TIDMSNOX
RNS Number : 3078K
SulNOx Group PLC
31 December 2020
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The directors take
responsibility for this announcement.
31 December 2020
SulNOx Group Plc (the "Company" or "SulNOx")
Financial Results for the Six Months to 30 September 2020
(Aquis Stock Exchange: SNOX)
The board of the directors of the Company (the "Board") is
pleased to announce its financial results for the six months to 30
September 2020. A copy of these results has been published on the
Company's website.
Chairman's Statement
SulNOx Group (the "Group"), the hydrocarbon fuel emulsification
specialist, has pleasure in presenting shareholders with its
interim results. These results have been badly affected by the
worldwide COVID-19 pandemic that has damaged businesses across the
world. Although sales progress has been delayed by this tragedy, in
reality, we have been able to progress our world-class proprietary
technology during the period of lockdown.
When reviewing a business such as ours it is easy to fall into
the trap of focussing on a single item such as product sales, which
is very important, and will always be a key part of our story. I
say this because three things have occurred in the recent months
that will also have significant importance to the value of our
shares. Let us review each of them.
Bacterial and fungal damage to fuel due to "free water" is
problem is often referred to as "the Diesel Bug". Eliminox (our
first UK distributor), working alongside the WP Group, have
undertaken tests throughout this accounting period and have proven
beyond doubt that the SulNOx technology removes the free water and
thus significantly eliminates bacterial and fungal problems. This
is important because the Diesel Bug is a global issue in diesel
storage. So, whilst not generating immediate revenues, our
technology, which is available right now, can address a worldwide
issue. This is an important message for the shareholders to
appreciate.
It has always been the strategy of the company to sub-contract
the manufacturing of our products to a global chemical business of
high quality. Our original licensing contract with our global
chemical manufacturer ended on 31st August 2020 and we were
delighted to announce that this arrangement had now been extended
for a further three years. Everyone at the SulNOx Group is aware
that developing and selling a new unique technology to a suspicious
marketplace is difficult and we are genuinely grateful to our
colleagues at our global chemical manufacturer for their patience
and we look forward to working closely with them in the years
ahead.
Sometimes an event of great importance occurs which was not in
fact planned but the results of which have the ability to
dramatically progress our story. Our UK distributor Eliminox
continues to sell product to a haulage company named Besblock, who
has used it on their fleet of 27 Euro 6 Skania and Volvo HGV trucks
for a seven-month period so far. This company uses 100,000 litres
of fuel a month. The results were startling and showed that the
fuel gave more miles per gallon (with a fuel saving of up to 8%),
diesel filters had to be changed less frequently and the PM monitor
(Particulate Matter - Smoke & Soot) stopped lighting up for
longer periods. This is the first of many businesses to be sold to,
others being in the agriculture and contractor sectors. Besblock
have adopted the SulNOx Technology on their whole fleet and are
happy to give testimonials to other operators. Shareholders should
realise that this is important as we have the product to reduce
carbon emissions whilst improving engine performance and reducing
vehicle maintenance.
The message is clear - the sales during lockdown have been small
but the progress of your Company has been large.
In May, it was clear that COVID-19 was going to stop us
travelling and meeting clients face to face and thus slow the
progress of sales, so it was agreed that the company should raise
some money as an act of financial prudence. This was handled by
Stephen Bamford, our former Chairman, who gathered support from our
existing shareholders. Following this successful fund raising, Mr
Bamford informed the Board that having reached 70 and after 50
years in the City, that he intended to retire from corporate life.
The then Board wished him well.
It should be clear to everyone that the "Path to Net Zero
emissions by 2050" is a political aspiration and all businesses
must, and will need to work very hard, if this can be achieved at
all. We at the SulNOx Group have answers that will create large
reductions in toxic emissions and our products are available today.
In the very near future, all of us at the Company believe that this
will become understood and our product sales will accelerate
markedly. Our unique selling proposition is that using our products
will actually save customers money, whilst helping them reach their
environmental emission reduction targets. Once appreciated that
will become compelling. I am excited to be part of the new Board
and how their collective experience will shape the company going
forward.
Professor Anthony Granger
Chairman.
Enquiries
SulNOx Group Plc
Tony Granger, Non-Executive tony.granger@sulnoxgroupplc.com
Chairman
AQSE Corporate Adviser :
Allenby Capital Limited
Nick Harriss / John Depasquale
/ James Hornigold 020 3328 5656
----------------------------------
The directors take responsibility for this announcement.
