THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
30 December 2024
SulNOx Group Plc (the "Company" or "SulNOx")
Half-Yearly Financial Report for the Six-Months to 30 September 2024
(Aquis Stock Exchange: SNOX)
The board of directors of the Company (the "Board") is pleased to announce the Company's interim financial report for the 6 months to 30 September 2024 (the "Period"). The financial statements for the Period can be viewed below.
Chairman's Statement
I am pleased to report another 6 months of improving performance with products sales and revenue growth in line with the Board's expectations.
The Board is delighted to report that year to date sales have increased 224.4% to £440.3k and volume of product sold has increased c.400%, compared to the same period in the prior year. Recently, post-Period end, the Company secured additional funding which will be utilised to continue to shape our strategic priorities by enabling a larger product distribution network, an expanded pipeline, and the addition of new personnel to capitalize on SulNOx's existing momentum. We are grateful that existing significant shareholders have added to their position including Constantine Logothetis, Nistadgruppen AS and Unicorn AIM VCT plc, along with investment from marine and international strategic partners, demonstrating their confidence in SulNOx's future potential. Cash generation had been a key focus for the Board, and after the recent capital raise, we are pleased to see the expanded cash flow for the upcoming year that will buttress our ambitious sales targets. Our top priorities will be to continue to focus on sales in expanding geographic locations, and leverage repeat orders from existing land and maritime clients in Africa, Europe and Asia.
During the Period we have consolidated and strengthened our relationships with our existing clients, expanded the product pipeline and evaluations, and deepened our understanding on how to leverage SulNOx's product viability. With a renewed focus on adaptability and strategic planning through our key growth drivers; cost and organisational effectiveness, client diversification, focused sales team, and sustainability, we emerge stronger from 2024 as we continue to leverage on the progress we have made to date. We are underway on new marketing efforts to communicate the product to a broader audience, further global stock locations, additional human resources, and a significant partnership to penetrate the U.S. market. A large part of SulNOx's U.S. focus includes the recent investment by McQuilling Partners, Inc. and their appointment as our preferred partner to promote and sell SulNOx products in North America. With their strong presence serving shipping, commodity, and renewables, we are confident of the opportunities ahead. SulNOx continues to secure its patent footprint and recently announced new markets including Indonesia, Chile, Singapore, Japan and Saudi Arabia, to name a few.
Heading into the New Year, we will continue to maintain the flexibility to change and adapt as both global demands and changing legislation will certainly have an impact on fuel consumption. We are confident that with the existing and expanded team, we are well placed to meet these challenges moving forward.
I would like to thank all of SulNOx's employees and partners for their hard work and commitment throughout 2024, and to our shareholders for their continued support. We are excited about our prospects and look forward to continued success in 2025.
- Ends -
For further information please contact:
SulNOx Group plc | Tel: 07624 491 821 |
Allenby Capital Limited (AQSE Corporate Adviser) Nick Harriss / John Depasquale | Tel: 020 3328 5656 |
SulNOx Group PLC | |||
Consolidated Statement of Comprehensive income for the 6 months ended 30 September 2024 | |||
Unaudited | Audited | Unaudited | |
6 months to | year ended | 6 months to | |
30-Sep-24 | 31-Mar-24 | 30-Sep-23 | |
£ | £ | £ | |
Revenue | 440,327 | 544,120 | 135,727 |
Cost of sales | (244,767) | (373,651) | (78,701) |
Gross profit | 195,560 | 170,469 | 57,026 |
Administrative expenses | (1,391,385) | (2,052,948) | (926,840) |
Operating loss | (1,195,824) | (1,882,479) | (869,814) |
Interest receivable and similar income | 24,935 | 25,878 | - |
Interest payable and similar expenses | - | (3,098) | - |
Loss before taxation | (1,170,890) | (1,859,699) | (869,814) |
