MyCelx Corp (AIM:MYX) is one of the biggest movers on the AIM market this morning, down 64.8% in the wake of a trading report released this morning.
The Company disclosed that, if the company continues as is without further large contract wins, it expects total revenue would be in the range of $15 – 16.5 million; a 10-20% improvement on FY2014. MyCelx noted the resilience of its business sales which amounted to $8.6m in H1 compared to $7.5m in the same period last year.
However, one of the major projects that it was previously pursuing has not come to fruition and is unlikely to go any further.
In order to keep afloat in the face of a difficult market, MyCelx has undertaken a cost reduction programme that is now on track to deliver 10% savings for the full year.
MyCelx is a clean water technology company listed on London’s AIM market, providing patented solutions for commercial industrial markets worldwide.
