TIDMSNOX
RNS Number : 4545L
SulNOx Group PLC
05 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310.
The directors take responsibility for this announcement.
5 September 2023
SulNOx Group Plc (the "Company" or "SulNOx")
Final Results and Audited Annual Report and Accounts for the
Year to 31 March 2023
(Aquis Stock Exchange: SNOX)
Final Results
The Board of Directors of SulNOx is pleased to announce the
publication of the audited annual report and accounts for the year
to 31 March 2023 (the "Annual Report").
The Annual Report will be published on the Company's website in
compliance with its articles of association and the electronic
communications provisions of the Companies Act 2006. A copy of the
Annual Report can also be accessed through the link below.
Annual Report
-http://www.rns-pdf.londonstockexchange.com/rns/4545L_1-2023-9-5.pdf
Key extracts from the Annual Report can also be viewed
below.
- Ends -
For further information please contact:
SulNOx Group plc steven.cowin@sulnoxgroup.com
Steven Cowin, CFO
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
Chairman's Statement
Overall, the financial year to 31 March 2023 has proven to be a
challenging year for SulNOx. As the global economy transitioned
toward the endemic phase and economic activities continue to
normalize, oil prices stabilized and the ongoing war in Ukraine
provided a sense of uneasiness in terms of economic forecasts.
Nevertheless, despite delayed testing results, an uncertain
business landscape, and a reshuffling of the management team, we
managed to increase sales by GBP169,554 / 505.8% and successfully
attracted new strategic investors. The Board believes this will now
help to bring about increased visibility of the SulNOx product,
expand our strategic partnerships and finally, leverage the
successful trial data; this should persuade hesitant clients about
the carbon emission impact and fuel savings that SulNOx brings to
the table which in turn will lead to significant revenue
generation.
The Group remains resilient in its goal to deliver value to
shareholders, despite the challenges that remain. The management
will continue to strengthen the existing sales force by overhauling
the current business structure, continue to exercise financial
prudence and tighten operating costs to maximize shareholder value
through four (4) strategic growth drivers i.e., strategic
diversification in our sales strategy, driving product usage
technology & innovation, cost and organizational effectiveness
and leveraging carbon emission sustainability as a new growth
area.
Moving forward, we will continue to seek opportunities to drive
our business with a diversified range of products and services by
leveraging on our product's strong data track record and
capabilities that we now can say has finally been substantiated
from real life trials in both shipping and trucking that will
ensure the viability of the business. We will continue to pursue
value creation, business sustainability, and growth strategies on
all business segments.
Recent 2022 emissions data published has suggested that
operators in the EU will begin to feel the pinch in the bloc's
emission trading system (ETS) which will come into effect in 2024.
We remain confident that ETS requirements will provide a tremendous
opportunity for SulNOx to leverage sales by saving fuel costs and
lowering the carbon imprint.
SulNOx continued to win awards for its leadership in
sustainability and fuel savings technology to creating long-term
value for stakeholders. Accolades include the Logistics Leaders
Network innovation award, and SulNOx distributor, ElimiNOX, also
won UK Ports Association Greentech Environmental Award.
The awards are a reflection of SulNOx's commitment to increase
corporate value by actively engaging with our investors and
stakeholders through our transparent and comprehensive integrated
report.
We continue to operate to the highest standards of corporate
governance and business ethics across our businesses and
subsidiaries in order to safeguard the interests of our
stakeholders and to ensure long-term shareholders' value
creation.
In this regard, the Group is reviewing to diversify the board
and senior management to attract and retain the right talent to
manage and drive the Company's long-term objectives successfully.
The Board will continually articulate, implement, and review the
adequacy and effectiveness of the Group's risk management and
internal control system in line with Aquis Exchange's corporate
governance requirements to best manage our risks and opportunities
and promote meaningful engagement with our stakeholders.
On behalf of the Board, I would like to express my sincere
appreciation to all our shareholders, customers, business
associates, partners, and contractors for their continued support,
patience and confidence in the company.
I would also like to express my appreciation to the management
and team for their contributions, dedication, and hard work, in
working together for the Group business sustainability. I remain
confident that with the combined continuing commitment,
perseverance, right attitude and teamwork, SulNOx will finally be
able to reach its long awaited objectives.
