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MyCelx warns on revenues as low oil price weighs

It is the second time this year MyCelx has reduced revenue expectations.

Oil-and-gas-pipes.jpg
On Friday, a barrel of Brent crude slipped to US$39

MyCelx Technologies’ (LON:MYX) shares tumbled as low oil price hit revenues, though cost cutting measures remain on track.

The company, which has pioneered technology to remove the oil from waste water from oil wells, forecasts full-year revenue will now be between US$13.5 and US$13.8mln, in line with the previous year.

It is the second time this year MyCelx has reduced revenue expectations.

In June, they were lowered to between US$15mln and US$16.5mln after a project was delayed.

The latest revenue slippage is expected to result in a post-tax loss in the region of US$3.4mln - US3.8mln in the year to December, though this is still less than the previous year.

The firm said the 40% reduction in net losses was due to cost savings that it expects to continue.

On Friday, a barrel of Brent crude slipped to US$39 while West Texas Intermediate dropped to US$36.

Quick facts: MyCelx Technologies

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AIM:MYXR
Market: AIM
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