Half-year Report for the 6 months to 30 Sep 2024
30/12/2024 07:00
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RNS Number : 4893R SulNOx Group PLC 30 December 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
30 December 2024
SulNOx Group Plc (the "Company" or "SulNOx")
Half-Yearly Financial Report for the Six-Months to 30 September 2024
(Aquis Stock Exchange: SNOX)
The board of directors of the Company (the "Board") is pleased to announce the
Company's interim financial report for the 6 months to 30 September 2024 (the
"Period"). The financial statements for the Period can be viewed below.
Chairman's Statement
I am pleased to report another 6 months of improving performance with products
sales and revenue growth in line with the Board's expectations.
The Board is delighted to report that year to date sales have increased 224.4%
to £440.3k and volume of product sold has increased c.400%, compared to the
same period in the prior year. Recently, post-Period end, the Company
secured additional funding which will be utilised to continue to shape our
strategic priorities by enabling a larger product distribution network, an
expanded pipeline, and the addition of new personnel to capitalize on SulNOx's
existing momentum. We are grateful that existing significant shareholders
have added to their position including Constantine Logothetis, Nistadgruppen
AS and Unicorn AIM VCT plc, along with investment from marine and
international strategic partners, demonstrating their confidence in SulNOx's
future potential. Cash generation had been a key focus for the Board, and
after the recent capital raise, we are pleased to see the expanded cash flow
for the upcoming year that will buttress our ambitious sales targets. Our top
priorities will be to continue to focus on sales in expanding geographic
locations, and leverage repeat orders from existing land and maritime clients
in Africa, Europe and Asia.
During the Period we have consolidated and strengthened our relationships with
our existing clients, expanded the product pipeline and evaluations, and
deepened our understanding on how to leverage SulNOx's product viability. With
a renewed focus on adaptability and strategic planning through our key growth
drivers; cost and organisational effectiveness, client diversification,
focused sales team, and sustainability, we emerge stronger from 2024 as we
continue to leverage on the progress we have made to date. We are underway
on new marketing efforts to communicate the product to a broader audience,
further global stock locations, additional human resources, and a significant
partnership to penetrate the U.S. market. A large part of SulNOx's U.S.
focus includes the recent investment by McQuilling Partners, Inc. and their
appointment as our preferred partner to promote and sell SulNOx products in
North America. With their strong presence serving shipping, commodity, and
renewables, we are confident of the opportunities ahead. SulNOx continues to
secure its patent footprint and recently announced new markets including
Indonesia, Chile, Singapore, Japan and Saudi Arabia, to name a few.
Heading into the New Year, we will continue to maintain the flexibility to
change and adapt as both global demands and changing legislation will
certainly have an impact on fuel consumption. We are confident that with the
existing and expanded team, we are well placed to meet these challenges moving
forward.
I would like to thank all of SulNOx's employees and partners for their hard
work and commitment throughout 2024, and to our shareholders for their
continued support. We are excited about our prospects and look forward to
continued success in 2025.
