8th Oct 2018 09:55
LONDON (Alliance News) - Mycelx Technologies Corp said Monday it has raised both its annual revenue and profit forecasts on the back of a new purchase order and strong media sales, causing its shares to rise.
Shares in Mycelx were up 23% at 227.50 pence on Monday.
Mycelx is a clean water technology company that works with the oil & gas market. Its Mycelx polymer systems remove oil "to critically low levels".
The award of a new purchase order from an affiliate of Saudi Arabian chemicals and plastics manufacturer SABIC, in addition to "stronger than expected" media sales have led to a new revenue forecast of between USD21.5 million and USD22.5 million.
MYCELX products are oil coalescing media, back washable media, polisher filters, spill remediation products and air filters, all used to remove oil.
The new revenue forecast follows its previous July prediction of between USD19 million and USD20 million for 2018. The company's revenue for 2017 was USD13.8 million, so the new forecast represents up to a 63% increase.
Mycelx also raised the range of its net profit forecast to between USD1.8 million and USD2.3 million, assuming no further contracts are awarded. In 2017 the company posted a net loss of USD1.2 million.
"We are delighted to announce another Saudi purchase order and strong media sales globally. These developments indicate good progress year to date and illustrate that the company is benefiting from the improved oil price environment," said Mycelx Chief Executive Connie Mixon.
"These positive developments also demonstrate Mycelx's continuing momentum, that is underpinned by the combination of our client-focussed approach and the superior performance of our technology," Mixon added.
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