Business
Final Results for the year ending 31 December 2019
Final Results for the year ending 31 December 2019.
About this update from Mycelx Technologies Corp.
[{"type":"text","content":"\n \n \n RNS Number : 9622N\n MyCelx Technologies Corporation\n 27 May 2020\n \n \n \n \n The 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\"). This inside information is now considered to be in the public domain.\n \n \n \n \n \n 27 May 2020\n \n \n MYCELX TECHNOLOGIES CORPORATION\n \n \n \n \n \n (\"MYCELX\" or the \"Company\")\n \n \n \n \n \n Final Results for the year ending 31 December 2019\n \n \n \n \n \n MYCELX Technologies Corporation (AIM: MYX), the clean water technology company providing patented solutions for the Oil and Gas market and commercial industrial markets worldwide, announces its audited results for the year ended 31 December 2019.\n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n Financial \n \n \n \n \n \n · \n Revenue of $11.9 million (2018: $27.0 million)\n \n \n · \n Gross profit of $6.1 million (2018: $14.1 million)\n \n \n · \n EBITDA of negative $1.2 million (2018: $5.6 million)\n \n \n · \n Net loss of $3.0 million (2018: net profit of $3.1 million)\n \n \n · \n Total operating expenses reduced by 12% year-on-year \n \n \n \n \n \n Operational \n \n \n \n \n \n · \n Saudi Arabia: Three contract extensions and two new contracts \n \n \n · \n Australia: First sale into PFAS remediation in Australia\n \n \n · \n Post period end: Signed three new purchase orders\n \n \n o \n Two in the Middle East and one in Nigeria\n \n \n \n \n \n Corporate\n \n \n \n \n \n · \n During the period Tom Lamb was appointed to the Board of Directors as a Non-Executive Director and Chairman of the Compensation Committee\n \n \n · \n Following the slowdown in bidding activity in H1 2019 the Company took decisive action to reduce costs across the Group\n \n \n \n \n \n \n \n \n Connie Mixon, Chief Executive Officer of MYCELX Technologies Corporation said: \n \n \n \n \n \n \"Whilst we experienced a strong first quarter in 2019, global macro events led to a number of project delays and a slowdown in bidding activity, which impacted our financial performance during the year. However, despite the conditions, we were able to sign a number of new contracts during the period, in addition t...