TIDMSNOX
RNS Number : 0851W
SulNOx Group PLC
08 December 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310
8 December 2023
SulNOx Group Plc (the "Company" or "SulNOx")
Financial Results for the Six Months to 30 September 2023
(Aquis Stock Exchange: SNOX)
The board of the directors of the Company (the "Board") is
pleased to announce its unaudited half yearly financial results for
the six months to 30 September 2023. A copy of these results has
been published on the Company's website.
Chairman's Statement
It is with great pleasure that I inform you on the Company's
main milestones and interim results for the 6 months to 30
September 2023. As you know, the year so far has been marked with
the Company welcoming a new significant shareholder, and successful
acceleration of product evaluations in the second half of the year,
a positive momentum which has significantly boosted the Company's
revenue prospects in the coming quarters.
For the 6 months to 30 September 2023, SulNOx generated
increased revenue and reduced expenses compared to the same period
in the previous year, resulting in a reduced loss of GBP869,814,
compared to a loss of GBP964,702 in the same period last year.
While sales are still behind our initial projections, we believe
that recent evaluation results and interest, particularly in the
maritime sector, will provide an upward push towards increased
revenue and profitability.
SulNOx's achievements during the period include evaluation data
evidencing material fuel and emissions savings and increased demand
for product from major shipping companies and other large fossil
fuel consumers. An enhanced management team (both technical hires
and industry leaders) will provide the needed resources and
direction to achieve our short and medium-term objectives.
Since the annual general meeting in September, the Company has
been able to secure additional funds in order to continue with our
plans to grow our global salesforce footprint. Recently, we have
added a Technical Director, and two Senior Advisors, to the current
team who will focus their attention on sales, growing and retooling
our distribution network, and supporting operational management and
client value-add.
The current economic uncertainty of geo-political events coupled
with economic forecasts has led the Board to establish new goals of
greater constraint. Within this framework our priorities are to
maintain financial discipline and compliance based upon our
strategic plan moving forward. As such, aside from essential key
hires and engagements, we have decided to maintain a policy of
austerity to ensure that the company is adequately funded until
anticipated significant sales, or additional funding,
materialize.
Since becoming Chairman of the Board just over 3 years ago, I
have defended a management policy based on discipline and
transparency. I am pleased to inform you that this policy is now
bearing fruit and the enhanced team and new advisors are
well-placed to drive the company forward. I remain confident that
the augmented organizational structure, combined with a
strengthened strategic investor base with a global vision, will
provide the ability to adapt to the opportunities from Regulatory
and other changing environments which we face today.
Despite a global backdrop of uncertainties and challenges, with
the augmented team, coupled with the unique abilities of SulNOx to
reduce fossil fuel consumption and emissions, we are ideally placed
to make the very most of a market seeking immediate solutions for
cost and climate issues that lie before us all.
I would like to end this note by expressing my sincerest thanks
to our team, our distribution network and our investors, for your
continued support and contribution to SulNOx, and look forward to
an exciting future to which we will devote all our energies.
