Iofina PLC (AIM:IOF, OTC:IOFNF) reported its best first half ever as sales volumes doubled and iodine prices rose again.
Crystalline iodine sales jumped 122% to 169 Metric tonnes reflecting a bounce back in demand that has normalised after the pandemic, while prices rose 13%.
Iofina, which extracts iodine from brine pumped out of onshore US oil wells, produced 242 metric tonnes over the six months to end June but expects this to rise to between 325-350Mt in the second half as a new facility, IO#9, is now on stream.
Interim revenues rose by 27% to US$ 24.3 million, while pre-tax profits jumped 80% to US$4.7mln.
Tom Becker, chief executive, added: "The group delivered its best commercial performance for a first half period, supported by the ongoing robust iodine prices and meeting our production targets.
"We continue to successfully advance our growth plans and expect to finalise an agreement for IO#10 soon.
"Additionally, the planning process of IO#11 is already underway.”
Iofina added it had also reduced debt further and ended the half-year with a small net cash position.