Hydrodec Group cleans up in 2012

Clean-tech oil re-refining company Hydrodec Group expects revenues to climb following a successful year of trading in the US, it announced Friday.

The group pegged revenues of $26m for the year ended December 31st, a 16% increase from the comparative period in 2011.

Increased sales volumes of premium quality Superfine transformer oil and base oil were up 11% at 22.5m litres.

It is the eight consecutive year of growth, driven by improvement in US feedstock procurement.

The company's treatment and recovery process for polychlorinated biphenyl contaminated waste oil has gained momentum thanks to endorsement from the US Environmental Protection Agency.

The Australian market proved more challenging, however, due to constrained feedstock availability and market demand.

"Early indications for 2013 are encouraging based on a continuing improvement in US feedstock supply, lower feedstock costs and better sales prices relative to the ICIS market index," the AIM-listed firm said in a statement.

Shares jumped 3.85% to 13.50p at 13:54 Friday.

Hydrodec provides oil re-refining and chemical process technology initially targeted at the multi-billion US market for transformer oil which used by the world's electricity industry.

RD