TIDMSNOX
RNS Number : 9893W
SulNOx Group PLC
30 December 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310
30 December 2021
SulNOx Group Plc (the "Company" or "SulNOx")
Financial Results for the Six Months to 30 September 2021
(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 2021. A copy of these results has been published on the
Company's website.
Chairman's Statement
At a time when global markets are faced with record high fuel
prices, together with leading government commitment to net zero
emissions at the recent COP26, and with citizens more aware than
ever of their own carbon footprint, the SulNOx products have never
been more relevant with their capacity to immediately reduce
emissions in all liquid hydrocarbon fuels and provide higher
efficiency in fuel consumption. With this imperative call to cut
emissions, the International Energy Agency (IEA) released its
Energy Efficiency and Global Fuel Economy Initiative (GFEI) reports
in November, stating that the world "requires a rapid acceleration
in the fuel economy of vehicles", SulNOx is now in a prime position
to do just that.
We are pleased to report that the financial results for the six
month period ended 30 September 2021 are as initially forecasted,
reflecting the investments that we have made to drive future
revenue growth.
A loss of GBP724,121 (2020: loss of GBP378,102) is reported for
the period, which represents a loss per share of 0.83pence (2020:
loss per share 0.44pence). Within the period, the GBP2.59m raise of
new capital has provided us with the ability to invest to grow, and
to allow SulNOx to work towards realising its potential, which
contributed to the increased loss in comparison to the previous
period. As such, this new capital has allowed us to invest in the
following key areas:
-- Patents - applications for patents have been filed in over 70
countries; and new products and uses of existing products have been
developed
-- Leadership - hiring of a Chief Financial Officer, Chief Brand
Officer, and Head of Science & Technology, along with an
additional Non-Executive Director;
-- Brand Awareness - accelerating the brand recognition via a
retained Public Relations firm, Social Media Agency, and developing
our e-commerce;
-- Sales - investment in significant trials in focussed industry
sectors (shipping, haulage, buses and other fleets), by providing
product and relevant professional fees, along with investment in
critical testing equipment.
Following on from our European certifications from Bureau
Veritas announced in February 2021, Bureau Veritas in the US has
certified that both US automotive gasoline / petrol and US diesel
fuel comply with the American Society for Testing and Materials
(ASTM) specifications when the Company's SulnoxEco(TM) Fuel
Conditioner is added at the recommended levels. This is a watershed
moment for SulNOx given the size of the marketplace and, when
coupled with the recent consulting arrangement with National
Strategies (NSI), it opens up significant opportunities across the
USA, Canada and Mexico. There are further plans in motion to gain
additional certifications in key markets in the coming months.
With increasing brand awareness through publications, we have
attracted additional enquiries and individual sales. In order to
facilitate new demand, we have been investing in our e-commerce
capability with an online shop on our website
(sulnoxgroup.com/shop), and also released the product on Amazon's
sales platform. With the complexities of listing, and the
specialist knowledge required to drive a successful sales campaign
on Amazon, we have engaged a specialist agency, which we expect to
go live in January 2022.
Since the trading release of November 8th, there has been
continued optimism and success securing c10 new corporate
evaluations, expanding existing trials following initial successes,
and c60 additional potential customers added to the sales pipeline.
Master distributor A&S International Ltd. has secured an order
from a Greek distributor with several others under discussion in
Germany and the USA following successful trials. We remain highly
confident that we will see other leads convert into revenue in 2022
to compliment the high margin, short sales cycles from retail
clients.
Radu Florescu
Chairman.
