Hydrodec sees FY revenue rise as pre-tax loss lowered

Hydrodec's shares slipped more than 8% despite posting a rises in its full-year revenue and reduction in its pre-tax loss.

Profit for the year was $16.8m, from $8.2m. Pre-tax loss was $6.8m, from $16.4.

"In 2017, we remain focused on continuing to deliver on the positive Q4 2016 performance, seeking to sustainably improve margins and market share whilst achieving further cost reductions and efficiencies where appropriate," said chief executive Chris Ellis.

"This should enable Hydrodec to deliver positive Group EBITDA for 2017."

Of the year that was, Ellis commented that he saw 2016 as a period of significant progress for the company as it moved towards profitability.

"It was an important year for Hydrodec as we continued to deliver on our strategy and made key portfolio changes in order to focus the business on our transformer oil operations and, in particular, on driving both our margins and overall market share penetration of the US transformer oil market as we relaunched our business there."

At 14:16 BST, shares in AIM-listed Hydrodec were down 8.25% to 2.22p each.