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Hydrodec's first half revenue rises due to new US plant

Fri, 16th Sep 2016 15:22

(ShareCast News) - Clean-tech industrial oil re-refining company Hydrodec's half year revenues rose, boosted by a new plant opening in the US. For the six months ended 30 June, revenues from the continuing core re-refining business increased by 148% to $8.1m, compared to the same period last year, due the company commissioning a new plant in Canton, Ohio at the end of 2015 and increased market penetration.Gross unit margins in continuing business were higher than last, despite lower product sale prices and challenging market conditions.The AIM listed company is continuing to cut costs and during the period costs fell 29% to $1.5m.The loss on group earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations narrowed by 68% to $1.1m, and the company expects to move to a positive EBITDA in the second half of the year.The overall loss for the period narrowed by 37% to $5.3m.Operating cash outflow was reduced by 65.5% to $2m.Sales volumes of premium quality Superfine, a transformer and base oil, soared to 16.75m litres from 1.7m litres last year. In June there were record sales of 3.2m litres.The company was improving utilisation as the Canton plant reached 76% in May it said it had improved efficiency in the plant in Bomen, Australia.The Superfine transformer oil achieved '500 hour' oil status in the US, to certify that it is a high quality transformer oil, which is a prerequisite to access the larger power transformer market.Chief executive Chris Ellis, said: "Today's results confirm significant progress in the turnaround of the company over the first half of the year. Our key objective during the rest of the year is to strengthen margins as we grow market share and seek to leverage the recent carbon credit approval in the US, whilst continuing the program of cost reduction."He added that volumes and margins in the third quarter to date remain consistent with the second quarter and, with both operations now generating positive EBITDA, the company continues to make strong progress towards positive EBITDA in the second half of the year.Shares in Hydrodec were down 10.67% to 2.68p at 1157 BST.
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Two Sports Direct execs sell off entire stakes

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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

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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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