29th Nov 2018 11:58
LONDON (Alliance News) - MYCELX Technologies Corp, a clean water technology company, on Thursday lifted its annual profit and revenue estimate on the back of a new order.
The company has received a new purchase order from a affiliate of Saudi Basic Industries Corp to manage water treatment during a short-term turnaround operation.
It now expects revenue in the range of USD25 million to USD26 million and net profit between USD2.4 million and USD2.8 million. The revised guidance assumes no new contract wins between now and the end of the current financial year.
In October, the company lifted its revenue estimate to USD21.5 million to USD22.5 million and net profit forecast to a range of USD1.8 million to USD2.3 million, also on the back of a new contract in Saudi Arabia .
"We are very pleased to receive this award from a repeat customer. Our track record of successful projects, supported by our advanced technology, continues to grow as does our reputation for achieving strong results, even in the most difficult operating conditions," said Chief Executive Connie Mixon.
Shares in the company were trading 7.8% higher at 248.00 pence each.
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