Iofina blames sales delays for profit warning

17th Dec 2013 11:04

Iodine explorer and producer Iofina blamed sales delays for a profit warning, hitting its shares by nearly a quarter.Iofina said 2013 revenue and underlying pre-tax earnings were likely to be similar to 2012 after expected 2013 shipments from its chemical division were delayed into 2014.Iodine prices dropped more than a fifth during the year, although Iofina said it was better placed than rivals to manage the fall due to lower costs.It also said it believed the price of iodine will stabilise and may begin to rise in the second half of 2014.Shares in the group fell 31.75p to 100.5p at 11:00 in London.PW