Material uncertainty relating to going concern
We draw your attention to note 3 ("Going Concern") in the
financial statements. The group incurred a loss of GBP1.9m and had
net cash outflows from operating activities of GBP1.2m for the year
ended 31 March 2023.
These facts along with the other factors in note 3 in the
financial statements, which highlights that management believe that
their forecasts show that future sales should enable them to
significantly improve working capital. Management do note that in
case these sales do not materialize, they intend to seek approval
at the Annual General Meeting to issue new Ordinary Shares in order
to provide working capital. If this motion is unsuccessful, and
further noted within note 3, the Group notes the potential
mitigating actions which can be taken to safeguard the Group's cash
position. These include working capital controls and reductions in
discretionary spending and have a cost cutting plan such as cost
deferral, scaling back activities and further cost cutting
exercises.
These events or conditions, along with further information as
set forth in note 3 regarding "Going Concern" of the financial
statements indicate the existence of a material uncertainty which
may cast significant doubt over the Group and Parent Company's
ability to continue as a going concern. Our opinion is not modified
in respect of this matter.
Consolidated Statement of Comprehensive Income
Year ended 31 March 2023
2023 2022
Note GBP GBP
Turnover 4 203,076 33,522
Cost of sales (138,090) (55,671)
---------------- ----------------
Gross profit/(loss) 64,986 (22,149)
Administrative expenses (1,972,502) (1,953,742)
------------------------ ------------------
Operating loss 5 (1,907,516) (1,975,891)
Interest payable and similar expenses 8 - (2,085)
------------------------ ------------------
Loss before taxation (1,907,516) (1,977,976)
Tax on loss 9 3,903 2,237
------------------------ ------------------
Loss for the financial year and total comprehensive
income (1,903,613) (1,975,739)
All the activities of the group are from continuing
operations.
Loss in pence per share 10
Basic (1.98 pence) (2.16 pence)
Diluted (1.98 pence) (2.16 pence)
Consolidated Statement of Financial Position
31 March 2023
2023 2022
Note GBP GBP
Fixed assets
Intangible assets 11 7,479,545 7,879,788
Tangible assets 12 15,914 24,061
------------------------ ------------------------
7,495,459 7,903,849
Current assets
Stocks 14 79,072 164,467
Debtors 15 47,594 78,051
Cash at bank and in hand 522,868 1,065,388
------------------------ ------------------
649,534 1,307,906
Creditors: amounts falling due
within one year 16 (360,683) (259,197)
------------------------ ------------------
Net current assets/(liabilities) 288,851 1,048,709
------------------------ ------------------------
Total assets less current liabilities 7,784,310 8,952,558
------------------------ ------------------------
Net assets 7,784,310 8,952,558
Capital and reserves
Called up share capital 18 2,018,831 1,882,657
Share premium account 19 13,911,991 13,322,915
Share option reserve 20 588,959 578,844
Profit and loss account 19 (8,735,471) (6,831,858)
-------------------------- --------------------------
Shareholders' funds 7,784,310 8,952,558
Consolidated Statement of Cash Flows
Year ended 31 March 2023
2023 2022
GBP GBP
Cash flows from operating activities
Loss for the financial year (1,903,613) (1,975,739)
Adjustments for:
Depreciation of tangible assets 5,956 3,194
Amortisation of intangible assets 400,243 400,546
Loss on disposal of fixed assets 2,192 -
Interest payable and similar expenses - 2,085
Equity-settled share-based payments 10,115 271,405
Tax on loss (3,903) (2,237)
Changes in:
Stocks 85,395 (44,966)
Trade and other debtors (157,435) (41,719)
Trade and other creditors 289,377 (9,720)
------------------------ ------------------
Cash flow from operations (1,271,673) (1,397,151)
Interest paid - (2,085)
Tax received 3,903 -
------------------------ ------------------
Net cash used in operating activities (1,267,770) (1,399,236)
Cash flows from investing activities
Purchase of tangible assets - (23,727)
------------------------ ------------------
Net cash used in investing activities - (23,727)
Cash flows from financing activities
Proceeds from issue of ordinary shares 725,250 2,446,080
------------------------ ------------------
Net cash from financing activities 725,250 2,446,080
Net increase/(decrease) in cash and cash equivalents (542,520) 1,023,117
Cash and cash equivalents at beginning of
year 1,065,388 42,271
------------------ ---------------
Cash and cash equivalents at end of year 522,868 1,065,388
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NEXLAMBTMTAMBLJ
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