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Iodine producer Iofina plc (LON:IOF) is pleased with its performance in the first half, in which it produced 255.6MT (metric tonnes) from its five US plants - in line with its target of between 250 and 270 MT.
This was achieved despite more brine being used in fracking than expected and power outages across Oklahoma, and as the group continues to focus on cutting costs.
In the second quarter, 131 metric tonnes of crystalline iodine were produced from the five IOsorb plants
For the second half, the group expects to produce between 250-270 MT of crystalline iodine.
Meanwhile, the group added: "The restructuring of the convertible debt and creation of a debt facility gives Iofina the means to execute its business plans in a challenging market and to reap the benefits of a return to normality for iodine prices."
As reported previously, the firm has restructured terms of its US$20mln convertible debt and created a new US$10mln facility.
Also notable, Iofina Chemical, which manufactures end products, has performed well in the year so far.
Revenues are up despite a reduction in the price of iodine compared to the same period in 2015.
Iodine prices, while much lower than historical trends, continue to remain fairly stable and currently are generally at or below $24/kg for large volume buyers, the firm also noted.
House broker finnCap noted the firm issued full year guidance which equates to 506 to 526 tonnes inline with the broker's estimates of 524 tonnes.
Iodine prices are in line with expectations and we are not expecting to change our forecasts, it said, repeating a 24p price target.
Iofina shares added 4% to 16.25p.