10th Mar 2016 07:00
10 March 2016
Hydrodec Group plc
("Hydrodec" or the "Company")
Canton update
Timing of 2015 Final Results
Hydrodec Group plc (AIM: HYR), the clean-tech industrial oils re-refining group, is pleased to announce that its plant at Canton, Ohio achieved an all-time (including before the incident in December 2013) monthly production record of 2.45 million litres in February. The Canton plant further achieved a record daily shipment of 378,000 litres of SUPERFINE to customers on 29 February.
Chris Ellis, Chief Executive, commented: "I am currently in Canton and congratulate the team here on these levels of production. I would expect we can improve on this further. Operational performance is a key platform for our strategy of growth in the US and these records confirm the improvement in operability and rateability of the plant as we continue to rebuild market share in the US."
2015 Final Results
Further to the disposal of Hydrodec's UK operations, the Company expects to release its audited Final Results for the year ended 31 December 2015 on 12 April 2016.
For further information please contact:
Hydrodec Group plc | 020 3300 1643 | |
Chris Ellis, Chief Executive Officer James Hodges, General Counsel and Company Secretary
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Canaccord Genuity (Nominated Adviser and Broker) Guy MarksHenry Fitzgerald-O’Connor
| 020 7523 8000 | |
Vigo Communications (PR adviser to Hydrodec) | 020 7830 9700 | |
Patrick d'Ancona Chris McMahon
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Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. MarketsandMarkets forecasts that the global transformer oil market is expected to grow from US$1.98 billion in 2015 to US$2.79 billion by 2020 at a CAGR of 7.14% from 2015 to 2020. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries (near 100%), producing 'as new' high quality oils at competitive cost and without environmentally harmful emissions. The process also completely eliminates PCBs, a toxic additive banned under international regulations. Hydrodec's plants are located at Canton, Ohio, US and Bomen, New South Wales, Australia.
Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.
Related Shares:
HYR.L