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

 

16th April 2024

SulNOx Group Plc (the "Company" or "SulNOx")

 

Trading Update: Record revenues continue, up 201% Q3-Q4 and up 173% year on year.

 

(Aquis Stock Exchange: SNOX)

Q4 (Jan-Mar) / Full year Trading Update (to 31 March 2024)

  • Unaudited Q4 revenues of £314,995, up 201% on Q3 (£104,572) and up 282% vs Q4 2023 (£82,546), continue the trend of improving revenues and another record trading quarter, driven by expanding marine sales and associated third party emission monitoring equipment (£85,934), as well as new and repeat sales in Asia.
  • Unaudited full year to 31st March 2024 revenues were £555,290, almost triple the previous year (£203,061).
  • Q1 has also started positively, with committed sales of c. £105k and a strong revenue pipeline as repeat orders are placed for Ghana and marine evaluations continue to grow in both number and wider usage across fleets.
  • Unaudited year end cash balance of £2.15 million.

Shipping update

Revenues in Q4 continued to grow rapidly. Today the Company has 15 (11 in Q3) shipping companies evaluating the product with a combined fleet size of c.3,500 (Q3 c.1,400) vessels. The pipeline is very strong with 45 (Q3 c.30) additional shipping companies in discussion to begin evaluations, which we expect to convert to revenue in the coming quarters – combined their fleets are a further c.5,600 (Q3 c.4,000) ships.

 

New Singapore distributor, Worldoils Pte Ltd, who specialises in broking of rigs, vessels and high-end assets for the Oil, Gas, Maritime and Offshore sectors, has started promoting SulNOx to the Maritime, Oil & Gas and Offshore companies in Singapore, India, the Far East and the Middle East. They have already placed a first order of SulNOxEco drums for shipping company evaluations and multiple smaller units for the offshore, mining and the road transport sectors. Further orders expected in Q1 of the current financial year.

New Patent – Hong Kong

The Company has been granted a patent in Hong Kong to add to the US, European, Eurasian, Chinese, South African, Ukrainian and Georgian patents already secured.

Africa update

Distributor NTL’s order of 3,700 litres of SulNOx in December has been followed up with new, larger order in March of 5,600 litres on the back of committed and expanding sales in fuel distribution (service stations), transportation (haulage/logistics, buses and taxis), retail outlets (including official emissions testing stations) and mining companies. SulNOx has now also engaged distributors in Nigeria, and representatives in Senegal, Guinea, Sierra Leone, Mali and Mauritania.
 

Radu Florescu, Chairman of SulNOx Group commented, “Q4 has continued the improved revenue trend of Q3. I am also pleased that our partnership with Green Sea Guard, who monitor marine emissions, is also adding revenue to the firm. Q1 already shows significant potential with further marine revenues materialising after their typical long sales cycles, being effectively hedged by significant short-cycle sales and expansion in Africa, both geographically and into the mining sector. We expect revenue improvement to continue throughout 2024." 

 

– Ends –

 

For further information please contact:

 

SulNOx Group plc

Steven Cowin, CFO

steven.cowin@sulnoxgroup.com

 

Allenby Capital Limited

(AQSE Corporate Adviser)

Nick Harriss / John Depasquale

 

Tel: 020 3328 5656