- Ends -
For further information please contact:
SulNOx Group plc Tel: 07624 491 821
Steven Cowin, CFO
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
SulNOx Group PLC
Consolidated Statement of Comprehensive income for the 6 months ended 30
September 2024
Unaudited Audited Unaudited
6 months to year ended 6 months to
30-Sep-24 31-Mar-24 30-Sep-23
£ £ £
Revenue 440,327 544,120 135,727
Cost of sales (244,767) (373,651) (78,701)
Gross profit 195,560 170,469 57,026
Administrative expenses (1,391,385) (2,052,948) (926,840)
Operating loss (1,195,824) (1,882,479) (869,814)
Interest receivable and similar income 24,935 25,878 -
Interest payable and similar expenses - (3,098) -
Loss before taxation (1,170,890) (1,859,699) (869,814)
Tax on Loss - - -
Loss for the Period and total comprehensive income (1,170,890) (1,859,699) (869,814)
Earnings per share (pence) (0.96) (1.66) (0.83)
Consolidated Statement of Financial Position as at 30 September 2024
Unaudited Audited Unaudited
30-Sep-24 31-Mar-24 30-Sep-23
£ £ £
Non-current assets
Intangible assets 6,879,545 7,079,545 7,279,545
Property, plant and equipment 38,504 42,995 13,925
6,918,049 7,122,540 7,293,470
Current assets
Inventory 504,635 171,103 128,633
Debtors 286,821 229,263 130,540
Cash at bank and in hand 804,434 2,146,718 562,257
1,595,890 2,547,084 821,430
Creditors: amounts falling due within one year (365,286) (425,722) (563,589)
Net current assets 1,230,604 2,121,362 257,841
Total assets less current liabilities 8,148,653 9,243,902 7,551,311
Net assets 8,148,653 9,243,902 7,551,311
Capital and reserves
Called up share capital 2,431,019 2,426,936 2,176,228
Share premium account 16,764,253 16,717,035 14,391,409
Share based compensation reserve 412,002 387,662 588,959
Profit and loss account (11,458,621) (10,287,731) (9,605,285)
Shareholders' funds 8,148,653 9,243,902 7,551,311
Consolidated Statement of Changes in Equity for the 6 months ended 30
September 2024
Share
Called Share Based
Up Share Premium Compensation Retained
Capital Account Reserve Earnings Total
£ £ £ £ £
Balance at 1 April 2023 2,018,831 13,911,991 588,959 (8,735,471) 7,784,310
Loss of total comprehensive income for the Period - - - (869,814) (869,814)
Issue of share capital 157,397 479,418 - - 636,815
Balance at 30 September 2023 2,176,228 14,391,409 588,959 (9,605,285) 7,551,311
- - - (682,446) (682,446)
Loss of total comprehensive income for the Period
Issue of share capital 250,708 2,325,626 - - 2,576,334
Movement on reserve - - (201,297) - (201,297)
Balance at 31 March 2024 2,426,936 16,717,035 387,662 (10,287,731) 9,243,902
- - - (1,170,890) (1,170,890)
Loss of total comprehensive income for the Period
Issue of share capital 4,083 47,218 - - 51,301
Movement on reserve - - 24,340 - 24,340
Balance at 30 September 2024 2,431,019 16,764,253 412,002 (11,458,621) 8,148,653
Consolidated Cash Flows for the 6 months ended 30 September 2023
Unaudited Audited Unaudited
6 months to year ended 6 months to
30-Sep-24 31-Mar-24 30-Sep-23
£ £ £
Cash flows from operating activities
Loss for the Period after tax (1,170,890) (1,859,699) (869,814)
Adjustments for:
Amortisation and impairment of intangible assets 200,000 400,000 200,000
Depreciation and impairment of property, plant and equip 5,407 4,358 1,989
Share based equity payment 24,340 106,142 -
Movement in working Capital
(increase)/decrease in inventories (333,532) (92,031) (49,561)
(increase)/decrease in trade and other receivables (57,558) (181,669) (82,946)
Increase/(decrease) in trade and other payables (60,436) 65,039 202,906
Cash generated from operations (1,392,669) (1,557,860) (597,426)
Net cash from operating activities (1,396,669) (1,557,860) (597,426)
Cash flows from investing activities
Purchase of tangible assets (916) (31,439) -
Net cash from investing activities (916) (31,439) -
Cash flows from financing activities
Proceeds from issue of shares 51,301 3,213,149 636,815
Net cash from financing activities 51,301 3,213,149 636,815
Net increase/(decrease) in cash and cash equivalents (1,342,284) 1,623,850 39,389
Cash and cash equivalents at beginning of the Period 2,146,718 522,868 522,868
Cash and cash equivalents at end of the Period 804,434 2,146,718 562,257
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