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Hydrodec shares surge as unveils positive first half momentum

Published: 10:37 29 Jul 2014 BST

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Shares in oil recycling firm Hydrodec (LON:HYR) leapt in early deals as it unveiled positive underlying earnings (EBITDA) for the first time in its latest half year.

EBITDA for the six months to end June was US$0.5mln from a US$ 1.6mln loss in the first half of 2013.

The overall loss, meanwhile, was more than halved to US$3mln (2013: loss of US$7mln), on revenues, which were 82% up - at US$25.4mln (2013: US$13.9mln).

The firm highlighted total sales volumes were up 106% to 25.5mln litres as the impact of the purchase last year of OSS Group, the UK's largest collector, consolidator and processor of used lubricant oil and seller of processed fuel oil, gained traction.

This outweighed lost production at Canton in the US, while the plant there is recommissioned, the firm said.

Chief executive of Hydrodec Ian Smale said: "Good progress this first half year demonstrates that we have a robust platform for our strategy, with real underlying operating momentum.

"We expect to move on significantly in the second half of the year delivering a series of milestones that will continue to build our unique renewable oil proposition."

Shares rose 12.50% to 12.375p.

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