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 overall result for the period."Nevertheless, revenues jumped to $17.8m, from $10.4m previously, driven by increased US sales of its new SUPERfine-branded oil. Group sales volumes increased from 11.8m litres to 20.2m litres over the year. The number of active customers of SUPERfine grew by 50%, while the number of active feedstock suppliers in the US doubled to 26.Pre-tax loss fell from $13.6m to $9.7m, as gross profit more than doubled to $7.9m, from $3.7m. Loss per share almost halved to 2.86 cents, from 5.46 cents previously.Volumes in current trading are more than 50% higher than last year.---bc