LONDON (ShareCast) - (ShareCast News) - Clean water technology company MYCELX Technologies Corporation announced its audited results for the year to 31 December on Thursday, saying its management focus on active cash management and margin retention had resulted in it being operationally cash flow positive by $0.1m at year end.
That was in spite of tough market conditions, and swung from the $2.1m negative cash flow at the end of the prior year.

Revenue reduced in line with management expectations to $7.9m from $13.6m year-on-year, with 30% expected revenue growth in 2017.

Cash and cash equivalents, including restricted cash, stood at $5.6m, compared to $5.8m, and the board said it retained "robust" gross margins at 52%, down marginally from 53%.

"The actions that we took to safeguard the business have ensured that we met the commitments we made to our investors," said chief executive Connie Mixon.

"We protected our cash position, met our revenue forecast without sacrificing margin, and are cash positive from operations for the year in spite of continuing tough market conditions."

Mixon said 2016 was not just about "righting the ship", as weaker and more volatile markets emphasised the need to its clients for them to seek out smarter and more cost effective solutions for water treatment as part of performance optimisation.

"We seized this opportunity to work closely with existing and new clients on trials to demonstrate the significant value that MYCELX offers them.

"This market has created a more appreciative audience for our solutions."

The concerted effort of undertaking trials over long periods had paid off, Mixon claimed.

"We have created business development opportunities that will ensure that the company is well positioned to thrive going forward, even in uncertain times."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE