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MyCelx raises revenue forecasts after new orders
Clean water technology company MyCelx Technologies Corporation has secured a new purchase order in Saudi Arabia, and has sold equipment in Australia, it announced on Thursday.
The AIM-traded firm said the new purchase order was for a three-month extension for the rapid response unit that was placed in February, and was secured in collaboration with one of the company's Saudi waste management partners.
It said the equipment sale in Australia marked the first sale into the LNG market in that country.
As a result of those two developments, which had a combined revenue impact of $2.7m, and following the significant purchase order secured earlier in April, MyCelx increased its 2018 revenue forecast range to between $16m and $17m.
The company said it was continuing to pursue further opportunities.
"We are delighted to announce another Saudi purchase order and the Australian equipment sale and to be able to improve our revenue forecast for the year," said CEO Connie Mixon.
"These developments reflect the company's continuing momentum that is underpinned by the combination of our client-focussed approach and the superior performance of our technology, which allows us to efficiently solve the water treatment challenges faced by our clients."