Source - SMW
Clean water technology group Mycelx Technologies swung to a full-year loss and said it faced a challenging year ahead amid pressure on its customers in the oil and gas sector.

Pre-tax losses for the year through December amounted to $2.5m, compared to a profit of $4.3m on-year.

Revenue more than halved to $11.9m, down from $26.9m.

'Whilst we experienced a strong first quarter in 2019, global macro events led to a number of project delays and a slowdown in bidding activity, which impacted our financial performance during the year,' chief executive Connie Mixon said.

'In 2020, we now face of some of the most challenging conditions we have ever encountered, with the onset of a global pandemic and lower oil prices and have gone to great lengths to protect our employees and safeguard our financial position by installing a number of cost saving initiatives across the company.'

'In terms of our operations, we remain busy and are actively speaking to our customers and vendors regarding new and currently active projects.'

At 9:04am: (LON:MYX) MyCelx Technologies Corporation share price was 0p at 46.5p

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