Cleantech oil re-refining company Hydrodec Group on Tuesday posted an annual loss despite record revenue, plant utilisation, feedstock procurement and sales volumes in 2012.

Revenue grew 17% to $26.1m for the year to December 31st, the eighth consecutive year of growth.

Feedstock volumes were up 18% on the prior year, with the proportion of US feedstock procured directly from utilities up 39% from 23% in 2011.

Improved access to feedstock and better plant reliability drove utilisation of productive capacity to 70%, compared to 63% the year before.

Hydrodec reported sales volumes of 22.5m litres, a 11% year-on-year jump from 20.3m litres.

Gross profit rose 8.0% to $5.4m with margins at 21%, a slight drop from the previous year's 22%.

However, the company's underlying earnings before interest, tax, depreciation and amortisation (EBITDA) came in at a loss of $3.0m, up from the $2.1m loss a year ago. The group blamed an increase in investment in management, technical and operating capability.

"We have focused our first year on operational performance in the business, and investing for the future," said Chief Executive Officer Ian Smale.

"We have a clear strategy that will deliver a profitable transformer oil business based on the group's world class industrial oil re-refining technology."


Financial services company Planet Payment reported a drop in earnings for 2012 as the company invested in new markets.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came to $2.4m, a 59% decrease from $5.9m reported a year ago.

During the year, the company invested heavily in expanding the business, winning new customers and acquiring and developing commercial services.

Planet launched services with Global Payments Canada, Vantiv ATMs in the USA, Mashreq UAE, Citibank Philippines, Citibank Hong Kong and Macau, Taishin Bank in Taiwan and Banorte in Mexico.

The firm also won a major contract with Payment Alliance International for ATMs in the US.

Net revenue increased by 4.0% to $43.6m, compared to $41.9m the previous year.

Chairman and Chief Executive Officer, Philip Beck, said: "2012 has been a significant year for Planet Payment. We continued to make substantial progress implementing 11 customers in nine countries, including a number in exciting emerging markets, while increasing our merchant base by nearly 50%.

"While we are happy with this operational progress, our 2012 results are reflective of our investment in opening new markets, winning new customers, and acquiring and developing our commercial services platform. We look forward to continued growth based on our strong pipeline and significant opportunities in emerging growth markets."

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