12th Sep 2018 11:01
LONDON (Alliance News) - MyCelx Technologies Corp on Wednesday said it swung to profit in the first half of 2018 following a series of contract wins in the Middle East.
Shares in MyCelx Tech were trading up 47% on Wednesday at 198.50 pence each.
The clean water technology company said it swung to profit of USD2.1 million in the six months to the end of June compared to a USD352,000 loss reported for the same period a year earlier, as revenue more than doubled to USD12.2 million from USD5.9 million.
Revenue from equipment sales and leases decreased by 10% to USD2.7 million in the first half of 2018 compared to USD3.0 million, while revenue from consumable filtration media & service multiplied to USD9.5 million from USD2.9 million.
The company said its performance was driven by a series of contract wins in the Middle East. With new contract wins, particularly with existing customers, MyCelx Tech said its client relationships deepened and generated further opportunities as it is now treated as a partner rather than just a vendor.
Operating expenses grew by 21% to USD4.1 million during the period, due to higher staff costs, professional fees and property & office expenses.
"The company is pleased to report its strongest half year performance to-date," said Chief Executive Connie Mixon.
"Momentum grew in Saudi Arabia with a series of contract wins adding to our existing installation base within SABIC, the leading petrochemical company," added Mixon.
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