SulNOx Group PLC Third Quarter Trading Update

RNS Number : 9236V

SulNOx Group PLC

05 February 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

 

5 February 2025

SulNOx Group Plc

(the "Company" or "SulNOx")

 

Trading Update: Quarterly sales more than doubled year-on-year

 (Aquis Stock Exchange: SNOX)

 

SulNOx, the greentech innovation company helping industry reduce emissions, lower fuel costs and meet sustainability targets, is pleased to announce its third quarter trading update.

 

Q3 2024/5 Trading Update (1 October to 31 December)

Revenue

·    Sales of £207.7k, an increase of 110.5% (Q3 2023/4: £98.6k)

·    Sales fulfilled and booked in the current quarter to date of £88.4k and confirmed further sales of £63.9k, totalling £152.3k for the quarter, so far.

Volume

·    Volume of product sold increased by 88.7% compared to the same quarter in the prior year

Cash Balance

·    Unaudited cash balance of £ 2.5 million as at 31 December 2024  

Trading Highlights during the quarter

·    Patent granted in Saudi Arabia

·    First sale to new distributor FHIL in Nigeria

·    Strengthening of the team with the hire of a Head of Marketing and Communications, along with a Commercial Analyst

·    New funding of £2.175 million raised following continued support from existing major shareholders, plus a major new strategic investor in McQuilling, offering enhanced access to the US market

·    Funds will be deployed to:

o  Bolster stock for supply due to increased demand, and invest in new stock locations which are underway

o  Expand the Commercial team in order to drive further sales

o  Invest in further research and development

Post-quarter end

·    Eastern Pacific Shipping Pte Ltd, (EPS) one of the world's largest privately-owned shipping companies, agrees investment in SulNOx and major new product supply contract adopting the product on a minimum of 30 vessels

·    Crystal Cruises, the leader in exceptional cruise experiences, adopts SulNOxEco  

·    Oil reclamation patent granted in Nigeria, the Company's first for this important separation process

Shipping Update

Maritime sector interest continues to gather momentum with several fleets now repeating orders and expanding use. Following the EPS adoption announcement, a considerable number of enquiries have been received.

Today, 44 (Q3 2023/4: 35) shipping companies are evaluating the product or expanding its use across their combined fleet size of c.4,800 (4,500) vessels. The pipeline remains very strong with 65 additional shipping companies in discussion to begin evaluations, which we expect to convert to revenue in the coming quarters.

SulNOx has also begun marketing its products in the Middle East and in China - supported by two successful roadshows in which several major shipping company owners and managers participated. The Company's offering was very positively received, and we expect these initiatives to yield a number of product evaluations. 

Radu Florescu, Chairman of SulNOx Group, commented:

"Q3 has delivered further strong growth in revenue and sales volumes and we are particularly encouraged by the Company's ability to attract very significant new strategic partners and investors. These parties are well placed to help us accelerate our sales cycle and extend our reach to new markets. Trading in Q4 has made an excellent start and we look forward to announcing further positive developments in the remainder of the period."

 

- Ends -

 

For further information please contact:

 

	SulNOx Group plc Alex Judd, Head of Marketing & Communications	[e-mail]
	Allenby Capital Limited (AQSE Corporate Adviser) Nick Harriss / John Depasquale	Tel: [phone]

 

 

 

 

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