Transformer oil rerefiner Hydrodec Group posted $54 million in revenues for the 2014 fiscal year, up 35 percent from the previous year.
In its trading update Jan. 19, the company said it expects oil sale volumes for 2014 to increase by 26 percent to 48.6 million liters, up from 38.3 million liters. The year included a full year of trading by United Kingdom-based used lube oil collector OSS – acquired by Hydrodec in 2013 – and oil sales in the United States. The company noted the used oil market in the UK has been significantly impacted by lower oil prices, with volumes declining due to changing industry practices. In response, OSS reduced its headcount and costs by more than 500,000 (U.S. $757,000).
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