MyCelx FY revenue growth subject to timing of contract wins and renewals

Clean water and air technology company MyCelx said on Friday that operations had continued to perform in line with expectations, with Covid-19 making little to no impact on day-to-day business functions.

MyCelx expects to report unaudited full-year revenues of approximately $8.5m in 2021, up from $7.1m in 2020, and said it was targeting "a similar level" of year-on-year revenue growth in 2022 but cautioned that this remained subject to the timing of anticipated contract wins and renewals.

The AIM-listed firm added that as of 31 December, it had cash and cash equivalents, including restricted cash, of $3.2m, down from $5.5m at the end of the first half, and said it was continuing to manage working capital and support growth.

Chief executive Connie Mixon said: "We are very pleased with how the company performed in the second half of 2021 and based on the start of the year, we are targeting to deliver year-on-year growth to our stakeholders in 2022.

"We continue to successfully navigate the Covid-19 pandemic, with the company now experiencing little to no impact on its day-to-day operations. However, we continue to take all precautions necessary in order to safeguard the welfare of our workforce."

As of 0935 GMT, MyCelx shares had slumped 15.79% to 64.0p.