SulNOx Group PLC Trading Statement (8032W)
20 April 2023 - 1:00AM
UK Regulatory
TIDMSNOX
RNS Number : 8032W
SulNOx Group PLC
19 April 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
19 April 2023
SulNOx Group Plc (the "Company" or "SulNOx")
Year End Trading Update
European Patent Granted
(Aquis Stock Exchange: SNOX)
Year End Trading Update
The board of the directors of the Company (the "Board") is
pleased to announce continued revenue growth in the latest
financial quarter, with a meaningful increase in revenues in
Q4.
-- Unaudited Q4 revenues of GBP82,446 showed an 80% improvement on Q3's GBP45,720.
-- Unaudited full year Revenues to 31 March 2023 were
GBP202,961, >5x revenues for the previous year (GBP33,522).
-- Q1 2023 has also started positively, with confirmed orders
from UK distributor ElimiNOX and a strong revenue pipeline as
positive evaluation results continue to materialise across
shipping, mining and logistics sectors and in new geographies.
-- Continued progress in cost-reduction.
-- Unaudited year end cash balance of GBP522,872.
European Patent Granted
SulNOx has now secured the European patents for our Berol(R)
6446 Heavy Fuel Oils (HFO) emulsifiers and SulNOxEco(TM) Fuel
Conditioners which enhance all diesel, petrol and biofuels, Very
and Ultra Low Sulphur Fuel Oils (VLSFO/ULSFO) and other lighter
marine fuels, together meaning that SulNOx can improve >70% of
every barrel of oil and setting SulNOx apart scientifically.
The patent provides protection for the 38 member states of the
European Patent Organisation which includes all EU member states
and non-EU members: Albania, Iceland, Liechtenstein, Monaco, North
Macedonia, Norway, San Marino, Serbia, Switzerland, Turkey, and the
United Kingdom.
The Company continues to progress encouragingly with its similar
US patent application.
Jimmy Redman, inventor of the SulNOx products and MD of SulNOx
Fuel Fusions Ltd commented, "The granting of this patent confirms
the unique nature of our emulsifiers and fuel conditioners adding
scientific credence to the real world results we continue to
demonstrate across the globe. It has been known for many decades
that water emulsification can improve the combustion efficiency of
fuels and reduce emissions. Our emulsifiers are capable of solving
a historic problem by stabilising emulsified fuels, long term,
using both ubiquitous and additional water as an ally not an enemy.
More recently the removal of sulphur has impacted fuel lubricity
and ingredients in our formulations are well documented as
lubricity improvers. Our fuel conditioners also covered by this
patent are able to offer all the benefits of fuel emulsification,
and even greater efficiency, without the need to add extra water,
whilst simultaneously dealing with problematic water."
Radu Florescu, Chairman of the Board added "We are very
encouraged by the continued progress on revenues and very happy
about being granted the European patent which can also be
transformative to further business development and our growth
expansion plans. As each day passes, the need for and the interest
in SulNOx products as an immediate solution to reduce emissions
grows. We are very confident that this need will result in further
success for the group."
- Ends -
For further information please contact:
SulNOx Group plc steven.cowin@sulnoxgroup.com
Steven Cowin, CFO
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
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