MyCelx Technologies (LON:MYX) shares soared on Wednesday on the back of a strong set of half-year results.

The company, which specialises in clean water technology in the oil industry, reported a 107 percent increase in revenue for the year.

Revenue came in at $12.2 million compared to $5.9 million for the year before.

MyCelx Technologies added that it delivered a net profit of $1.5 million, up from the $0.5 million loss reported in 2017.

In particular, the firm attributed the promising performance to strong growth in Saudi Arabia amid the securing of several new contracts.

Chief Executive Connie Mixon commented on the results:

“The Company is pleased to report its strongest half year performance to date delivering $12.2 million in revenue”

She added:

“Momentum grew in Saudi Arabia with a series of contract wins adding to our existing installation base within SABIC, the leading petrochemical company.”

“Looking forward, our focus will be on sustaining momentum by converting our pipeline of opportunities in Saudi Arabia, Nigeria and North America which should keep us in line with current market expectations. ”

MyCelx Technologies corporation was founded back in 1994. The company opened a UK branch of its business in 2011.

It has been listed on the AIM section of the London Stock Exchange since 2011.

Shares in MyCelx Technologies are currently up +47.04 per cent as of 11.27AM (GMT).