Iofina PLC (AIM:IOF, OTC:IOFNF) CEO Tom Becker described the company's performance in the third as 'excellent' as it increased its iodine production and said it was planning further expansion with new plants.
Output was 163.9 metric tonnes of crystalline iodine, up from 156.9 MT the previous year, with its new IO#10 plant beginning operations.
Strong demand has increased iodine prices, a trend expected to continue into 2025. As part of its growth strategy, Iofina is set to begin construction on its next plant, IO#11, later this year. Plans for additional plants are already in progress.
The company remains on track to meet its second-half production target of 355-380 MT.
"The group has delivered an excellent performance in the period, with major milestones achieved," said Becker.
"Not only did we commission IO#10, but by utilising a strong relationship with one of our existing brine suppliers, we managed to finalise an agreement for IO#11.
"We continue to execute our business plan of prudent but accelerated growth of our iodine production. Additionally, our restructured and favourable loan terms have enabled us the flexibility to achieve faster growth."