Mycelx ups guidance on project award, better-than-expected media sales

The AIM-listed company said it now expects revenue of between $21.5m and $22.5m and net profit of $1.8m to $2.3m following the award of a new purchase order from a SABIC affiliate in Saudi Arabia and stronger-than-expected media sales since the end of the first half.

The new purchase order is for the operation and rental of a Mycelx Rapid Response system in support of the customer's immediate water treatment needs.

The company said its new 2018 forecasts assume no new contract wins between now and the end of the financial year.

Chief executive officer Connie Mixon said: "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 benefitting from the improved oil price environment.

"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, which allows us to efficiently solve the toughest water treatment challenges faced by our clients."

At 1045 BST, the shares were up 23% to 227.50p.