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Iofina enjoys record quarterly production as it reiterates full-year guidance

Iofina produced a record 172.3 tonnes of iodine in the third quarter of 2018, leaving it on track to achieve its full-year target of between 575-605 tonnes
iofina plant
IO#7 came online earlier this year and is the group’s lowest production cost plant

Another big contribution from its new IO#7 plant helped Iofina plc (LON:IOF) to a record quarter of iodine production over the past three months.

In the period to the end of September, the AIM company produced 172.3 tonnes of crystalline iodine from its four operating IOsorb plants in Oklahoma (Q3 17: 125 tonnes), the largest quarterly total in its history.

READ: Better times ahead for Iofina

Iofina said the record production reflected a “full quarter of strong performance” at the new IO#7 plant, as well as “continued consistent operation” of its more mature IOsorb plants.

So far this year, the company has produced a total of 436.4 tonnes of iodine, leaving it on track to “significantly surpass” 2017’s total of 503 tonnes.

Bosses are also confident Iofina will hit its full-year target of producing between 575-605 tonnes of iodine.

Profitability on the up

“The execution of the company's growth strategy, in particular, the advantageous location of IO#7, and the performance of the operations team continues to pay off for the company,” said chief executive Tom Becker.

“We expect the positive momentum we are currently achieving to significantly increase the group's revenues and profits versus the first half of this year.”

Becker added: “Debt restructure and growth in 2019 remain the top priority for myself and the management team as we move towards the end of 2018.”

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