Hydrex into the red after restructuring

Hydrex Equipment (UK) made a pre-tax loss of £394,000 in 2008, after undergoing a costly reorganisation and restructuring.

The firm reported in its annual accounts for the year to 31 December 2008 that it had boosted turnover to £112m, up 15% on the previous year.

Meanwhile it made an operating profit of almost £8.3m (2007: £8.1m) but slipped into the red after interest, exceptional costs and amortisation.

Hydrex, which provides services to major quarrying, waste and material handling organisations, said that it took a £1.24m hit on the restructuring, and another £408,000 in respect of amortisation of goodwill.

Despite tougher trading conditions, the average weekly number of staff employed at the company increased to 1,082 (2007: 959).

Meanwhile the highest-paid director received a pay increase to £226,000 for the year (2007: £191,000).