Iofina PLC (AIM:IOF, OTC:IOFNF) has posted record annual revenue for the seventh year running, with strong early sales in 2025 pointing to continued demand for crystalline iodine.
The AIM-listed company, which processes oilfield brine to produce its end product, reported full-year revenue of $54.5 million for 2024, a 9% rise on the previous year.
Growth was driven by a 31% increase in sales of iodine derivatives, even as revenue from crystallised iodine held steady at just under $25 million.
Production rose 13% to 634.1 metric tonnes. The company said output in the first quarter of 2025 reached 124.1 tonnes and is expected to approach 300 tonnes in the first half, supported by iodine prices that remain above $70 per kilogram.
Iofina ended the year with $6.8 million in cash and invested $9.5 million into plant expansion and process upgrades across its operations.
CEO Tom Becker said: "Moving into 2025, our investment for growth continues and we are pleased to report that IO#11 is on track to be operating in the first half of Q3 2025.
"This will become our eighth IOsorb plant in operation and our third new plant in three years, hitting our target of adding a new plant each year."