THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF
REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
2019/310
5 February 2025
SulNOx
Group Plc
(the
"Company" or "SulNOx")
Trading
Update: Quarterly sales more than doubled year-on-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 third quarter trading update.
Q3 2024/5 Trading Update (1 October
to 31 December)
Revenue
·
Sales of £207.7k, an increase of 110.5% (Q3
2023/4: £98.6k)
·
Sales fulfilled and booked in the current quarter
to date of £88.4k and confirmed further sales of £63.9k, totalling
£152.3k for the quarter, so far.
Volume
·
Volume of product sold increased by 88.7% compared
to the same quarter in the prior year
Cash
Balance
·
Unaudited cash balance of £ 2.5 million as at 31
December 2024
Trading Highlights during the
quarter
·
Patent granted in Saudi Arabia
·
First sale to new distributor FHIL in
Nigeria
·
Strengthening of the team with the hire of a Head
of Marketing and Communications, along with a Commercial
Analyst
·
New funding of £2.175 million raised following
continued support from existing major shareholders, plus a major
new strategic investor in McQuilling, offering enhanced access to
the US market
·
Funds will be deployed to:
o Bolster stock for supply due to increased demand, and invest
in new stock locations which are underway
o Expand the Commercial team in order to drive further
sales
o Invest in further research and development
Post-quarter
end
·
Eastern Pacific Shipping Pte Ltd, (EPS) one of the
world's largest privately-owned shipping companies, agrees
investment in SulNOx and major new product supply contract adopting
the product on a minimum of 30 vessels
·
Crystal Cruises, the leader in exceptional cruise
experiences, adopts SulNOxEco
·
Oil reclamation patent granted in Nigeria, the
Company's first for this important separation process
Shipping
Update
Maritime sector interest continues
to gather momentum with several fleets now repeating orders and
expanding use. Following the EPS adoption announcement, a
considerable number of enquiries have been received.
Today, 44 (Q3 2023/4: 35) shipping
companies are evaluating the product or expanding its use across
their combined fleet size of c.4,800 (4,500) vessels. The pipeline
remains very strong with 65 additional shipping companies in
discussion to begin evaluations, which we expect to convert to
revenue in the coming quarters.
SulNOx has also begun marketing its
products in the Middle East and in China - supported by two
successful roadshows in which several major shipping company owners
and managers participated. The Company's offering was very
positively received, and we expect these initiatives to yield a
number of product evaluations.
Radu Florescu, Chairman of SulNOx
Group, commented:
"Q3 has delivered further strong growth in revenue and sales
volumes and we are particularly encouraged by the Company's ability
to attract very significant new strategic partners and investors.
These parties are well placed to help us accelerate our sales cycle
and extend our reach to new markets. Trading in Q4 has made an
excellent start and we look forward to announcing further positive
developments in the remainder of the period."
- Ends -
For further information please
contact:
|
|
SulNOx Group plc
Alex Judd, Head of
Marketing & Communications
|
alex.judd@sulnoxgroup.com
|
|
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Allenby Capital Limited
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
|
Tel: 020 3328 5656
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