Hydro International (LON:HYD) , the global supplier of storm and waste water control and treatment systems, reported a 22% reduction in revenues (to £11.2 million), but improving margins afforded a steady PBT (£618,000 vs. £546,000 in H1 2009). Cash generation turned back to positive with a gain of £163,000. Hydro's Stormwater business has stabilised after the sharp contraction of 2009, albeit at a lower level as private sector building has slowly resumed. The Wastewater business was held back in the UK by project delays related to the transition from the Ofwat mandated AMP4 asset management programme to AMP5. However, the business is now concentrating on opportunities created by new legislation, such as the Flood and Water Management Act 2010, which has encouraged the construction of large scale flood defences. In the US, the company has continued to enjoy good sales of its grit removal systems. The HYD share price has declined by 2% over the last year.

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