Trading Update

RNS Number : 7138I

MyCelx Technologies Corporation

11 December 2015

 

MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)
("MYCELX" or the "Company")

Trading Update

MYCELX Technologies Corporation (AIM: MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, announces a trading update on its 2015 revenue and financial performance.

MYCELX has continued with its cost reduction measures and consequently, in line with the Company's previous guidance, the Company confirms that it will be at least cash neutral from operations in H2 2015. Net cash at year is expected to be not less than $3.7 million.

The Company now expects to report full year revenue for FY2015 that will be in line with that for FY2014, and will be in the region of $13.5 - 13.8 million (FY2014: $13.581 million). 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 reduction in revenue is expected to result in a post-tax loss in the region of $3.4 - 3.8 million. The substantial reduction in the net loss of approximately 40% compared to FY2014 ($5.920m) is due to the cost reductions implemented by the Company in response to the current market conditions and which have been continuously monitored during H2 2015.

The Company will provide guidance on its revenue expectation for FY2016 in due course.

For further information please contact:

MYCELX Technologies Corporation Connie Mixon, CEO Kim Slayton, Interim CFO	Tel: [phone]
RFC Ambrian Limited Corporate Finance Samantha Harrison Jonathan Stephens Corporate Broking Jonathan Williams Kim Eckhof	Tel: [phone]
Numis Securities Limited Corporate Broking James Black Ben Stoop	Tel: [phone]
Bell Pottinger Nick Lambert Henry Lerwill	Tel: [phone]

 

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