5th Mar 2020 14:21
(Alliance News) - Oil & gas market-focused water technology firm MyCelx Technologies Corp said its loss in 2019 was in line with guidance, despite revenue missing the mark, and it added that it has made a "strong start" to 2020.
In 2019, MyCelx said it generated revenue of USD11.9 million, below forecasts of USD12.5 million in November. Revenue in 2018 was USD27.0 million, meaning it has shrunk by 56%.
It said its loss before interest, tax, depreciation and amortisation was USD1.2 million, in line with November's guidance, but swinging from an Ebitda of USD5.6 million in 2018.
MyCelx added: "Following a continued push into the Middle East and Nigeria, MyCelX is pleased to announce that three new purchase orders have been signed so far during 2020, marking a strong first quarter performance."
The orders include six-month and 12-month lease arrangements in the Middle East, with a combined value of roughly USD2.4 million.
It also secured an equipment sale order worth USD721,000 in Nigeria, with another order in the country, which was initially due in 2019, now falling in 2020 following delays.
Chief Executive Officer Connie Mixon said: "We are pleased with the strong start to the year we have made. Whilst we encountered a very challenging year in our core market in 2019, the three contracts we have won in the first quarter of 2020 indicate better momentum and underpin our revenue guidance for the year. We also remain upbeat about our industry leading position and our ability to respond to opportunities in our core market. We are well-positioned to capture business as we continue to expand our footprint in other markets, such as the commercial and industrial sector, which we expect will lead to new contract wins during the year."
Looking ahead to 2020, MyCelx said: "The company has chosen to take a prudent and conservative view of its forecast guidance for 2020 and expects to achieve financial revenues that are no less than 2019."
Shares in the company were untraded at 54.05 pence each in London on Thursday afternoon.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Mycelx Di