StockMarketWire.com - Iofina slashed its losses and posted record annual earnings on higher iodine prices and record iodine production

For 2018, losses before tax decreased by 85% to $1.4m and revenue increased by 15% to $24.0m.

Earnings (EBITDA) improved by 89% to a record $2.6m.

The group produced 588 metric tonnes of crystalline iodine from its Oklahoma based IOsorb plants, a 17% increase from 2017. Its newest plant, IO#7, began production in mid-February 2018 and was a key contributor for the increased production the company said.

'2018 was an exceptional year and a result of the strategies executed over the last few years by the Directors and employees of Iofina.,' said The resulting record iodine production, together with increased iodine prices, was the major factor in record EBITDA levels in 2018, and further significant progress is expected,' said resident and CEO Dr. Tom Becker.

'Over the last few years, by executing cost savings plans, prudent growth, and investing in new products, the Group has turned itself around and is performing at its highest level to date. This momentum has continued into early 2019 with record Q1 iodine production. '

At 9:15am: [LON:IOF] Iofina PLC share price was 0p at 16.5p



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