(Alliance News) - Iofina PLC on Monday said its half-year profit fell compared to an "exceptional" first half of 2021.
The London-based iodine producer reported pretax profit in the six months to June 30 fell to USD2.6 million from USD3.5 million a year prior.
Revenue fell to USD19.2 million from USD19.9 million.
Administrative expenses widened slightly to USD2.0 million from USD1.9 million.
"The group has delivered a strong first half performance, particularly when compared to the exceptional first half of 2021 period, which was heavily weighted to the sale of the excess raw iodine inventory that built up during Covid. With iodine prices increasing by 40% during the period, the group has achieved higher profitability, which has also been supplemented by improved cost controls," stated Chief Executive Officer Tom Becker.
Iofina's average raw iodine sale price rose 89% to USD63.27 per kilo from USD33.45 in the first half of 2021.
Looking ahead, the company said it will soon increase its iodine production.
Further, "as the group continues to perform well financially, senior management is committed to growing the group by bringing on new iodine production, expanding the specialty chemicals range and investing further in research & development", it added.
"In the first half of 2022, the group worked diligently to manage and operate the business efficiently, with the goal of advancing growth projects," it stated.
Iofina shares fell 16% to 21.94 pence each in London on Monday morning.
By Tom Budszus; tombudszus@alliancenews.com
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Iofina (IOF)