Mycelx Technologies leaps as 'record' results smash expectations

MyCelx Technologies jumped on Wednesday after announcing that it had exceeded previous guidance to achieve "record" full-year revenue, EBITDA and net profit.

The clean water technology company said revenue for the year ended 31 December came in at $26.95m, ahead of original revenue guidance of $21.5m - $22.5m and up from $13.75m achieved over the prior year, while EBITDA and net profit came in at $5.59m and $3.07m respectively thanks to an increase in activity in the final month of the year.

The net profit compares to a net loss of $1.16m achieved the year before, while EBITDA increased from $0.5m.

Connie Mixon, chief executive of MyCelx, said: "I am very pleased with the considerable commercial progress MYCELX made during 2018, resulting in almost doubling the company's revenues over 2017. Underpinning these results is the strong performance of the company in Saudi Arabia where the team have generated momentum from repeated successful deployments of our rental fleet to meet customers' urgent requirements."

Subject to current market conditions continuing, the AIM-traded company said it expects its ongoing momentum will raise 2019 revenue higher than the record levels achieved in 2018.

MyCelx Technologies' shares were up 17.50% at 235.00p at 1154 GMT.