27 August 2014

Hydrodec loses £8.8m

28/04/2010 Robert Tyerman

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.

Tags: AIM, Deals & contracts, Growth Stocks

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2014

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1,044 AIM-quoted companies. The full report is available to order for £365 + VAT. Click here for more info

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Latest News

Mosman is looking to take over its rival Trident

Mosman makes Trident bid 22/08/2014

Australasia-focused Mosman Oil and Gas (AIM: MSMN) has announced the terms of its bid for Australian oil play Trident Energy.

Magnolia issues production update 22/08/2014

US-focused oil play Magnolia Petroleum (AIM:MAGP) unveiled a reserves and production update.

Tags: Oil and gas

RapidCloud buys Exxelnet 15/08/2014

Malaysian cloud computing specialist RapidCloud (AIM:RCI) has completed the acquisition of Singaporean SEO outfit Exxelnet.

Tags: Acquisitions, Technology

Zanaga gets mining approval 15/08/2014

Mining group Zanaga Iron Ore (AIM:ZIOC) has won approval for a licence within the Republic of the Congo.

Tags: Mining

Seeing Machines starts Chile JV 08/08/2014

Seeing Machines (AIM:SEE), the company which develops technology that monitors driver fatigue, has begun a joint venture partnership in Chile. 

Tags: Mining, Technology

Aureus gives Ebola update 08/08/2014

Aureus Mining (AIM:AUE), which operates in Liberia, has given an update on how the disease has affected its operations.

Tags: Mining

More News