(Sharecast News) - Clean water and air technology company MyCelx said on Friday that operations had continued to perform in line with expectations, with Covid-19 making little to no impact on day-to-day business functions.
MyCelx expects to report unaudited full-year revenues of approximately $8.5m in 2021, up from $7.1m in 2020, and said it was targeting "a similar level" of year-on-year revenue growth in 2022 but cautioned that this remained subject to the timing of anticipated contract wins and renewals.
The AIM-listed firm added that as of 31 December, it had cash and cash equivalents, including restricted cash, of $3.2m, down from $5.5m at the end of the first half, and said it was continuing to manage working capital and support growth.
Chief executive Connie Mixon said: "We are very pleased with how the company performed in the second half of 2021 and based on the start of the year, we are targeting to deliver year-on-year growth to our stakeholders in 2022.
"We continue to successfully navigate the Covid-19 pandemic, with the company now experiencing little to no impact on its day-to-day operations. However, we continue to take all precautions necessary in order to safeguard the welfare of our workforce."
As of 0935 GMT, MyCelx shares had slumped 15.79% to 64.0p.