Iodine exploration and production company Iofina swung to a first-half profit on record revenue.
For the six months ended 30 June 2020, pre-tax profit was $1.32m, compared with a loss of $0.30 million year-on-year as revenue increased by 8% to $15.74 million.
Sales of iodine products increased by 4% to $10.27 million.
'The iodine market was robust pre-COVID-19 and remained fairly strong through Q2 2020. Demand for iodine and iodine-based products has seemingly slowed slightly in Q3 2020 and, as a result, large volume iodine prices have fallen marginally from $35-37/kg in early Q3 to $33-35/kg currently,' the company said.
There were no plans to invest further in IofinaEX given the regulatory uncertainty and low pricing environment for hemp-based products in the USA, it added.
'Despite a challenging global trading environment caused by COVID-19 we continued to execute our strategy effectively, reflected in the financial highlights and in our levels of iodine produced,' Iofina said.
'The record revenues and EBITDA achieved by the group is a result of business strategies implemented over the last few years and the efficiency of our IOsorb plants.'
At 9:15am: (LON:IOF) Iofina PLC share price was +0.25p at 14p