Shares in clean water technology company Mycelx (LON:MYX) jumped over 50 percent on Wednesday, after recording a strong set of results for the first half of 2017.
The group, who provide patented solutions for the oil and gas market and commercial industrial markets worldwide, recorded a 51 percent increase in revenue year-on-year to $5.9 million. EBITDA stood at $0.3 million, with a gross profit margin of 52.2 percent.
Mycelx won several contracts during the six month period, including its first contract in Nigeria to provide an onshore water treatment solution to a leading independent oil and gas producer, and a $1.1 million contract in Saudi Arabia.
Connie Mixon, CEO, said the company had made “good progress” in the first half of the year, adding:
“It is pleasing that we are now beginning to see the benefits of our 2016 pilot trial strategy come to fruition with our entry into the Nigerian market where we have sold a complete treatment system for an onshore facility.
“Our technology will deliver sustainable water treatment for years to come”, she concluded.
Shares in Mycelx shot up 50 percent on the news, but are now trading down 9.5 percent at 90.50 (1022GMT).
