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Iofina losses sharply drop; debt restructuring a success

By BFN News | 09:55 AM | Monday 23 September, 2019


Iofina saw previous losses of $1.1m drop to $300k with revenue growing 29%from $11.3m to $14.5m. EBITDA jumped 172% and the debt was restructured successfully by extending term and removing convertibility. This reduced the debt pile from $18.18m to $7.46m. Iodine prices have continued to rise with IO#8 in the first phase of construction. Commenting on today's results, Dr. Tom Becker, President and CEO stated: 'It has been an exceptionally strong first half for Iofina, with the Group having achieved a record revenue of $14.53m in the period. This, together with the significantly improved EBITDA, has been a result of an increase in iodine production accompanied by growth in sales volumes and higher iodine prices.' At 9:55am: (LON:IOF) Iofina PLC share price was +0.5p at 29.5p Story provided by StockMarketWire.com

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