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Water treatment solution company MYCELX Technologies (LON:MYX) became one of the biggest movers on the AIM market this morning, after a trading update showed results for the full year ended 31st December 2016 would be in line with expectations.
The provider of patented water treatment solutions is often a volatile mover on the small cap index, with shares rising over 70 percent on the news in early trading.
In the statement, the company announced the commission of its fourth water treatment system servicing terminals on the Houston Ship Channel, expecting the subsequent media sales to begin in 2017.
It added that it will be able to report results for the full year ended 31 December 2016 which are in line with market expectations, and “show MYCELX having successfully achieved an operationally cash flow neutral position, in line with its stated target”.
Commenting on today’s Trading Update, Connie Mixon, CEO, said:
“Our partnership with Schlumberger is progressing well with the global marketing initiative currently underway.
“Our progress as a business is firmly underpinned by industry’s requirement for innovative technologies to manage their water requirements.”
“We are pleased to confirm that we will meet guidance for 2016. Looking ahead, this year is expected to continue to show an improved financial performance. However, market uncertainty remains the reality and accurate 2017 full year guidance remains difficult at this stage. That said, we are encouraged by the levels of interest and that the order book is currently ahead of where it was at the same time last year.”
MyCelx is a clean water technology company providing patented solutions for commercial industrial markets worldwide. It has a 52 week range of between 10 and 45 pence per share, and is currently trading down 20 percent at 20.00 (1524GMT).