25th Mar 2020 11:54
(Alliance News) - Hydrodec Group PLC on Tuesday said its oil re-refining facility in Canton, Ohio is still in operation despite the Buckeye State's "stay at home" order, as it is considered essential infrastructure.
Earlier this week, Ohio declared a state lockdown and told all residents that they must stay at home to prevent the spread of the coronavirus.
However, the industrial oil re-refining firm said that oil supply and demand levels remain unclear, both in the short and medium term, meaning Covid-19's damage to the company's business performance is unknown.
Hydrodec said alterations in supply and demand might mean an increased second-half weighting but also "a potential shutdown or reduced production", which would reduce its performance estimates for 2020.
"Further updates will be provided as the extent of the impact of the virus is determined," Hydrodec said.
Shares in Hydrodec were up 5.9% at 4.50 pence in London on Wednesday morning.
By Anna Farley; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.