Enquiries:
SulNOx Group Plc
Steven Cowin, Chief Financial Officer
steven.cowin@sulnoxgroupplc.com
AQSE Corporate Adviser :
Allenby Capital Limited
Nick Harriss / John Depasquale
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 2021
Unaudited Audited Unaudited
6 months 6 months
to year ended to
30-Sep-21 31-Mar-21 30-Sep-20
GBP GBP GBP
Revenue 24,486 17,896 -
Cost of sales (24,889) (12,382) (1,422)
-------------------------- -------------------------- --------------------------
Gross profit/(loss) (403) 5,514 (1,422)
Distribution costs - - -
Administrative expenses (723,718) (861,217) (376,680)
-------------------------- -------------------------- --------------------------
Operating profit/(loss) (724,121) (855,703) (378,102)
Loss before taxation (724,121) (855,703) (378,102)
Tax on Loss - 32,462 -
-------------------------- -------------------------- --------------------------
Loss for the financial period and
total comprehensive income (724,121) (823,241) (378,102)
========================== ========================== ==========================
Earnings per share (pence) (0.83) (0.96) (0.44)
SulNOx Group PLC
Consolidated Statement of Financial Position as at 30
September 2021
Unaudited Audited Unaudited
6 months 6 months
to year ended to
30-Sep-21 31-Mar-21 30-Sep-20
GBP GBP GBP
Non-current assets
Intangible assets 8,080,061 8,280,334 8,466,970
Property, plant and equipment 7,035 3,528 4,116
8,087,096 8,283,862 8,471,086
-------------------- ----------------------- ----------------------------
Current assets
Inventory 101,211 119,501 111,438
Debtors 87,156 36,332 52,832
Cash at bank and in hand 1,889,399 42,271 117,006
2,077,766 198,104 281,276
-------------------- ----------------------- ----------------------------
Creditors: amounts falling
due within one year 151,185 271,154 (370,544)
Net current liabilities 1,926,581 (73,050) (89,268)
Total assets less current
liabilities 10,013,677 8,210,812 8,381,818
Net assets 10,013,677 8,210,812 8,381,818
==================== ======================= ============================
Capital and reserves
Called up share capital 1,882,657 1,710,057 1,707,657
Share premium account 13,322,916 11,049,435 10,942,815
Share based compensation
reserve 388,344 307,439 307,439
Profit and loss account (5,580,240) (4,856,119) (4,576,093)
Shareholders' funds 10,013,677 8,210,812 8,381,818
==================== ======================= ============================
SulNOx Group PLC
Consolidated Statement of Changes in Equity for the 6 months ended
30 September 2021
Share
Called Share Based
Up Share Premium Compensation Retained
Capital Account Reserve Earnings Total
GBP GBP GBP GBP GBP
Balance at 1
April 2020 1,695,782 10,781,690 307,439 (4,197,991) 8,586,920
---------------------- -------------------------- ----------------------------- -------------------------- --------------------
Loss of total
comprehensive
income for
the period - - - (378,102) (378,102)
Issue of share
capital 11,875 161,125 - - 173,000
---------------------- -------------------------- ----------------------------- -------------------------- --------------------
Balance at 30
September
2020 1,707,657 10,942,815 307,439 (4,576,093) 8,381,818
---------------------- -------------------------- ----------------------------- -------------------------- --------------------
Loss of total
comprehensive
income for
the period - - - (280,026) (280,026)
Issue of share
capital 2,400 106,620 - - 109,020
---------------------- -------------------------- ----------------------------- -------------------------- --------------------
Balance at 31
March
2021 1,710,057 11,049,435 307,439 (4,856,119) 8,210,812
---------------------- -------------------------- ----------------------------- -------------------------- --------------------
Loss of total
comprehensive
income for
the period - - - (724,121) (724,121)
Issue of share
capital 172,600 2,273,481 - - 2,446,081
Movement on
reserve - - 80,905 - 80,905
---------------------- -------------------------- ----------------------------- -------------------------- --------------------
Balance at 30
September
2021 1,882,657 13,322,916 388,344 (5,580,240) 10,013,677
====================== ========================== ============================= ========================== ====================
Consolidated Cash Flows for the 6 months ended 30
September 2021
Unaudited Audited Unaudited
6 months 6 months
to year ended to
30-Sep-21 31-Mar-21 30-Sep-20
GBP GBP GBP
Cash flows from
operating activities
Loss for the year
after tax (724,121) (823,241) (378,102)
Adjustments for:
Taxation charged - (32,462) -
Amortisation and
impairment of
intangible assets 200,273 400,546 213,910
Depreciation and
impairment of
property, plant and
equip 613 1,176 588
Tax refunded - 42,219 -
Share based equity
payment 80,905 - -
Movement in working
Capital
Purchase of
property, plant and
equipment (4,120) - -
Decrease/(increase)
in inventories 18,290 (8,063) -
(Decrease)/increase
in trade
and other
receivables (50,824) 15,270 (31,712)
(Decrease)/increase
in trade
and other payables (119,969) 122,072 51,588
--------------------------------- --------------------------------- ---------------------------------
Cash generated from
operations (598,952) (282,483) (143,728)
Net cash from
operating
activities (598,952) (282,483) (143,728)
================================= ================================= =================================
Cash flows from
financing activities
Proceeds from issue
of shares 2,589,000 287,600 173,000
Share issue costs (142,920) (5,580) -
Repayment of
borrowings - (45,000) -
Net cash from
financing
activities 2,446,080 237,020 173,000
================================= ================================= =================================
Net increase in cash
and cash
equivalents 1,847,128 (45,463) 29,272
Cash and cash
equivalents at
beginning of year 42,271 87,734 87,734
Cash and cash
equivalents at
end of year 1,889,399 42,271 117,006
================================= ================================= =================================
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
2021, 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
2021. Those accounts, upon which the auditors,
Jeffreys Henry 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 compliant with
IFRS.
The interim financial statements are presented in sterling.
3. Loss per share
Basic loss per share is 0.83p. The basic loss per ordinary share
is calculated by dividing the loss of GBP724,121 by
87,205,199, 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.
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END
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