20th Mar 2014 12:42
LONDON (Alliance News) - MyCelx Technologies Corporation Thursday expressed confidence for its future as it swung into a pretax profit, driven by new contract wins and orders.
MyCelx provides technology for water treatment solutions in the oil and gas, power, marine and heavy manufacturing sectors.
The company posted a pretax profit of USD1.3 million, swung from a pretax loss of USD1.6 million as revenue rose to USD21.4 million from USD12.3 million. Revenues from the company's equipment sales and leases more than doubled to USD7.7 million from USD3.1 million, and recurring revenues from its consumable filtration media and service rose to USD13.7 million from USD9.2 million.
Profit was also boosted by an improved profit margin, which rose to 56.9% from 53.3% in the previous year, benefiting from the company's revised pricing structure implemented in the second quarter of 2012.
MyCelx said it expects to continue expansion into the Middle East, North America and other established markets as it increases engineering and sales capacity.
The company had a contracted order book of USD13.9 million at March 18, 2013, of which USD13.7 million is expected to be recognised in 2014.
"The increasing number of opportunities in the oil and gas and petrochemical sectors is a result of recognition that our technology is a cost effective solution giving operational control to the end user for sustainable water management," said Chief Executive Connie Mixon in a statement.
Shares in MyCelx were trading up 3.1% at 500.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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