TIDMSNOX
RNS Number : 5332E
SulNOx Group PLC
28 October 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310
28 October 2022
SulNOx Group Plc (the "Company" or "SulNOx")
Financial Results for the Six Months to 30 September 2022
(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 2022. A copy of these results has been published on the
Company's website.
Chairman's Statement
As reported at the AGM, The Company is beginning to see
significant traction in the sales of its SulNOxEco(TM) Fuel
Conditioner product and continues to discuss an order for its Berol
6446 product for use in oil reclamation, a huge market opportunity.
Over the last 6 months, we have continued to dramatically increase
the SulNOx footprint across the globe, achieving multiple
successful evaluations across a wide variety of industries. For the
first time we have seen sizeable and repeat orders including from
Africa, France, Germany, Greece, Spain and the UK and we will
continue to drive conversion of these opportunities to larger,
meaningful, and sustainable revenues in the months ahead:
-- Revenue in the period was GBP74.8k, more than double the
GBP33.5k total for the previous financial year, and three times the
GBP24.5k for the same period in the prior year. A further GBP31.5k
of sales that were expected before end of Q2 slipped into Q3.
-- Looking forward, the revenue pipeline is strong and
diversified by geography and industry. Exciting opportunities look
set to materialise from shipping evaluations underway or due to
start imminently in Azerbaijan, France, Germany, Monaco, Norway,
Singapore, and the USA.
-- Revenues from evaluations alone can cover SulNOx operating
costs, with any subsequent fleet adoptions being significant
financial events.
-- Additional sales to distributors are expected during the
second half of the financial year in Angola, Costa Rica, Morocco,
The Philippines, Scotland, South Africa, and the USA. Other
sizeable quotations have been recently provided for Bolivia and the
Democratic Republic of the Congo, following a successful
evaluation.
-- On-going and progressing opportunities with Governments,
Petrochemical and Power companies also provide "game changing"
possibilities.
Whilst revenues demonstrate a "hockey-stick" curve, SulNOx has
also significantly reduced run-rate expenses in the last
quarter:
-- Cash balance was GBP311k as at 30 September 2022 vs GBP604k as at 30 June 2022.
-- Q2 cash reduction of GBP297k (c.GBP100k burn per month) vs Q1
GBP451k (c.GBP150k burn per month) demonstrates the expense
reduction initiatives executed in the period.
The energy crisis resulting from the Russian invasion of Ukraine
has been affecting all countries. Coal and oil-fired power stations
are being revived as the UN Framework Convention on Climate Change
is stating that climate change mitigation is "not going far enough,
fast enough" and "nowhere near the scale of reductions required to
put us on track to 1.5C". SulNOx offers green solutions to the
world we live in today, where fossil fuels are still very much in
demand and will remain so for many years to come, especially in
Emerging Markets. The rising cost of fuel and the reduction in OEM
investment on internal combustion engines (ICEs) means that the
SulNOx products are needed more than ever. Other items of
importance include:
-- SulNOx has been nominated for the innovation prize at the
prestigious Logistics Leadership Awards, demonstrating that SulNOx
adopters, and those who encourage SulNOx's use in their supply
chains, are enhancing their green credentials, an increasingly
important question when winning new business or indeed retaining
existing clients.
-- SulNOx is now registered with the EPA in the USA per 40 CFR
79.23 Regulation which further assists with our penetration into
the US market.
-- SulNOx has also recently developed an online calculator and added it to the website - www.sulnoxgroup.com - to help motorists, fleet managers and other industries, including construction, mining, rail, and shipping clients calculate how much they could potentially save by using SulNOx as well as estimating the positive impact on their carbon footprint.
-- SulNOx continues to demonstrate its effectiveness with
biofuels and other alternative fuels such as GTL where SulNOx
distributor Swiss Fuel Services has demonstrated a fuel consumption
improvement of 14.9% over a 3,288 KM evaluation.
KPMG has recently outlined a series of recommendations,
including companies shifting from a narrative-driven approach and
making better use of data to drive change and provide evidence of
action. The stated aim of Cop 27 is also to move "from negotiation
to implementation" and be "where words are translated into
actions". With The FCA also proposing new rules around
"greenwashing", the practical and immediate SulNOx green solutions
for decarbonisation become more compelling by the day.
Radu Florescu
Chairman.
