loss for 2018, the firm booked a pre-tax profit for the year after it boosted EBITDA by 67%.

CEO Dr. Tom Becker commented: “I am extremely pleased with the progress made throughout 2019 and am delighted to report on another record-breaking year for the Company. Over the course of the period we have continued to execute our strategy to expand operations whilst being a low-cost iodine producer. This, combined with a rising iodine price, has led us to achieve record iodine production and EBITDA levels for the second year in a row.

“The progress made has left the Company in a stronger position than ever from which to resolve its current debt situation, and I’m pleased to report progress continues to be made in this regard and, although progress has inevitably slowed due to the COVID-19 situation, we remain confident that a debt solution will be realised ahead of the repayment date of the Company’s current debt package on 1 July 2020“.