Iofina puts on growth spurt

9th Aug 2011 15:22

Iofina, the holding company of a group of companies involved in the exploration and production of iodine, water and natural gas, has reported continued growth for the first half of the current financial year. The company's revenue was up on a like-for-like basis in the first half of the current financial year at $9.6m (£5.89m), and its cash flow has been in the black since April of this year. The improvement is credited partly to rising iodine prices which continue to surge with recent spot pricing near $100 per kilogram. The group reported that in the first half of the year sales at its iodine derivatives manufacturer, Iofina Chemical, were strong representing the highest six month revenue performance in its history. In a statement, the company said: "Following the nuclear tragedy in Japan, there has never been a more important time for iodine producing companies. Iofina believes iodine prices will remain high for the foreseeable future as demand is currently outstripping declining supply."The share price was up 8.61% to 20.50p at 15:37. NR