Mycelx Technologies Corp on Monday said it expects to report a pretax profit in line with market expectations for 2024, while revenue is set to have outperformed.

The Georgia, US-based clean water and air technology firm said that 2024 was a year of solid progress, highlighting its Saudi Arabia distribution partnership, which is growing and diversifying its application base.

The firm will receive over $1 million of the first earn out payment that is due in 2025, but will not know the full amount until the reporting period ends in February.

For 2024, Mycelx expects revenue of around $4.9 million, outperforming market expectations of $4.7 million, albeit down sharply from $10.9 million in 2023. This reflects the sale of the company’s Saudi Arabia business operations for a total of $3.1 million, which it had announced in February last year.

Pretax profit and earnings before interest, tax, depreciation and amortisation for 2024 are subject to year-end closing but expected to be broadly in line with current market expectations.

‘We look forward to continuing to grow our core market businesses in 2025 with momentum and focus, and providing progress updates in due course,’ Mycelx said.

Mycelx shares were 0.3% higher at 36.60 pence each on Monday morning in London.

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