SulNOx Group PLC Trading Update & Total Voting Rights (4951O)
01 Februar 2023 - 8:00AM
UK Regulatory
TIDMSNOX
RNS Number : 4951O
SulNOx Group PLC
01 February 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
1 February 2023
SulNOx Group Plc (the "Company" or "SulNOx")
Trading Update
Total Voting Rights
(Aquis Stock Exchange: SNOX)
SulNOx, the fuel decarbonisation specialists, announces a
trading update for the third quarter to 31 December 2022.
Key Highlights:
-- Q3 revenues of GBP45,720 showed a 9% improvement on Q2's GBP41,901.
-- Revenue for the 9 months to 31 December 2022 was GBP120,515,
nearly 4x revenues for the same period last year (GBP31,386).
-- The funds from the successful December raise (GBP760,000
gross) were received in the first week of January, so are not
reflected in the cash balance as at 31 December 2022 of
GBP30,125.
-- Q4 has started positively with a Purchase Order from a bulk
carrier shipping company and several others continue to advance
assuredly. US and Canada distributor discussions are also
progressing well.
-- In response to increasing demands from Global Sustainability
Officers, SulNOx has now also received Independent Life Cycle
Analyses for both Berol 6446 and SulNOxEco products, in line with
ISO 14021 standards and The Institute of Environmental Sciences
methodologies.
-- SulNOx distributor ElimiNOX has also won the UK Ports Greentech Environmental Award 2023.
-- In West Africa, poor fuel quality and ageing vehicles
continue showing immediate benefits and the "viral expansion"
continues with individual customer sales in Q4 now four times Q3.
We expect a larger order by end of Q1 with potential for large
scale adoption from Oil Marketing Companies who sell and distribute
fuel.
-- In South Africa, in addition to continuing discussions with
fuel distributors following client demands to pre-mix SulNOx, there
is now considerable interest from the mining sector - SulNOx
recently demonstrated 12% fuel savings in a 220KVA generator with a
Bauxite Miner who is now expanding their usage.
-- Whilst the shipping and wider pipeline remains exciting and
capable of delivering some significant revenues, the Board has
sought to address the length of the sales cycle and delayed revenue
realisation by engaging a specialist sales process consultancy to
conduct a review in this area, which is expected to be completed
before the end of the financial year.
-- Simultaneously, the Board is continuing with further cash
management initiatives to reduce cash outflow. These programmes
include deferred salaries and fees, along with reduced professional
fees.
Ben Richardson CEO of SulNOx commented: "Despite the remarkable
results of the SulNOx products in reducing emissions and fossil
fuel consumption at a time when our solutions are greatly and
increasingly in demand, clearly we are not where we need to be with
revenues. The Board has acted to address this situation by hiring
additional sales staff and engaging consultants to review sales
processes with a focus on delivering the multitude of pipeline
opportunities in the short-term."
Total Voting Rights
The Company's issued share capital as at the date of this
announcement comprises 100,841,539 ordinary shares of 2 pence each
with one voting right per share ("Ordinary Shares"). The Company
does not hold any shares in treasury and therefore the total number
of Ordinary Shares with voting rights in the Company is
100,841,539.
The above figure of 100,841,539 may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
- Ends -
For further information please contact:
SulNOx Group plc steven.cowin@sulnoxgroup.com
Steven Cowin, Director
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
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END
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