SulNOx Group PLC
Consolidated Statement of Comprehensive Income for the 6 months
ended 30 September 2020
Unaudited Unaudited 6
6 months ended Audited 12 months months ended
30 September ended 31 March 30 September
2020 2020 2019
GBP GBP GBP
Turnover - 12,184 -
Cost of sales (1,422) (32,493) -
--------------------------- --------------------------- --------------------------------
Gross profit (1,422) (20,309) -
Distribution
costs - (1,493) -
Administrative
expenses (376,680) (1,868,064) (724,586)
-------------------------------- -------------------------------- --------------------------------
Operating loss (378,102) (1,889,866) (724,586)
-------------------------------- -------------------------------- -----------------------------------------
Loss before
taxation (378,102) (1,889,866) (724,586)
Tax on loss - 11,593 -
-------------------------------- -------------------------------- --------------------------------
Loss for the
financial
period
and total
comprehensive
income (378,102) (1,878,273) (724,586)
======================================= ========================================= ================================
Earnings per
share
(pence)
Note 3 (0.44) (2.28) (0.89)
======================================= ========================================= ================================
SulNOx Group PLC
Consolidated Statement of Financial Position
30 September 2020
Unaudited Audited Unaudited
30 September 31 March 30 September
2020 2020 2019
GBP GBP GBP
Fixed assets
Intangible
assets 8,466,970 8,680,881 8,889,078
Tangible
assets 4,116 4,704 6,147
----------------------------------------- ----------------------------------------- -----------------------------------------
8,471,086 8,685,585 8,895,225
Current assets
Inventory 111,438 111,438 123,830
Debtors 52,832 21,119 16,688
Cash at bank and in hand 117,006 87,734 154,452
--------------------------- --------------------------- ---------------------------
281,276 220,291 294,970
Creditors:
amounts
falling
due within
one year (370,544) (318,956) (983,655)
-------------------------------- -------------------------------- --------------------------------
Net current
liabilities (89,268) (98,665) (688,685)
----------------------------------------- ----------------------------------------- -----------------------------------------
Total assets
less current
liabilities 8,381,818 8,586,920 8,206,539
----------------------------------------- ----------------------------------------- -----------------------------------------
Net assets 8,381,818 8,586,920 8,206,539
========================================= ========================================= =========================================
Capital and reserves
Called up share
capital 1,707,657 1,695,782 1,631,118
Share premium
account 10,942,815 10,781,690 9,301,144
Share based
compensation
reserve 307,439 307,439 283,842
Profit and loss
account (4,576,093) (4,197,991) (3,009,565)
----------------------------------------- ----------------------------------------- -----------------------------------------
Shareholders'
funds 8,381,818 8,586,920 8,206,539
========================================= ========================================= =========================================
Sulnox Group PLC Group Statement of Changes in Equity for the 6
months ended 30 September 2020
Share based
Called up Share premium compensation Retained
share capital account reserve earnings Total
GBP GBP GBP GBP GBP
Balance as at 1
April 2019 1,631,118 9,389,155 - (2,319,718) 8,700,555
Loss of total
comprehensive
income for
the year - - - (689,847) (689,847)
Issue of share
capital - (88,011) - - (88,011)
Issue of share
based payments - - 283,842 - 283,842
----------------------- -------------------------------- --------------------------- ----------------------------------------- -----------------------------------------
Balance at 30
September
2019 1,631,118 9,301,144 283,842 (3,009,565) 8,206,539
Loss of total
comprehensive
income for
the year - - - (1,188,426) (1,188,426)
Issue of
share capital 64,664 1,480,546 - - 1,545,210
Issue of
share based
payments - - 23,597 - 23,597
----------------------- -------------------------------- --------------------------- ----------------------------------------- -----------------------------------------
Balance at 31
March 2020 1,695,782 10,781,690 307,439 (4,197,991) 8,586,920
Loss of total
comprehensive
income for
the year - - - (378,102) (378,102)
Issue of share
capital 11,875 161,125 - - 173,000
----------------------- -------------------------------- --------------------------- ----------------------------------------- -----------------------------------------
At 30
September
2020 1,707,657 10,942,815 307,439 (4,576,093) 8,381,818
SulNOx Group PLC
Group Statement of Cash Flows
For the 6 months ended 30 September 2020 Unaudited Unaudited Unaudited
30 September 31 March 30 September
2020 2020 2019
GBP GBP GBP
Cash flows from operating activities
Loss for the year after tax (378,102) (1,878,273) (724,586)
Adjustments for:
Taxation charged - (11,593) -
Amortisation and impairment of intangible assets 213,910 408,197 200,000
Equity settled share based payment expense - 307,439 283,842
Depreciation and impairment of property, plant
and equipment 588 1,568 125
Movements in working
capital :
(Decrease)/increase
in inventories - (111,438) (114,533)
(Decrease)/increase
in trade and other
receivables (31,712) (11,822) (16,688)
(Decrease)/increase
in trade and other
payables 51,588 (220,438) 407,462
----------------------------------------- ----------------------------------------- -----------------------------------------
Cash generated from
operations (143,728) (1,516,360) 35,622
Tax
(paid)/received - (11,593) -
----------------------------------------- ----------------------------------------- --------------------------------
Net cash from
operating
activities (143,728) (1,504,767) 35,622
========================================= ========================================= ================================
Cash flows from financing activities
Proceeds
from issue
of shares 173,000 1,476,849 -
Share issue
costs - (19,650) (88,011)
Repayment
of loans - (71,539) -
----------------------------------------- ----------------------------------------- --------------------------------
Net cash
from
financing
activities 173,000 1,385,660 (88,011)
========================================= ========================================= ================================
Net increase
in cash and
cash
equivalents 29,272 (119,107) (52,389)
Cash and
cash
equivalents
at
beginning
of year 87,734 206,841 206,841
----------------------------------------- ----------------------------------------- -----------------------------------------
Cash and
cash
equivalents
at end of
year 117,006 87,734 154,452
========================================= ========================================= =========================================
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 AQSE Growth Market ("AQSE") . (formerly
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 2020, 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 year ended 31 March 2020. Those accounts, upon
which the auditors, Shipleys LLP, issued a report which was
unqualified, have been delivered to the Registrar of Companies.
As permitted, this interim report has been prepared in
accordance with the AQSE Growth Market Rules for Issuers 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 0.44p. The basic loss per ordinary share
is calculated by dividing the loss of GBP378,102 by 85,215,732, 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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NEXFDIFFFESSEDE
(END) Dow Jones Newswires
December 31, 2020 07:06 ET (12:06 GMT)
Sulnox (AQSE:SNOX)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Sulnox (AQSE:SNOX)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
