Iofina PLC (AIM:IOF, OTC:IOFNF) chief executive Dr Tom Becker described the firm’s first half as robust and highlighted sustained demand for its iodine products.
The company reported record revenues of $26.0 million for the first half of 2024, which marked a 7% increase from last year.
It was driven by higher production volumes of crystalline iodine, which reached 276.1 metric tonnes (MT), a 14.3% year-on-year increase.
Lower iodine prices meanwhile meant gross profit for the first half reduced to $5.2 million this year compared to $8.3 million a year ago.
At the same time, the company’s net cash position improved meaningfully to $1.1 million by the end of the half.
"The group has delivered a robust first half performance, with sustained demand for our products and increased production leading to a 7% increase in revenue, despite the average realised selling price of iodine being 7% lower than reported for H1 2023,” Becker said in the statement.
“The group has continued to generate strong cash flows.”
Becker added: "Looking ahead, the completion of IO#10 is anticipated to add a further 100-150 MT of annual iodine production capacity.
“The new plant will contribute to production in the remaining months of 2024, with the total crystalline iodine production range expected to be 355-380 MT in H2 2024.
“Negotiations for IO#11 are continuing to advance well, and we hope to update on an agreement very soon.”