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Mycelx Technologies profit hit by delayed contract bids

By BFN News | 02:13 PM | Monday 16 September, 2019


Clean-water technology company Mycelx Technologies posted a lower first-half profit after sales were hit by delayed project bids. The company also warned that revenue in the second half would be at the lower end of its current forecasts. Pre-tax profit for the six months through June amounted to $0.5m, compared to a profit of $2.1m on-year. Revenue fell 25% to $9.1m. 'Mycelx remains well placed to respond to market opportunities in its core market in the second half,' chief executive Connie Mixon said. 'However, given the challenges currently facing the oil and gas market in the Middle East, we now expect revenue in 2019 to be at the lower end of our current forecast.' 'As we move into the second half, we continue to progress our footprint in the Middle East and expand our scope of activity into new and established commercial and industrial markets to which our unique technology brings distinct advantages.' 'These markets are expected to generate incremental high margin media sales to the business in the near term.' At 2:13pm: (LON:MYX) MyCelx Technologies Corporation share price was -1.5p at 66.5p Story provided by StockMarketWire.com

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