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MyCelx blames oil price for loss

Water treatment company not helped by the declining oil price
oil rig
MyCelx filters water used in the production of oil and gas at rigs like this

Clean water technology company MyCelx Technologies Corporation (LON:MYX) endured another tough year in 2015 as it battled lower oil prices.

Though losses reduced to US$3.2mln from US$5.5mln a year earlier, the company has now not been profitable for two years.

MyCelx – which filters and cleans water used in the production of oil and gas – also reported flat year-on-year revenues at US$13.6mln.

The company cited the “tough environment” of the oil and gas industry, its primary market, as the main reason for the weak results.

“Expected revenues were adversely affected by the continuing oil price decline, which led to widespread project delays,” said chairman Tim Eggar.

MyCelx has also reassessed its predictions for the coming year, taking a more “conservative” approach with its forecasts.

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