Tax on Loss | - | - | - |
Loss for the Period and total comprehensive income | (1,170,890) | (1,859,699) | (869,814) |
Earnings per share (pence) | (0.96) | (1.66) | (0.83) |
Consolidated Statement of Financial Position as at 30 September 2024 | |||||||||||
Unaudited | Audited | Unaudited | |||||||||
30-Sep-24 | 31-Mar-24 | 30-Sep-23 | |||||||||
£ | £ | £ | |||||||||
Non-current assets | |||||||||||
Intangible assets | 6,879,545 | 7,079,545 | 7,279,545 | ||||||||
Property, plant and equipment | 38,504 | 42,995 | 13,925 | ||||||||
6,918,049 | 7,122,540 | 7,293,470 | |||||||||
Current assets | |||||||||||
Inventory | 504,635 | 171,103 | 128,633 | ||||||||
Debtors | 286,821 | 229,263 | 130,540 | ||||||||
Cash at bank and in hand | 804,434 | 2,146,718 | 562,257 | ||||||||
1,595,890 | 2,547,084 | 821,430 | |||||||||
Creditors: amounts falling due within one year | (365,286) | (425,722) | (563,589) | ||||||||
Net current assets | 1,230,604 | 2,121,362 | 257,841 | ||||||||
Total assets less current liabilities | 8,148,653 | 9,243,902 | 7,551,311 | ||||||||
Net assets | 8,148,653 | 9,243,902 | 7,551,311 | ||||||||
Capital and reserves | |||||||||||
Called up share capital | 2,431,019 | 2,426,936 | 2,176,228 | ||||||||
Share premium account | 16,764,253 | 16,717,035 | 14,391,409 | ||||||||
Share based compensation reserve | 412,002 | 387,662 | 588,959 | ||||||||
Profit and loss account | (11,458,621) | (10,287,731) | (9,605,285) | ||||||||
Shareholders' funds | 8,148,653 | 9,243,902 | 7,551,311 | ||||||||
Consolidated Statement of Changes in Equity for the 6 months ended 30 September 2024 | |||||||||||
Share | |||||||||||
Called | Share | Based | |||||||||
Up Share | Premium | Compensation | Retained | ||||||||
Capital | Account | Reserve | Earnings | Total | |||||||
£ | £ | £ | £ | £ | |||||||
Balance at 1 April 2023 | 2,018,831 | 13,911,991 | 588,959 | (8,735,471) | 7,784,310 | ||||||
Loss of total comprehensive income for the Period | - | - | - | (869,814) | (869,814) | ||||||
Issue of share capital | 157,397 | 479,418 | - | - | 636,815 | ||||||
Balance at 30 September 2023 | 2,176,228 | 14,391,409 | 588,959 | (9,605,285) | 7,551,311 | ||||||
Loss of total comprehensive income for the Period | - | - | - | (682,446) | (682,446) | ||||||
Issue of share capital | 250,708 | 2,325,626 | - | - | 2,576,334 | ||||||
Movement on reserve | - | - | (201,297) | - | (201,297) | ||||||
Balance at 31 March 2024 | 2,426,936 | 16,717,035 | 387,662 | (10,287,731) | 9,243,902 | ||||||
Loss of total comprehensive income for the Period | - | - | - | (1,170,890) | (1,170,890) | ||||||
Issue of share capital | 4,083 | 47,218 | - | - | 51,301 | ||||||
Movement on reserve | - | - | 24,340 | - | 24,340 | ||||||
Balance at 30 September 2024 | 2,431,019 | 16,764,253 | 412,002 | (11,458,621) | 8,148,653 | ||||||
Consolidated Cash Flows for the 6 months ended 30 September 2023 | |||
Unaudited | Audited | Unaudited | |
6 months to | year ended | 6 months to | |
30-Sep-24 | 31-Mar-24 | 30-Sep-23 | |
£ | £ | £ | |
Cash flows from operating activities | |||
Loss for the Period after tax | (1,170,890) | (1,859,699) | (869,814) |
Adjustments for: | |||
Amortisation and impairment of intangible assets | 200,000 | 400,000 | 200,000 |
Depreciation and impairment of property, plant and equip | 5,407 | 4,358 | 1,989 |
Share based equity payment | 24,340 | 106,142 | - |
Movement in working Capital | |||
(increase)/decrease in inventories | (333,532) | (92,031) | (49,561) |
(increase)/decrease in trade and other receivables | (57,558) | (181,669) | (82,946) |
Increase/(decrease) in trade and other payables | (60,436) | 65,039 | 202,906 |
Cash generated from operations | (1,392,669) | (1,557,860) | (597,426) |
Net cash from operating activities | (1,396,669) | (1,557,860) | (597,426) |
Cash flows from investing activities | |||
Purchase of tangible assets | (916) | (31,439) | - |
Net cash from investing activities | (916) | (31,439) | - |
Cash flows from financing activities | |||
Proceeds from issue of shares | 51,301 | 3,213,149 | 636,815 |
Net cash from financing activities | 51,301 | 3,213,149 | 636,815 |
Net increase/(decrease) in cash and cash equivalents | (1,342,284) | 1,623,850 | 39,389 |
Cash and cash equivalents at beginning of the Period | 2,146,718 | 522,868 | 522,868 |
Cash and cash equivalents at end of the Period | 804,434 | 2,146,718 | 562,257 |