viewMyCelx Technologies

MyCelx blames oil price for loss

Water treatment company not helped by the declining oil price

oil rig
MyCelx filters water used in the production of oil and gas at rigs like this

Clean water technology company MyCelx Technologies Corporation (LON:MYX) endured another tough year in 2015 as it battled lower oil prices.

Though losses reduced to US$3.2mln from US$5.5mln a year earlier, the company has now not been profitable for two years.

MyCelx – which filters and cleans water used in the production of oil and gas – also reported flat year-on-year revenues at US$13.6mln.

The company cited the “tough environment” of the oil and gas industry, its primary market, as the main reason for the weak results.

“Expected revenues were adversely affected by the continuing oil price decline, which led to widespread project delays,” said chairman Tim Eggar.

MyCelx has also reassessed its predictions for the coming year, taking a more “conservative” approach with its forecasts.

Quick facts: MyCelx Technologies

Price: 65 GBX

Market: AIM
Market Cap: £12.2 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Full interview: Opyl is new name of digital health track company ShareRoot

Opyl Limited (ASX:OPL) chief executive officer Michelle Gallaher updates Proactive on the renaming of the global digital health track company formerly known as ShareRoot Ltd (ASX:SRO). This heralds the company’s entry into the rapidly expanding global digital health and artificial...

23 minutes ago

2 min read