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SNOX Sulnox Group PLC

39.00
0.00 (0.00%)
10 Oct 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Sulnox Group PLC AQSE:SNOX Aquis Stock Exchange Ordinary Share GB00BJVQQP66
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 39.00 36.00 40.00 39.25 38.00 39.00 224 15:29:01
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

SulNOx Group PLC Half-year Report for the 6 months 30 Sep 2023 (0851W)

08/12/2023 7:00am

UK Regulatory


Sulnox (AQSE:SNOX)
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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

NEXUBUNRORUURAA

(END) Dow Jones Newswires

December 08, 2023 02:00 ET (07:00 GMT)

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