TIDMSNOX
RNS Number : 1825Y
SulNOx Group PLC
30 December 2019
SulNOx Group PLC
Interim Results for the 6 month period ended 30(th) September
2019
30 December 2019
SulNOx Group Plc (the "Group"), the hydrocarbon fuel
emulsification specialist, has pleasure in providing shareholders
with its interim results. These results come a little under two
weeks since the Group's successful flotation on the NEX Exchange
Growth Market.
CHAIRMAN'S STATEMENT
I am delighted to be presenting my first statement since
becoming Chairman on the 17(th) December 2019, the date of our NEX
flotation. You can find us with the ticker SNOX. These interim
results are unusual in that all significant activity during this
six-month period was described in the NEX Admission Document.
Suffice it to say that all the placing proceeds were successfully
received and a board meeting has since taken place to implement the
strategy and procedures embodied in the Admission Document.
Since our March year end, the Group's focus has seen the
continued development of potential customer interest for the two
emulsifier products developed by the Group and made under licence
and distributed by Nouryon B.V (Nouryon). One emulsifier is for use
with diesel fuel while the second is primarily for Heavy Fuel Oil
(HFO) applications. Under the terms of the agreements we have with
Nouryon, the Group will receive royalty and commission payments
from Nouryon on the sales of the products generated by the Group.
By agreement, we are the exclusive agent for these two products
across the worldwide marketplace.
Our outlook is indeed worldwide, but we recognised that local
customers would lead to the quickest route to market following
discussions with a range of UK diesel users. In June the decision
was made to acquire 17 tonnes of product from Nouryon to be held as
inventory and this was delivered to our warehouse in August. We
have since sold a significant amount of this in the UK and to a
customer in South Africa who has reported worthwhile fuel savings
with heavy goods vehicles. We hope to develop a series of
controlled tests with this customer to add to our body of evidence
over the efficacy of our diesel product.
The period under review also saw the development of a system, in
cooperation with a commercial ship owner, to enable our HFO product
to be deployed on board a working ship with the dosing and
ultrasonic mixing "plumbed into" the ship's existing fuel system,
this with only minimal modification. We look forward to further
news on this activity during the early part of 2020.
Our emergence into the public marketplace coincides with the
worldwide recognition and acceptance to reduce carbon emissions. We
have all seen the move to the electrification of vehicles to remove
toxins, particulates and pollutants from our immediate environment,
but this will have little impact on the global problem.
Tackling toxic emissions from the shipping and fossil fuel power
generation sectors is far more significant and so is the world's
priority and we believe that our technology can provide part of the
solution. Indeed, we have already made inroads with shipping
companies and power companies who have started to take the issue
and our solution seriously. If we get it right, the resulting
commercial and environmental benefits to us, our potential
customers and the wider stakeholder community will be
significant.
On behalf of the Board, I would like to thank our professional
advisers for the tremendous detailed work and support during our
flotation period and I welcome our new shareholders as we enter the
commercial phase of the Group's journey. We look forward to an
exciting and cash generative 2020.
Graham Lyon
Chairman.
Enquiries:
SulNOx Group Plc: Nicholas Nelson, Chief info@sulnoxgroup.com
Executive
NEX Exchange Corporate Adviser:
Alexander David Securities Limited
---------------------
David Scott - Corporate Finance +44 (0) 20 7448 9820
---------------------
James Dewhurst - Corporate Broking +44 (0) 20 7448 9820
---------------------
The directors take responsibility for this announcement.
SulNOx Group PLC
Consolidated Statement of Comprehensive Income for the 6 months
ended 30 September 2019
Unaudited6 Audited 9
months ended months ended
30 September 31 March
2019 2019
GBP GBP
Turnover - -
Cost of sales - -
--------------------------- --------------------------------
Gross profit - -
Distribution costs - (4,290)
Administrative expenses (724,586) (547,804)
-------------------------------- --------------------------------
Operating loss (724,586) (552,094)
-------------------------------- -----------------------------------------
Loss before taxation (724,586) (552,094)
Tax on loss - 13,168
-------------------------------- --------------------------------
Loss for the financial period
and total comprehensive income (724,586) (538,926)
========================================= ================================
Earnings per share (pence)
Note 3 (0.89) (0.66)
========================================= ================================
SulNOx Group PLC
Consolidated Statement of Financial Position
30 September 2019
Unaudited Audited
30 September 31 March
2019 2019
GBP GBP
Fixed assets
Intangible assets 8,889,078 9,089,078
Tangible assets 6,147 6,272
----------------------------------------- -----------------------------------------
8,895,225 9,095,350
Current assets
Inventory 123,830 9,297
Debtors 16,688 -
Cash at bank and in hand 154,452 206,841
--------------------------- ---------------------------
294,970 216,138
Creditors: amounts falling
due within one year (983,655) (610,933)
-------------------------------- --------------------------------
Net current liabilities (688,685) (394,795)
----------------------------------------- -----------------------------------------
Total assets less
current liabilities 8,206,539 8,700,555
----------------------------------------- -----------------------------------------
Net assets 8,206,539 8,700,555
========================================= =========================================
Capital and reserves
Called up share capital 1,631,118 1,631,118
Share premium account 9,301,144 9,389,155
Other reserves 283,842 -
Profit and loss account (3,009,565) (2,319,718)
----------------------------------------- -----------------------------------------
Shareholders' funds 8,206,539 8,700,555
========================================= =========================================
SulNOx Group Plc
Notes to the Interim Financial Statements
1. General Information
SulNOX Group Plc is a public limited company ("The Company")
incorporated in England & Wales (registration number 08449586).
The Company is domiciled in the United Kingdom and its registered
office is 10 Orange Street, London WC2H 7DQ. The Company's ordinary
shares are traded on the NEX Exchange Growth Market ("NEX"). Copies
of the interim report are available from the Company's website
www.sulnoxgroup.com. Further copies of the Interim Report and
Accounts may be obtained from the address above.
The Company's principal activity is the procurement of orders
for customers wishing to use two fuel emulsifier products
previously developed by the group and now owned under licence to
Nouryon BV.
2. Basis of Preparation
The interim financial statements of the Company and its
subsidiaries for the six months ended 30 September 2019, which are
unaudited, have been prepared in accordance with International
Financial Reporting Standards ("IFRS").
The financial information contained in the interim report does
not constitute statutory accounts as defined in Section 435 of the
Companies Act 2006. The financial information for the full
preceding statutory reporting period is based on the statutory
accounts for the 9 months ended 31 March 2019. Those accounts, upon
which the auditors, Shipleys LLP, issued a report which was
unqualified, have been delivered to the Registrar of Companies.
As permitted by IAS 34 "Interim Financial Reporting", a company
preparing its first interim accounts may omit comparative
information where the company does not have available in its
accounting records the financial information needed to prepare the
comparative interim financial statements.
As a result, the company has not presented the financial
information for the 6 months ended 30 September 2018.
As permitted, this interim report has been prepared in
accordance with the NEX Rules for Companies and not in accordance
with IAS 34 "Interim Financial Reporting" therefore it is not fully
compliance with IFRS.
The interim financial statements are presented in sterling.
3. Loss per share
Basic loss per share is 0.89p. The basic loss per ordinary share
is calculated by dividing the loss of GBP724,586 by 81,555,920 ,
the weighted average number of shares in issue during this
period.
The loss attributable to equity holders (holders of ordinary
shares) of the Company for calculating the fully diluted loss per
share is identical to that used for calculating the loss per share.
The exercise of share options would have the effect of reducing the
loss per share and is therefore anti-dilutive.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NEXCKCDPOBDDCBB
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