The board of the directors of the Company (the “Board”) is pleased to announce its financial results for the six months to 30 September 2021. A copy of these results has been published on the Company’s website.
At a time when global markets are faced with record high fuel prices, together with leading government commitment to net zero emissions at the recent COP26, and with citizens more aware than ever of their own carbon footprint, the SulNOx products have never been more relevant with their capacity to immediately reduce emissions in all liquid hydrocarbon fuels and provide higher efficiency in fuel consumption. With this imperative call to cut emissions, the International Energy Agency (IEA) released its Energy Efficiency and Global Fuel Economy Initiative (GFEI) reports in November, stating that the world “requires a rapid acceleration in the fuel economy of vehicles”, SulNOx is now in a prime position to do just that.
We are pleased to report that the financial results for the six month period ended 30 September 2021 are as initially forecasted, reflecting the investments that we have made to drive future revenue growth.
A loss of £724,121 (2020: loss of £378,102) is reported for the period, which represents a loss per share of 0.83pence (2020: loss per share 0.44pence). Within the period, the £2.59m raise of new capital has provided us with the ability to invest to grow, and to allow SulNOx to work towards realising its potential, which contributed to the increased loss in comparison to the previous period. As such, this new capital has allowed us to invest in the following key areas:
- Patents – applications for patents have been filed in over 70 countries; and new products and uses of existing products have been developed
- Leadership – hiring of a Chief Financial Officer, Chief Brand Officer, and Head of Science & Technology, along with an additional Non-Executive Director;
- Brand Awareness – accelerating the brand recognition via a retained Public Relations firm, Social Media Agency, and developing our e-commerce;
- Sales – investment in significant trials in focussed industry sectors (shipping, haulage, buses and other fleets), by providing product and relevant professional fees, along with investment in critical testing equipment.
Following on from our European certifications from Bureau Veritas announced in February 2021, Bureau Veritas in the US has certified that both US automotive gasoline / petrol and US diesel fuel comply with the American Society for Testing and Materials (ASTM) specifications when the Company’s SulNOxEco™ Fuel Conditioner is added at the recommended levels. This is a watershed moment for SulNOx given the size of the marketplace and, when coupled with the recent consulting arrangement with National Strategies (NSI), it opens up significant opportunities across the USA, Canada and Mexico. There are further plans in motion to gain additional certifications in key markets in the coming months.
With increasing brand awareness through publications, we have attracted additional enquiries and individual sales. In order to facilitate new demand, we have been investing in our e-commerce capability with an online shop on our website (sulnoxgroup.com/shop), and also released the product on Amazon’s sales platform. With the complexities of listing, and the specialist knowledge required to drive a successful sales campaign on Amazon, we have engaged a specialist agency, which we expect to go live in January 2022.
Since the trading release of November 8th, there has been continued optimism and success securing c10 new corporate evaluations, expanding existing trials following initial successes, and c60 additional potential customers added to the sales pipeline. Master distributor A&S International Ltd. has secured an order from a Greek distributor with several others under discussion in Germany and the USA following successful trials. We remain highly confident that we will see other leads convert into revenue in 2022 to compliment the high margin, short sales cycles from retail clients.
The full report can be found here.
SulNOx Group Plc,
Chief Financial Officer,
AQSE Corporate Adviser:
Allenby Capital Limited
Nick Harriss / John Depasquale
020 3328 5656
The directors take responsibility for this announcement.