Shares in oil re-refiner Hydrodec Group PLC (LON:HYR) flowed higher on Monday morning after it recorded an underlying profit in October on the back of record oil sales from its Canton plant in Ohio.
That month was the first time the company had achieved a positive underlying EBITDA since it re-established the Canton plant following a rebuild last year.
The swing to the black came after Hydrodec delivered record sales of oil from its Canton plant in Ohio during that month.
“Challenges remain in the current market environment to both improve margins and create consistent performance going forwards, but this is an important milestone on the path to establishing a profitable operation in 2017,” said chief executive Chris Ellis.
Hydrodec sold more than 2.8mln litres of re-refined oil from Canton in October, while it also smashed daily production records on two separate days that month.
The group said the improved sales were the result of the “improving operational performance” of the Canton plant.
The upward movement in the share price will come as welcome news to investors, with the stock having previously been on a downward trend for the past few months.
Shares were up 10% to 2.2p.