15th May 2018 14:26
LONDON (Alliance News) - Clean water technology firm MyCelx Technologies Corp said Tuesday its 2017 loss narrowed substantially as revenue growth exceeded its expectations and it pursues new projects across Saudi Arabia and North America.
In 2017, pretax loss narrowed to USD831,000 from USD3.1 million the year prior. This was after revenue rose to USD13.8 million from USD7.9 million the year before.
"2017 was a pivotal year for the company, which saw us put in place strong foundations to support our ongoing strategy to focus on profitable growth," MyCelx Chief Executive Officer Connie Mixon said. "We are happy to report that the actions we took last year paid off and allowed us to secure near term revenue opportunities. We exceeded our initial revenue forecast by 30%, thanks to the efforts of our team in Houston who made a significant first sale into Nigeria and the team in Saudi Arabia who secured a record three new projects in one year within SABIC."
"We were pleased to announce our first contract win in Nigeria, for an onshore production project," Mixon added. "The sale was of particular strategic importance to the company as both producers and regulators are searching for a new standard in water treatment in country.
"We also conducted a number of successful trials in Canada and West Texas and whilst projects in North America generally require a longer lead time we are hopeful that these trials will convert to revenue generation in due course," Mixon said. "The momentum that our team has generated in Saudi Arabia continues with exciting new projects that underpin our outlook for 2018."
Shares in MyCelx were 11% higher at 122.25 pence on Tuesday.
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