29 July 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

Mytrah update on assets 25/07/2014

Indian wind power producer Mytrah Energy (AIM:MYT) provided an update on its portfolio.

Tags: Windpower

Bacanora joins AIM 25/07/2014

Mexico-focused mining group Bacanora Minerals has joined AIM in an IPO that raised £4.75 million.

Tags: IPO

Horizon announces Otsuka team-up 25/07/2014

Pharmaceutical research tools specialist Horizon Discovery Group (AIM:HZD) announced a partnership with Otsuka Pharmaceutical Development.

Sylvania busy in SA 24/07/2014

Platinum producer Sylvania Platinum (AIM:SLP) issued a fourth quarter update on its operations in South Africa.

Tags: Mining

Nasstar grabs Kamanchi 24/07/2014

Cloud computing specialist Nasstar (AIM:NASA) has purchased IT outsourcer Kamanchi for £2.5 million.

Tags: Acquisition

Iomart receives PE bid 24/07/2014

Cloud computing specialist iomart (AIM:IOM) has confirmed that it received a bid from private equity firm Cinven Capital.

Tags: Takeover

More News