(Alliance News) - Iofina PLC on Monday said it continued on its growth path, touting improvement in all its operations and high iodine prices.
The London-based iodine producer said pretax profit in the first half of 2023 jumped 80% to USD4.7 million from USD2.6 million a year prior. Revenue grew 27% to USD24.3 million from USD19.2 million.
Looking ahead, the firm said that its financial position "has never been better", with iodine spot prices remaining high, which have been fluctuating at around USD70 per kilogramme over the past 12 months, up sharply from USD50 at the start of 2022.
"The iodine demand for contrast agents continues to grow especially in countries that are advancing their healthcare systems and it is anticipated that this particular end market will be the core driver of iodine demand for the foreseeable future," the company said.
Further, Iofina highlighted its new IO No9 plant, its sixth plant operating in Oklahoma, which started operations in June.
Chief Executive Tom Becker said: "We continue to successfully advance our growth plans and expect to finalise an agreement for IO No10 soon. Additionally, the planning process of IO No11 is already underway and we look forward to updating the market in due course on this project, along with all business updates throughout the rest of 2023."
Iofina shares were 1.2% lower at 29.64 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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Iofina (IOF)