Waste oil re-refining services provider Hydrodec increased revenues by 35 per cent to $54 million in 2014.
These revenues include business interruption insurance following the Canton facility fire. The gross value of the insurance payment, including loss of assets, was $20 million or $18.75 million net of deductibles. There will be a $1.4 million gain on the written down value of the assets. The enlarged Canton facility will be 50 per cent larger and should be commissioned by the end of the first quarter of 2015.
Total oil sales increased 26 per cent to 48.6 million litres, although that does include a full 12 months of the UK-based OSS which was acquired the year before. The UK market has been hampered by low oil prices and costs have been cut by more than £500,000.
Gross margin and EBITDA are both estimated to have improved in 2014.
The Australian re-refinery will be relocated in the first quarter of 2015.
Hydrodec has secured an exclusive licence with California-based Chemical Engineering Partners to develop the CEP wiped-film evaporation and hydrogenation technology in the UK. There are plans for a 75 million litre a year oil re-refinery. A location has been identified on the Wirral.
The full year figures will be published on 23 March.