Final Results and Audited Annual Report and Accounts for the Year to 31 March 2022
Notice of Annual General Meeting
(Aquis Stock Exchange: SNOX)
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 2022 (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.
Key extracts from the Annual Report can also be viewed below.
Ben Richardson, CEO, commented, “You will see from the below statements that SulNOx is at an inflexion point – revenues are developing rapidly as sales cycles complete or shorten dramatically and new sales organisations make their first orders following impressive evaluation results. Whereas we supplied product free of charge for evaluations at the start of the financial year, most are now paid for as a result of successful results across multiple industries and geographies.
Having talked to prospective clients and reviewed the marketplace over the last 12 months, it is clear that there is no other viable energy transition stock which can make such immediate impacts on fuel consumption and emissions reductions. There are no other products with the full gambit of mechanisms, no others which have the green credentials to satiate the demand for ESG and Green solutions by the world’s largest consumers of fossil fuels.
Every day we now have incoming enquires, sales are made on Amazon or directly on our website and we fully expect SulNOx sales to continue to build rapidly and be monthly cash-flow positive by the end of next year, knowing that in reality only 1 meaningful order from the >1,000 prospective clients in the pipeline could achieve this and more at any time before then.”
Notice of Annual General Meeting
The Company’s Annual General Meeting for the year ending 31 March 2022 will be held at 12 noon on 20 September 2022 at the Groucho Club, 45 Dean Street, Soho, London W1D 4QB (the “AGM”). The notice of the AGM will be posted to shareholders today and a copy will be added to the Company’s website, https://sulnoxgroup.com/investors/.
Any shareholders who wish to attend should RSVP to firstname.lastname@example.org at least 48 hours in advance as the venue requires details of attendees.
In keeping with the Company’s green ethos, and in accordance with the provisions of the Company’s articles of association, this year we are sending only the required “NOTICE OF ANNUAL GENERAL MEETING” by post, whilst the annual report and audited financial statements will posted on the SulNOx website (https://sulnoxgroup.com/investors/).
Modified Audit Report and Quarterly Management Statement
Extract from the Independent Auditor’s Report – Conclusions relating to going concern
“We draw your attention to page 6 of the financial statements which indicates that the Group’s ability to continue as a going concern is reliant on meeting its forecast sales and if these are not met, are dependent on raising additional finance. As stated in page 6, these conditions, along with other matters set out in note page 6 indicate a material uncertainty exists that may cast significant doubt on the group and the parent company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
We identified going concern as a key audit matter based on our assessment of the significance of the risk and effect on our audit strategy.”
In accordance with AQSE Apex Rule 4.3, the Company provides the following Quarterly Management Statement:
- A Trading Update covering the quarter to 30 June 2022, was announced on 30 June 2022 and can be viewed on the Company’s website;
- As stated in Note 29 of the Annual Report, there were no significant balance sheet events in the quarter to 30 June 2022; and
- Group cash balances as at 30 June 2022 were £603,904.
– Ends –
For further information please contact:
SulNOx Group plc
Steven Cowin, Director
Allenby Capital Limited
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
Tel: 020 3328 5656