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27 Sep 2019 | 07:37

Hydrodec losses widen as turnaround effort continues

Losses at Hydrodec increased to $3.2m from $3.1m as manangement continue their focus on developing feedstock relationships with utilities, as the company said in their interim results for the period ending 30 June 2019.

The company said that feedstock from non G&S sources had materially increased and that utility discussions were progressing ahead of internal expectations.

Revenue was up to $7.1m from $6.4m as the business continued to successfully sell all the SUPERFINE products it produces.

David Dinwoodie, chief executive officer of Hydrodec, commented:

'This has been a mixed period for Hydrodec but the direction of travel for the business both strategically and operationally is exciting and the Board believes highly beneficial to shareholders in the medium to long term.'

'The adverse impact of G&S's reduced feedstock supply over the summer period, together with protracted refinancing negotiations, means the Company's revenue and earnings will be substantially behind expectations for this financial year.'

'However, the Board remains confident that this financial performance is due to short term issues which it is working hard to mitigate, with the results of that work already starting to be seen. HoNA's utility market strategy is tracking ahead of schedule and I expect the business will meet current market projections in 2020 and outperform in 2021.'

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