(Aquis Stock Exchange: SNOX)

The board of the directors of the Company (the “Board”) is pleased to announce its financial results for the six months to 30 September 2022. A copy of these results has been published on the Company’s website.

Chairman’s Statement

As reported at the AGM, The Company is beginning to see significant traction in the sales of its SulNOxEco™ Fuel Conditioner product and continues to discuss an order for its Berol 6446 product for use in oil reclamation, a huge market opportunity. Over the last 6 months, we have continued to dramatically increase the SulNOx footprint across the globe, achieving multiple successful evaluations across a wide variety of industries. For the first time we have seen sizeable and repeat orders including from Africa, France, Germany, Greece, Spain and the UK and we will continue to drive conversion of these opportunities to larger, meaningful, and sustainable revenues in the months ahead:

  • Revenue in the period was £74.8k, more than double the £33.5k total for the previous financial year, and three times the £24.5k for the same period in the prior year. A further £31.5k of sales that were expected before end of Q2 slipped into Q3.
  • Looking forward, the revenue pipeline is strong and diversified by geography and industry. Exciting opportunities look set to materialise from shipping evaluations underway or due to start imminently in Azerbaijan, France, Germany, Monaco, Norway, Singapore, and the USA.
  • Revenues from evaluations alone can cover SulNOx operating costs, with any subsequent fleet adoptions being significant financial events.
  • Additional sales to distributors are expected during the second half of the financial year in Angola, Costa Rica, Morocco, The Philippines, Scotland, South
  • Africa, and the USA. Other sizeable quotations have been recently provided for Bolivia and the Democratic Republic of the Congo, following a successful evaluation.
  • On-going and progressing opportunities with Governments, Petrochemical and Power companies also provide “game changing” possibilities.

Whilst revenues demonstrate a “hockey-stick” curve, SulNOx has also significantly reduced run-rate expenses in the last quarter:

  • Cash balance was £311k as at 30 September 2022 vs £604k as at 30 June 2022.
  • Q2 cash reduction of £297k (c.£100k burn per month) vs Q1 £451k (c.£150k burn per month) demonstrates the expense reduction initiatives executed in the period.

The energy crisis resulting from the Russian invasion of Ukraine has been affecting all countries. Coal and oil-fired power stations are being revived as the UN Framework Convention on Climate Change is stating that climate change mitigation is “not going far enough, fast enough” and “nowhere near the scale of reductions required to put us on track to 1.5C”. SulNOx offers green solutions to the world we live in today, where fossil fuels are still very much in demand and will remain so for many years to come, especially in Emerging Markets. The rising cost of fuel and the reduction in OEM investment on internal combustion engines (ICEs) means that the SulNOx products are needed more than ever. Other items of importance include:

  • SulNOx has been nominated for the innovation prize at the prestigious Logistics Leadership Awards, demonstrating that SulNOx adopters, and those who encourage SulNOx’s use in their supply chains, are enhancing their green credentials, an increasingly important question when winning new business or indeed retaining existing clients.
  • SulNOx is now registered with the EPA in the USA per 40 CFR 79.23 Regulation which further assists with our penetration into the US market.
  • SulNOx has also recently developed an online calculator and added it to the website – www.sulnoxgroup.com – to help motorists, fleet managers and other industries, including construction, mining, rail, and shipping clients calculate how much they could potentially save by using SulNOx as well as estimating the positive impact on their carbon footprint.
  • SulNOx continues to demonstrate its effectiveness with biofuels and other alternative fuels such as GTL where SulNOx distributor Swiss Fuel Services has demonstrated a fuel consumption improvement of 14.9% over a 3,288 KM evaluation.

KPMG has recently outlined a series of recommendations, including companies shifting from a narrative-driven approach and making better use of data to drive change and provide evidence of action. The stated aim of Cop 27 is also to move “from negotiation to implementation” and be “where words are translated into actions”. With The FCA also proposing new rules around “greenwashing”, the practical and immediate SulNOx green solutions for decarbonisation become more compelling by the day.

Radu Florescu

The full report can be found here.


SulNOx Group Plc,
Steven Cowin
Chief Financial Officer,

AQSE Corporate Adviser:
Allenby Capital Limited
Nick Harriss / John Depasquale
020 3328 5656

The directors take responsibility for this announcement.