25 May 2012

Hydrodec seeks funding

05/05/2010 Robert Tyerman

Industrial oil recycler and refiner Hydrodec says it is talking to the investment community about tapping the market for funds after reducing its annual loss by nearly $2 million to $13.5 million (£8.8 million). The AIM-quoted company, which launched a £2 million placing at 10p in March, confirms ‘we will be fundraising’, though it argues that the cash it is now generating from its operations should be enough to pay next month’s hefty interest payment on outstanding convertible loan notes.

Steered by chairman Neil Gaskell and chief executive Mark McNamara, Hydrodec says it is ‘on track’ to receive approval this year from the US Environmental Protection Agency to process poly-chlorinated biphenyl (PCB)-contaminated oil, and maintains that the market now sees it as a cleantech company. Turnover rose 48.5 per cent to $10.4 million in 2009, described by Gaskell as ‘a challenging year’, when Hydrodec 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, which augurs well for the future.

Hydrodec shares have traded between 18.5p and 6.75p over the past year and now stand at 8.25p. That values the company at nearly £25 million.

Tags: AIM, Fundraisings, Turnaround

Sector: Electricity

Companies: HydroDec

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