Hydrodec Group plc, the clean-tech industrial oil re-refining group, on May 12 announced audited results for the 12 months ended 31 December 2016.

Revenues for the year arising from the continuing core re-refining business increased by over 100% to US$16.8 million (compared to 2015 of US$8.2 million), reflecting the full recommissioning of the Canton plant and ongoing refinements to operating procedures and technological efficiency.

Group EBITDA loss from continuing operations significantly reduced in the year at US$1.3 million, with just US$0.2 million incurred in the second half of the year. Group EBITDA was positive for Q4 2016, despite the usual seasonal trends, providing the Company with confidence that the trend towards positive EBITDA at Group level will continue throughout 2017.

The overall loss for the year, including losses associated with the discontinued business, reduced to US$7.8 million (compared to 2015 of US$31.1 million).

Group sales volumes of premium quality SUPERFINE transformer oil and base oil for the year of 33.3 million litres (compared to 2015 of 14.4 million litres), up 131% on the prior year.

The company reported record sales of over 2.8 million litres in October from Canton and record production days on two separate dates in the same month.

SUPERFINE transformer oil in US achieved "500 hour" status, certifying its quality.

Chris Ellis, Chief Executive Officer of Hydrodec, commented: "I am pleased to report that 2016 saw significant progress for the Company as it moved towards profitability, reflecting the positive impact of the operational improvements and cost reduction measures put in place over the last eighteen months. It was an important year for Hydrodec as we continued to deliver on our strategy and made key portfolio changes in order to focus the business on our transformer oil operations and, in particular, on driving both our margins and overall market share penetration of the US transformer oil market as we relaunched our business there. In 2017, we remain focused on continuing to deliver on the positive Q4 2016 performance, seeking to sustainably improve margins and market share whilst achieving further cost reductions and efficiencies where appropriate. This should enable Hydrodec to deliver positive Group EBITDA for 2017."