HydroDec revenues improve despite feedstock constraints

Industrial oil re-refining group outfit HydroDec saw revenues increase in 2018 despite sales of its premium quality transformer and base oils slipping as a result of feedstock constraints.

HydroDec's revenues improved 11% year-on-year to $14.9m as its pricing and sales mix became more favourable.

However, the AIM-listed firm warned that sales volumes of its Superfine transformer oil had fallen 10% to 23m in 2018 due to issues with its feedstock.

Looking forward, HydroDec witnessed a slow start to the year as a result of cold weather and issues with Venezuelan oil, but did note that daily feed rates were now ahead of those seen in its recently wrapped up trading year.

Chief executive David Dinwoodie said: "I am pleased to report that Hydrodec has begun to deliver on the milestones set out in our strategic review.

"As such, 2019 will prove to be an exciting year for the business as we build on the work undertaken following the review."

As of 1630 GMT, HydroDec shares were untraded at 66p.