Industrial oil recycler and refiner Hydrodec has reduced its annual loss by nearly $2 million to $13.5 million (£8.8 million).
The AIM-quoted company increased turnover 48.5 per cent to $10.4 million in 2009, described by chairman Neil Gaskell as ‘a challenging year’. Hydodec had to contend with steep oil price declines and ‘teething problems’ at its first US refining plant at Canton, Ohio.
However, in volume terms, the company increased transformer oil sales by 206 per cent to 11.8 million litres. Hydrodec clinched a ‘transformational’ strategic alliance with Kobe Steel to exploit the Japanese and East Asian markets and says it is ‘on track’ to receive approval this year from the US Environmental Protection Agency to process 'PCB-contaminated oil’.
Hydrodec shares have traded between 18.5p and 6.75p over the past year and now stand at 8.5p, up 1.5p this morning and valuing the company at £25.2 million.
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