Mycelx Technologies Corp said on Friday that operations had continued to perform in line with expectations during 2021, with minimal impact from Covid-19 on its day-to-day business.

Shares in Mycelx were down 18% at 61.98 pence on Friday morning in London.

The Georgia, US-based clean water and air technology company said it expected revenue of C$8.5 million in 2021. This would represent a 20% increase in revenue from C$7.1 million, around £4.1 million, in 2020.

At December 31, the company had cash and cash equivalents of C$3.2 million, down from C$5.5 million at the same time the previous year.

In 2022, Mycelx said it is targeting a similar level of year-on-year growth but added that this remains subject to the timings of anticipated contract wins and renewals.

Chief Executive Connie Mixon said: ‘We are very pleased with how the company performed in the second half of 2021 and based on the start of the year, we are targeting to deliver year-on-year growth to our stakeholders in 2022. Oil prices are at their highest levels since 2014, which we anticipate will lead to greater levels of production activity across the regions in which we operate and will likely lead to heightened demand for our environmental solutions in these areas.

‘Finally, we continue to successfully navigate the Covid-19 pandemic, with the company now experiencing little to no impact on its day-to-day operations. However, we continue to take all precautions necessary in order to safeguard the welfare of our workforce.’

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