Iofina PLC (AIM:IOF, OTC:IOFNF) has said it remains well-positioned to press ahead with expansion after posting record half-year revenues and higher iodine output.
The AIM-listed group, which extracts iodine from waste brine water produced by the oil industry, reported sales of $29.2 million in the first six months of 2025, up 12% on a year earlier.
Pre-tax profit more than tripled to $3.5 million, helped by robust demand and strong pricing.
Iodine, a chemical used in everything from pharmaceuticals to animal feed, has been trading firmly above $70 a kilogram.
Iofina produced 305 tonnes of crystalline iodine in the period, 11% more than in the first half of 2024.
Sales of iodine derivatives, the company’s more specialised products, climbed 16% to $9.2 million.
The group said construction of its latest processing site, known as IO#11, had been completed on time and within budget in July.
Once fully operational, it is expected to add about 100 tonnes of output annually. August production of 74 tonnes marked a record monthly high.
Tom Becker, chief executive, said: “The group remains well positioned to continue its expansion plans, utilising its strong cash generation and banking facilities to invest for growth."
The commissioning of the IO#11 plant is expected to make a "material contribution" to the anticipated production range of 400-440 tonnes in the second half, he added.
Negotiations are also underway for a further plant, IO#12, as the company seeks to build on its network of eight processing units.
Iofina ended the period with $6.4 million in cash, although net debt stood at $800,000 after capital spending on new projects. The company received $1.8 million in tax credits during the summer, which has further bolstered its balance sheet.
It said it expected iodine prices to remain high and reiterated that it was on track to meet full-year market forecasts.