Shares in Hydrodec (HYR) jumped 10 per cent after the used-oil recycling group made cash profits - so-called 'ebitda' - for the first time since the company was formed in 2001. True, after amortisation of intangibles and depreciation, employee-benefit expenses and some exceptional costs were accounted for, profit of $0.5m turned to a loss of $3.2m, nevertheless it represents encouraging progress.
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Another cause for optimism is that the company reiterated guidance that, following an explosion at an oil re-refining plant in Canton, Ohio last year, the plant should be back up and running in the fourth quarter with two trains. A further four trains are expected to be on-line in first-quarter 2015.