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 2023
Unaudited Audited Unaudited
6 months 6 months
to year ended to
30-Sep-23 31-Mar-23 30-Sep-22
GBP GBP GBP
Revenue 135,727 203,076 74,805
Cost of sales (78,701) (138,090) (64,438)
-------------------------- -------------------------- -------------------------------
Gross profit 57,026 64,986 10,367
Distribution costs - - -
Administrative expenses (926,840) (1,972,502) (975,069)
-------------------------- -------------------------- -------------------------------
Operating loss (869,814) (1,907,516) (964,702)
Interest payable and similar
expenses - - -
Loss before taxation (869,814) (1,907,516) (964,702)
Tax on Loss - 3,903 -
-------------------------- -------------------------- -------------------------------
Loss for the financial
period and
total comprehensive income (869,814) (1,903,613) (964,702)
========================== ========================== ===============================
Earnings per share (pence) (0.83) (1.98) (1.02)
SulNOx Group Plc
Consolidated Statement of Financial Position as at 30
September 2023
Unaudited Audited Unaudited
30-Sep-23 31-Mar-23 30-Sep-22
GBP GBP GBP
Non-current assets
Intangible assets 7,279,545 7,479,545 7,679,545
Property, plant and equipment 13,925 15,914 21,047
7,293,470 7,495,459 7,700,592
-------------------------------- -------------------------------------- ------------------------------------
Current assets
Inventory 128,633 79,072 143,343
Debtors 130,540 47,594 81,632
Cash at bank and in hand 562,257 522,868 311,109
821,430 649,534 536,084
-------------------------------- -------------------------------------- ------------------------------------
Creditors: amounts falling
due within one year (563,589) (360,683) (248,819)
Net current assets 257,841 288,851 287,265
Total assets less current
liabilities 7,551,311 7,784,310 7,987,857
Net assets 7,551,311 7,784,310 7,987,857
================================ ====================================== ====================================
Capital and reserves
Called up share capital 2,176,228 2,018,831 1,882,657
Share premium account 14,391,409 13,911,991 13,322,916
Share based compensation
reserve 588,959 588,959 578,844
Profit and loss account (9,605,285) (8,735,471) (7,796,560)
Shareholders' funds 7,551,311 7,784,310 7,987,857
================================ ====================================== ====================================
SulNOx Group Plc
Consolidated Statement of Changes in Equity for the 6 months
ended 30 September 2023
Share
Called Share Based
Up Share Premium Compensation Retained
Capital Account Reserve Earnings Total
GBP GBP GBP GBP GBP
Balance at 1 April
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)
Balance at 30
September
2022 1,882,657 13,322,916 578,844 (7,796,560) 7,987,857
Loss of total
comprehensive
income for the
period - - - (938,911) (938,911)
Issue of share
capital 136,174 589,075 - - 725,249
Movement on reserve - - 10,115 - 10,115
------------------------ ---------------------------- ------------------------------------ --------------------------- -------------------
Balance at 31 March
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) 7,551,331
======================== ============================ ==================================== =========================== ===================
SulNOx Group Plc
Consolidated Cash Flows for the 6 months ended 30
September 2023
Unaudited Audited Unaudited
6 months 6 months
to year ended to
30-Sep-23 31-Mar-23 30-Sep-22
GBP GBP GBP
Cash flows from
operating activities
Loss for the year
after tax (869,814) (1,903,613) (964,702)
Adjustments for:
Taxation charge - (3,903) -
Amortisation and
impairment of
intangible assets 200,000 400,243 200,243
Depreciation and
impairment of
property, plant
and equip 1,989 5,956 3,014
Loss on disposal of
fixed assets - 2,192 -
Tax received - 3,903 -
Share based equity
payment - 10,115 -
Movement in working
Capital
(increase)/decrease
in inventories (49,561) 85,395 21,124
(increase)/decrease
in trade
and other
receivables (82,946) (157,435) (3,581)
Increase/(decrease)
in trade
and other payables 202,906 289.377 (10,377)
--------------------------------- -------------------------------------- --------------------------------------
Cash generated from
operations (597,426) (1,267,770) (754,279)
Net cash from
operating
activities (597,426) (1,267,770) (754,279)
================================= ====================================== ======================================
Cash flows from
financing activities
Proceeds from issue
of shares 636,815 725,250 -
Net cash from
financing
activities 636,815 725,250 -
================================= ====================================== ======================================
Net
increase/(decrease)
in cash
and cash
equivalents 39,389 (542,520) (754,279)
Cash and cash
equivalents at
beginning of year 522,868 1,065,388 1,065,388
Cash and cash
equivalents at
end of year 562,257 522,868 311,109
================================= ====================================== ======================================
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 2023, 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 2023. 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 GBP869,914 by 104,876,470,
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.
SulNOx Group Plc
Notes to the Interim Financial Statements
4. Post-Period Event
On 11 October 2023 the Company announced that Nistadgruppen AS,
an existing substantial shareholder, had subscribe for 3,111,111
new ordinary shares of 2 pence each at a price of 22.5 pence per
share to raise a total of GBP700,000, before expenses.
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END
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