(NewsDirect)
Iofina PLC (AIM:IOF, OTC:IOFNF) CEO Dr TomBecker takes Proactive's Stephen Gunnion through the company's2023 full-year performance, which marked another record.
Iofina achieved its first-ever revenueexceeding $50 million, marking the sixth consecutive year of growth, aroughly 18% increase from the previous year, with EBITDA at $10.8million. Becker attributed the growth to effective company strategiesbut noted challenges like increased input costs due to rising pricesof chemicals used in their iodine extraction processes. He anticipatesthese costs will not escalate as sharply moving forward.
Despite a slightly lower realised iodineprice in 2023 compared to 2022, the market remains strong,particularly driven by demand for X-ray contrast media. Becker expectsiodine prices to remain high, projecting stability into 2024.
Iofina also reported strong cashgeneration, enabling significant debt reduction and a net cashposition of $1.2 million. This financial health supports their ongoinginvestments in expanding iodine production, with new plants such asIO#9 operational and IO#10 expected to start in Q3 2024. Futureexpansions include plans for an IO#11 plant.
Becker highlightedthe seasonal increase in iodine production, with the second quartertypically seeing more output due to favourable conditions, andprojected an overall increase in 2024 production.
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