June 5, 2018
Volume 3 Issue 3
Mixed 2017 for Hydrodec
United Kingdom-based transformer oil rerefiner Hydrodec Group posted an overall loss for the year, although sales revenue from its U.S. and Australia rerefining operations were up, according to audited earnings results released May 31.
The company’s overall loss for the year amounted to $4.3 million, compared to $7.8 million in 2016, which included losses associated with the discontinuation of Hydrodec (UK) Ltd. and Hydrodec Re-refining (UK) Ltd. in March 2016.
Revenue for 2017 totaled $17.9 million, including $13.44 million from its U.S. rerefinery in Ohio and $4.41 million from its rerefinery in Australia.
Hydrodec reported $303,000 in earnings before interest, tax, depreciation and amortization for 2017, improving from a $2.4 million loss in EBITDA in 2016.
In its 2017 annual report, Hydrodec noted that all six processing trains at its Canon, Ohio, transformer oil rerefinery recently have been operating – for the first time since August 2017, aside from a few days in January – due to improved feedstock utilization.
The company said its board is also finalizing review of various growth options, which it intends to conclude and implement by the end of September this year. These include opportunities for internal and organic business growth as well as strategic acquisition opportunities and partnerships if the board believes they add shareholder value.