Business
Final Results for the year ending 31 December 2016
Final Results for the year ending 31 December 2016.
About this update from Mycelx Technologies Corp.
[{"type":"text","content":"\n \nRNS Number : 7627E MyCelx Technologies Corporation 11 May 2017 \n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n11 May 2017\n \nMYCELX Technologies Corporation\n \n(\"MYCELX\" or the \"Company\")\n \nFinal Results for the year ending 31 December 2016\n \nMYCELX Technologies Corporation (AIM:MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, is pleased to announce its audited results for the year ended 31 December 2016.\n \nFinancial Highlights \n- Management focus on active cash management and margin retention \n- Operationally cash flow positive at $0.1m (FY15: negative $2.1m) in spite of tough market conditions\n- Revenue reduced in line with management expectations to $7.9m (FY15: $13.6m), with 30% expected revenue growth in 2017\n- Cash and cash equivalents, including restricted cash, of $5.6m (FY15: $5.8m) \n- Retained robust gross margins at 52% (FY15: 53%) \n \nOperational highlights \n- Strategic Agreement - Schlumberger entered into an exclusive sales and marketing agreement with MYCELX for the upstream market and will promote MYCELX products as the method of choice for water treatment to their upstream Oil and Gas customers\n- US: Fourth MYCELX system commissioned at terminal operator to treat water from operations for discharge into Houston Ship Channel\n- US: Fifth system sold for offshore use to existing supermajor customer \n- Saudi Arabia: Launched new fast-to-market product - the MYCELX Oil Recovery System\n- Saudi Arabia: Awarded two year contract with SABIC for total value of $5 million \n- US: Added experienced Business Development personnel with oilfield services and water treatment background to drive sales and strategic alliance forma...