- Cleantech oil refining group Hydrodec warned of a deeper annual loss after funding constraints limited its ability to source feedstock.

Adjusted losses at the earnings before, interest, tax, depreciation and amortisation level for the year through December were expected at $3.2m, compared to losses of $1.2m on-year.

Revenue was seen falling to $11.6m, down from $14.9m, amid a fall in product volumes and contraction in gross margins.

'Working capital constraints, by necessity, have a material impact on our ability to source feedstock, which in turn drives volume, margin and overall financial performance,' chief executive Chris Ellis said.

'It is in this context that the 2019 performance should be viewed and whilst, overall, it is extremely disappointing, there are some encouraging signs of early successes with our sustainability strategy, and this, together with traction with major US utility companies, gives me cause for greater optimism going into 2020.'

At 9:28am: [LON:HYR] Hydrodec Group PLC share price was -3.25p at 7p

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