Hydrodec Group plc provided trading results for the financial year ended 31 December 2016. Increased Group sales volumes of premium quality SUPERFINE transformer oil and base oil for the year of 33.3 million litres (2015: 14.4 million litres), up 130%. Continued improvement of plant operability, with an average utilisation rate of 73% achieved for the year, further validated by significantly lower number of production hours lost through unscheduled stoppages. Gross unit margins higher than 2015, despite lower product sales prices and challenging market conditions. Improved sales mix between higher margin transformer oil and lower margin base oil, with transformer oil sales representing 57% of total Group oil sales in 2016, up from 7% in 2015. Significant reduction in corporate costs already realised with benefits from more recently implemented initiatives continuing to filter through into 2017. Group EBITDA loss from continuing operations significantly reduced in the year and expected to be marginally above market expectations.

Revenues from continuing core re-refining business expected to increase by approximately 100% to $16.4 million (2015: $8.2 million), reflecting the full recommissioning of the Canton plant at the end of 2015. Group EBITDA is expected to be positive for fourth quarter of 2016, despite the usual seasonal trends, that this trend towards positive EBITDA at Group level will continue in 2017.