Enquiries:
SulNOx Group Plc
Steven Cowin, Chief Financial Officer
steven.cowin@sulnoxgroup.com
AQSE Corporate Adviser :
Allenby Capital Limited
Nick Harriss
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 2022
Unaudited Audited Unaudited
6 months 6 months
to year ended to
30-Sep-22 31-Mar-22 30-Sep-21
GBP GBP GBP
Revenue 74,805 33,522 24,486
Cost of sales (64,438) (55,671) (24,889)
-------------------------- -------------------------- -------------------------------
Gross profit/(loss) 10,367 (22,149) (403)
Distribution costs - - -
Administrative expenses (975,069) (1,953,742) (723,718)
-------------------------- -------------------------- -------------------------------
Operating loss (964,702) (1,975,891) (724,121)
Interest payable and similar
expenses - (2,085) -
Loss before taxation (964,702) (1,977,976) (724,121)
Tax on Loss - 2,237 -
-------------------------- -------------------------- -------------------------------
Loss for the financial
period and
total comprehensive income (964,702) (1,975,739) (724,121)
========================== ========================== ===============================
Earnings per share (pence) (1.02) (2.16) (0.83)
SulNOx Group PLC
Consolidated Statement of Financial Position as at 30
September 2022
Unaudited Audited Unaudited
30-Sep-22 31-Mar-22 30-Sep-21
GBP GBP GBP
Non-current assets
Intangible assets 7,679,545 7,879,788 8,080,061
Property, plant and equipment 21,047 24,061 7,035
7,700,592 7,903,849 8,087,096
-------------------------------- ---------------------------------------- -----------------------------------
Current assets
Inventory 143,343 164,467 101,211
Debtors 81,632 78,051 87,156
Cash at bank and in hand 311,109 1,065,388 1,889,399
536,084 1,307,906 2,077,766
-------------------------------- ---------------------------------------- -----------------------------------
Creditors: amounts falling
due within one year (248,819) (259,196) (151,185)
Net current assets 287,265 1,048,710 1,926,581
Total assets less current
liabilities 7,987,857 8,952,559 10,013,677
Net assets 7,987,857 8,952,559 10,013,677
================================ ======================================== ===================================
Capital and reserves
Called up share capital 1,882,657 1,882,657 1,882,657
Share premium account 13,322,916 13,322,916 13,322,916
Share based compensation
reserve 578,844 578,844 388,344
Profit and loss account (7,796,560) (6,831,858) (5,580,240)
Shareholders' funds 7,987,857 8,952,559 10,013,677
================================ ======================================== ===================================
SulNOx Group PLC
Consolidated Statement of Changes in Equity for the 6 months
ended 30 September 2022
Share
Called Share Based
Up Share Premium Compensation Retained
Capital Account Reserve Earnings Total
GBP GBP GBP GBP GBP
Balance at 1 April
2021 1,710,057 11,049,436 307,439 (4,856,119) 8,210,813
------------------------ ---------------------------- ------------------------------------- -------------------------- ---------------------
Loss of total
comprehensive
income for the
period - - - (724,121) (724,121)
Issue of share
capital 172,600 2,273,480 - - 2,446,080
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
------------------------ ---------------------------- ------------------------------------- -------------------------- ---------------------
Loss of total
comprehensive
income for the
period - - - (1,251,618) (1,251,618)
Movement on reserve - - 190,500 - 190,500
------------------------ ---------------------------- ------------------------------------- -------------------------- ---------------------
Balance at 31 March
2022 1,882,657 13,322,916 578,844 (6,831,858) 8,952,559
------------------------ ---------------------------- ------------------------------------- -------------------------- ---------------------
Loss of total
comprehensive
income for the
period - - - (964,702) (964,702)
Issue of share
capital - - - - -
Balance at 30
September
2022 1,882,657 13,322,916 578,844 (7,796,560) 7,987,857
======================== ============================ ===================================== ========================== =====================
Consolidated Cash Flows for the 6 months ended 30
September 2022
Unaudited Audited Unaudited
6 months 6 months
to year ended to
30-Sep-22 31-Mar-22 30-Sep-21
GBP GBP GBP
Cash flows from
operating activities
Loss for the year
after tax (964,702) (1,975,739) (724,121)
Adjustments for:
Taxation charge - (2,237) -
Amortisation and
impairment of
intangible assets 200,243 400,546 200,273
Depreciation and
impairment of
property, plant and
equip 3,014 3,194 613
Tax refunded - - -
Share based equity
payment - 271,405 80,905
Movement in working
Capital
Purchase of
property, plant and
equipment - (23,727) (4,120)
Decrease/(increase)
in inventories 21,124 (44,966) 18,290
(Decrease)/increase
in trade
and other
receivables (3,581) (41,719) (50,824)
(Decrease)/increase
in trade
and other payables (10,377) (9,720) (119,968)
--------------------------------- ---------------------------------------- -----------------------------------------
Cash generated from
operations (754,279) (1,422,963) (598,952)
Net cash from
operating
activities (754,279) (1,422,963) (598,952)
================================= ======================================== =========================================
Cash flows from
financing
activities
Proceeds from issue
of shares - 2,589,000 2,589,000
Share issue costs - (142,920) (142,920)
Repayment of
borrowings - - -
Net cash from
financing
activities - 2,446,080 2,446,080
================================= ======================================== =========================================
Net
(decrease)/increase
in cash
and cash
equivalents (754,279) 1,023,117 1,847,128
Cash and cash
equivalents at
beginning of year 1,065,388 42,271 42,271
Cash and cash
equivalents at
end of year 311,109 1,065,388 1,889,399
================================= ======================================== =========================================
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 2022, 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 2022. 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 1.02p. The basic loss per ordinary share
is calculated by dividing the loss of GBP964,702 by 94,132,843, 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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