Oil recycling company Hydrodec (HYR) has published its audited accounts for the year ended 31 December 2013. They were delayed following an explosion at the company’s re-refining operation in Ohio. Management had hoped to have the final insurance claim settled by now but Hydrodec has only received a $2m (£1.2m) initial payment thus far. The company estimates the total cost of the accident at around $7.5m and expects to receive the remainder shortly.
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Chief executive Ian Smale says the plant should be back up and running in the fourth quarter, as expected, but that the full expansion to six processing units has been pushed back slightly to the first quarter of 2015.
