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Mycelx Technologies losses deepen as revenue slips
StockMarketWire.com
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Clean water and air group Mycelx Technologies booked a deeper annual loss after weakness in the oil and gas sector hurt sales.
Pre-tax losses for the year through December amounted to $5.7 million, compared to year-on-year losses of $2.5 million.
'2020 was a challenging year for the company, with the combined impact of Covid-19 and the well-publicised issues facing the oil and gas industry,' chief executive Connie Mixon said.
'Whilst we have been successfully diversifying, with products that address markets in addition to oil and gas, Mycelx is not immune to the unprecedented slowdown in the global economy.'
'However, with oil prices now stabilised and Brent crude trading above $60 a barrel, the company continues to see signs of a recovery taking place, with more robust bidding activity expected to follow in the second half of 2021.'
'We remain upbeat both about our product offering and also the markets and regions where we operate, so we look forward to keeping all our stakeholders updated on the company's progress throughout the rest of the year.'
At 9:07am: (LON:MYX) MyCelx Technologies Corporation share price was 0p at 29p
Story provided by StockMarketWire.com
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