11th Dec 2015 10:55
LONDON (Alliance News) - MyCelx Technologies Corp on Friday said it now expects revenue for 2015 to be in line with that reported for the prior year.
The clean water technology company said it expects to report full year revenue for 2015 in line with that of 2014. It will be in the region of between USD13.5 million and USD13.8 million.
Analysts at Numis said the guidance means MyCelx now expects revenue in 2015 to be about 10% below the bottom of the group's previous guidance range.
"In response to continued weakening of the oil price during H2 2015, MYCELX's customers have increased focus on their own cost management and reduced their purchases of MYCELX media impacting the company's ability to sustain its forecasted run rate," the company said in a statement.
That is expected to result in a post-tax loss in the region of USD3.4 million and USD3.8 million, narrower than the USD5.9 million net loss the prior year.
The narrowing of the company's losses is due to cost saving measures.
By Samuel Agini; [email protected]; @samuelagini
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