SulNOx Group PLC - Second Quarter 2024 Trading Update

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

6 November 2024  

SulNOx Group Plc

(the "Company" or "SulNOx")

Trading Update: Q2 sales volumes up 343.6% on same period last 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 second quarter trading update.

Q2 2024 Trading Update (1 July to 30 September)

Revenue

·      Unaudited Q2 2024 revenues of £237.4k up 343.6% on Q2 2023 (£53.5k) and up 16.9% on prior quarter (£203.1K).

·      Six months to date (1H) £440.5k against £135.7k in 1H 2023, a 224.4% increase.

Volume

·      Total volume of product sold in Q2 up 1,181.6% on Q2 2023 and in line with record volumes in the prior quarter.

·      1H volumes up 397.7% on 1H 2023.

Cash balance

·      Unaudited cash balance on 30 September 2024 of £804.4k against £1,598.6k on 30 June 2024, reflecting investment in global stock levels and research and development.

Trading highlights

·      Increased stock levels in all locations, notably Singapore, U.S., Netherlands and U.K., as well as stock introduced to Southern Spain and Gibraltar.

·      Marine sales and trials in Q2 moved ahead in line with management expectations as marketing focus was expanded to further industrial sectors. Operators purchasing or in trials totalled 39 by the end of Q2 with a combined fleet size of 4,536 vessels across multiple vessel types including container and cruise ships, and an encouraging level of repeat orders.  Extended evaluations included Caspian Marine Services, offering a local demonstration of SulNOx innovation ahead of COP29 in Baku this month.

·      Inland, a generator-based study demonstrated a 14.5% fall in fuel consumption, with substantial reductions in both greenhouse gases and particulate matter. In Ghana, sales primarily to the automotive sector progressed into a second quarter with recurring volumes.

·   New patents for Indonesia, Chile, Singapore and Japan were granted in Q2

Radu Florescu, Chairman of SulNOx Group commented:

"Against a background of further good progress in revenues and sales volumes, most encouraging is SulNOx demonstrating impressive fuel and emissions results in generators operating inland. This compelling data positions us well in major industries beyond marine, where we have seen early success, and reinforces the exciting partnerships we are developing across Africa to capitalise on significant land-based opportunities."

ENDS

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