Iofina plc
Iofina plc is an AIM-listed holding company whose wholly owned subsidiaries extract iodine from brine water co-produced by third-party oil and gas operations in Oklahoma (and, from 2026, the Permian Basin) using its proprietary WET/IOsorb technology, and manufacture and sell iodine and halogen-based specialty chemical derivatives through Iofina Chemical. The Group is vertically integrated from brine-sourced crystalline iodine production through to derivative chemicals sold to a global customer base, and believes it is the second-largest iodine producer in North America.
10 annual reports read, FY2016 to FY2025
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Sources: Companies House (10)
FY2026Next report expected 9 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Iofina plc extracts iodine from the salty water that comes up with oil and gas in Oklahoma, and makes specialty chemicals from it. In the year to 31 December 2025, revenue rose to $66.5m from $54.5m, and profit after tax rose to $7.9m from $2.9m. The report gives two main reasons: the company produced more iodine, helped by a new plant that opened in July 2025, and it sold iodine at a higher average price of $74.02/kg. Profit was also lifted by a one-off gain from US government payroll subsidies linked to COVID-19. Cash at the year end was $11.7m, up from $6.9m, while borrowings rose to $6.5m from $3.9m. The directors do not recommend a dividend, as they plan to fund growth from the company's own cash and bank loans. Management expects a new plant in the Permian Basin to start up in the third quarter of 2026, taking annual production to around 1,000 metric tonnes, and expects iodine prices to stay firm. The auditor raised no concerns. The risks listed include a fall in iodine prices, reliance on other companies for the salty water, and dependence on a small number of customers.
From the reportevery line sits on the page it namesWhat drove revenueCrystallised iodine production volume growth (743MT in 2025 vs 634MT in 2024, +17%)
Iodine production increased by 109MT (17%) to 743MT; new IOsorb plant IO#11 commissioned July 2025
page 10AndRealised iodine price
Average realised iodine price rose 8% from $68.65/kg to $74.02/kg in 2025, with spot prices consistently above $70/kg
page 3What moved the margintailwindOperational gearing from IOsorb plant network as production volumes scale
Gross profit margin rose from 24% to 27% of sales; average production cost per kg only 2% higher than 2024 despite 17% production growth
page 10AndtailwindRealised iodine pricing above $70/kg
Average realised price $74.02/kg vs $68.65/kg in 2024
page 3One-offs in the year$2.1m credit: US Government Employee Retention Tax Credit (ERTC) payroll subsidies under the CARES Act, relating to COVID-19 impacts
page 75What management saidBefore the end of 2026, Iofina will reach an annualised production rate, with the addition of our newest plant coming online in the third quarter, in the region of 1,000 metric tonnes, taking it close to becoming the largest iodine producer in North America.
page 3Going concern and the auditDirectors and auditor (UHY Hacker Young, unqualified opinion) concluded the going concern basis is appropriate; no material uncertainties identified. Cash flow forecasts to December 2027 show a cash surplus throughout; auditor sensitivity showed iodine prices would need to fall 59% (2026) / 69% (2027) for cash to be depleted to nil, considered unlikely given rising prices since 2018. Loan covenant ratios recalculated with no breaches forecast for 2026/2027.
page 43The risks it names first- Raw Materials: availability and cost of iodide-rich brine water from third-party oil & gas partners; brine availability relatively steady to slightly declining; contract terms with brine suppliers are a riskp.20
- Global Crises: pandemics, wars/political unrest, major weather events could disrupt demand, shipping, and operationsp.21
- Environmental: accidental spills/leaks, environmental law compliance risk, and Oklahoma brine-injection seismicity regulation affecting brine availabilityp.21
- Changes in Markets and Competition: major disruptions in iodine/specialty chemical end markets, high interest rates/inflation, tariffs, and increased iodine production from competitors (e.g. Chile) could affect prices and market sharep.22
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