Iofina says first-half production will be above market expectations

Iodine producer Iofina said its production target for the first half of the year will be ahead of expectations.

The company raised its target to 260 metric tonnes of crystalline iodine from 220-260 metric tonnes.

Chief executive Tom Becker said: "We are pleased that our focused operations in our core production area have resulted in increased efficiencies and production volumes exceeding our previous target.

"With increased production and inventory levels, we are now positioned to pursue additional external sales and off-take agreements of our produced iodine."

FinnCap analysts said the update was "clearly a positive development, helping to underpin financial expectations for the year".

Shares jumped 9.64% to 26.04p on Tuesday at 13:06.