Shares of clean water and air technology company MyCelX Technologies (LON: MYX) are gaining Thursday following the announcement that it has won a contract in the Middle East.
The deal is the second ‘significant' contract it has won in the region this year.
Not including this one, the company has won 4 contracts for the year to date. MyCelX believes it is representative of an improving market and its product suite.
MyCelX, which has been operating in Saudi Arabia for over 10 years, said it is providing a clean water solution to a global blue-chip company.
The revenues for this contract of approximately $1million will primarily fall in the 2022 financial year.
“This is a real testament to the hard work and dedication shown by our team in the Middle East as well as the enduring relationships that they have with our customers,” said Connie Mixon, CEO of MyCelX Technologies.
Shares of the company are up over 11.7% at 38p following the news.
MyCelX Technologies shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are MyCelX Technologies shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 68 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.