MyCelx Technologies has posted a stead H1 pretax of $1.4m, from a year-earlier loss of $1.3m. Revenue was down at $3.9m, from $8.7m.
CEO Connie Mixon said:
"During the first half of the year the Company met key milestones in its cost reduction program, converted new business development opportunities into revenue generating installations and made significant progress on its goal of strategic alliances.
"At its core, the Company is a technology company with exceptional expertise gained through onsite, real-time water treatment experience.
"As such, the Company will continue to use its knowledge to innovate and commercialise next generation technology to meet our customers' current and future needs more reliably and cost effectively than outdated conventional methods.
"The oil and gas and petrochemical industries continue to integrate MYCELX technology into their critical, real-time processes. This is confirmation that our technology has its role in achieving sustainable water treatment for years to come.
"Now with the support of Schlumberger in upstream and leveraging off our existing footprint with leading downstream operators, MYCELX is well on its way towards its ultimate goal of becoming the industry standard for water treatment."
- Rigorous cost control measures will enable the Company to be at least cash neutral from operations in 2016
- Utilise Schlumberger's global sales and marketing platform to accelerate adoption by global EOR producers of the MYCELX RE-GEN media, and broader MYCELX products
- Leverage current customer relationships and installations in the Middle East to continue to grow downstream business in MENA and North America
- Continued focus on establishing strategic alliances to accelerate sales growth globally.