16th May 2024 14:31
(Alliance News) - Mycelx Technology Corp on Thursday said it expects to see rising demand following a year of good progress.
The Georgia, US-based clean air and water technology company said its pretax loss in 2023 narrowed to USD3.3 million from USD3.6 million the year before.
Revenue grew 9.0% to USD10.9 million from USD10.0 million.
Chief Executive Officer Connie Mixon commented: "Mycelx delivered steady progress in its core areas of focus. This can be seen with the number of new project awards and recurring work agreed during the period.
"We believe we have tremendous upside with differentiated technology that provides clear economic and environmental benefits that will result in significant growth for the company into the future."
In particular Mycelx believes there is considerable opportunity for its REGEN filtration system after securing a USD5.4 million contract with a leading oil company to treat produced water.
The company anticipates an up-tick in sales demand from globally recognised firms throughout 2024.
Mycelx shares were down 2.3% to 53.25 pence each in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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