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Hydrodec takes operational control of North American ops

Fri, 28th Dec 2018 08:50

(Sharecast News) - Cleantech industrial oil re-refining group Hydrodec said on Friday that it has taken operational control of its North American operations.Further to its recent strategic review and as part of the realignment of its interests in the US, the company has reached agreement with its long-term partners, G&S Oil Recycling (G&S), to increase Hydrodec's interest in Hydrodec of North America (HoNA) from 58% to 85%. In addition, it has agreed to restructure the governance and representation on the HoNA board, to increase plant and commercial efficiency at the Canton, Ohio facility and to provide Hydrodec with overall operational control. At the same time, Hydrodec will inject $3.8m of working capital into the business.Hydrodec is also now in the process of agreeing a new feedstock supply agreement with G&S to deliver a fully aligned platform for growth of the company's US activities.Executvie chairman Lord Moynihan said: "I am pleased to close the year with more material progress as we set Hydrodec on an exciting course for the years to come. 2018 has seen the start of the delivery of a major turnaround for the company with a comprehensive strategic review; a successful capital raise with strong institutional support; and today's announcement of a substantial increase in our ownership of Hydrodec's US activities, increasing our strategic, commercial and operational flexibility in the region."These are the necessary building blocks for Hydrodec to become the leading green re-refiner of transformer oil in the world. With the generation of carbon credits that our output provides, we are now in a position to deliver a strong platform for both growth and profitability, and we look forward to reporting on our further progress in 2019." At 0850 GMT, the shares were down 0.4% to 70p.
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6 Sep 2013 14:46

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28 Mar 2013 15:03

Two Sports Direct execs sell off entire stakes

The Chief Executive Officer and Finance Director of Sports Direct, the High Street sports retailer, sold off their entire holdings in the firm this week following a strong share-price performance over the last year. David Forsey and Robert Mellor both offloaded their remaining 803,922 shares each i

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19 Mar 2013 08:31

Hydrodec Group unveils record annual revenues

Cleantech oil re-refining company Hydrodec Group on Tuesday posted an annual loss despite record revenue, plant utilisation, feedstock procurement and sales volumes in 2012. Revenue grew 17% to $26.1m for the year to December 31st, the eighth consecutive year of growth. Feedstock volumes were up

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18 Jan 2013 13:39

Hydrodec Group cleans up in 2012

Clean-tech oil re-refining company Hydrodec Group expects revenues to climb following a successful year of trading in the US, it announced Friday. The group pegged revenues of $26m for the year ended December 31st, a 16% increase from the comparative period in 2011. Increased sales volumes of pre

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19 Dec 2012 09:50

STOCKS NEWS EUROPE-UK small caps 0.4 percent higher mid-morning

The FTSE Small Caps index was up 0.4 percent in mid-morning trade, mirroring similar gains by the FTSE 100 index which is ahead by 0.5 percent, while the FTSE 250 index adds 0.7 percent. Goodwin gains 4.2 percent as the mechanical and refractory engineer reports a rise in first-half pre-tax profits

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2 Nov 2012 16:39

Two BP Executive VPs slim down shareholdings

Making the most of a strong week, two of BP's divisional Executive Vice Presidents have between them sold 130,000 shares in the same week oil giant delivered a better-than-expected performance in the third quarter. Mike Daly, the company's Executive Vice President of exploration, traded in 24,473 s

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31 Oct 2012 16:16

Hydrodec CFO buys up only stake in firm

Chris Ellis, the Chief Financial Officer of Hydrodec, an AIM-listed cleantech industrial oil re-refining group, has purchased 447,849 ordinary shares in the company at 10.75p per share. This is his first purchase of the company´s stock since joining in July of this year. Non-Executive Director

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25 Oct 2012 16:02

Debenhams CEO tops up stake with 100,000 shares

Michael Sharp, the Chief Executive Officer of department store chain Debenhams, has added 100,000 shares to his stake in the company on the same day it posted a 2.3 per cent rise in like-for-like sales during a year of 'challenging trading conditions'. The transaction saw Sharp buy the shares at 1

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19 Apr 2012 12:09

Small caps round-up: Somero Enterprises, Quindell Portolio, MDY Healthcare...

Laser machinery maker Somero Enterprises has announced that trading in the first quarter of the year has been 'significantly' ahead of expectations as a result of an upturn in underlying demand. Consequently, the board now believes revenues are likely to be some 15% ahead of current market expecta

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17 Feb 2012 15:59

Hydrodec non-exec buys one million shares

A non-executive director of Hydrodec, the "clean" oil re-refining group, has purchased one million shares in the AIM-listed firm. Andrew Black bought the shares at 14.38p for a total of £143,700, taking his total number of shares to over 57m. The purchase came just one day after the firm announc

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1 Feb 2012 14:27

Hydrodec CEO marks arrival, GSK associate stocks up

The new Chief Executive of Hydrodec has topped up his stake in the firm with £51,000-worth of shares, less than a month since he took up his new post. Ian Smale, whose appointment was announced in early November, bought 400,000 shares at 12.75p each. In January the company announced that its rev

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25 Jan 2012 14:29

Hydrodec director stocks up, and it's another purchase for Tesco

Andrew Black, a non-executive director of Hydrodec, the "clean" oil re-refining group, has topped up his stake in the firm with a £26,500 purchase of shares. The transaction came just four days after the company announced that revenues for 2011 will come in significantly ahead of 2010. Sales of t

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16 Jan 2012 09:36

Hydrodec going great guns on draft US permit

Hydrodec, the "clean" oil re-refining group, has shot up this morning after announcing revenues for 2011 will come in significantly ahead of 2010. Sales of the branded Superfine oil rose 12% in the second half of 2011 versus the first six months of the year, giving some indication of the accelerati

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21 Sep 2011 08:01

HydroDec moves up a gear

Spent oil re-refining firm HydroDec slid further into the red in the first half of 2011 despite a 26% increase in revenue, but sales volumes and gross unit margins both increased over the same period last year. Loss-before tax was $5.36m, versus a loss of $4.28m in the same period the previous ye

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7 Apr 2011 14:10

Strong US sales boost Hydrodec

Revenues at waste oil recycler Hydrodec surged 71% last year following a very challenging 2009. However chief executive officer Mark McNamara did warn that the 2010 results came "against the background of continuing challenging market conditions and a fragile global economic recovery, impacting our

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