Bushveld Minerals LTD (LON:BMN) delivered £62.1mln in revenue during the six months to June 2018.
That translated into profit after tax of £21.1mln, up significantly on the £1.1mln delivered in the corresponding period a year earlier.
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The profits boost came as the company enjoyed its first period of fully consolidated accounts since increasing its shareholding in Bushveld Vametco Holdings from 26.6% to a controlling 59.1% in December 2017, and subsequently to 75% in September 2018.
Vametco is an established vanadium producer and has been benefiting from extremely strong vanadium prices in recent months.
Accordingly, Bushveld had a consolidated cash balance of £26.2mln as at the end of June, and no debt.
Bushveld remains one of the lowest cost vanadium producers in the world.
An expansion programme is underway.