SulNOx Group PLC - Half-year Report for the 6 months to 30 Sep 2024

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

 30 December 2024

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

Half-Yearly Financial Report for the Six-Months to 30 September 2024

(Aquis Stock Exchange: SNOX)

The board of directors of the Company (the "Board") is pleased to announce the Company's interim financial report for the 6 months to 30 September 2024 (the "Period").  The financial statements for the Period can be viewed below.

Chairman's Statement

I am pleased to report another 6 months of improving performance with products sales and revenue growth in line with the Board's expectations.

The Board is delighted to report that year to date sales have increased 224.4% to £440.3k and volume of product sold has increased c.400%, compared to the same period in the prior year.  Recently, post-Period end, the Company secured additional funding which will be utilised to continue to shape our strategic priorities by enabling a larger product distribution network, an expanded pipeline, and the addition of new personnel to capitalize on SulNOx's existing momentum.  We are grateful that existing significant shareholders have added to their position including Constantine Logothetis, Nistadgruppen AS and Unicorn AIM VCT plc, along with investment from marine and international strategic partners, demonstrating their confidence in SulNOx's future potential.  Cash generation had been a key focus for the Board, and after the recent capital raise, we are pleased to see the expanded cash flow for the upcoming year that will buttress our ambitious sales targets. Our top priorities will be to continue to focus on sales in expanding geographic locations, and leverage repeat orders from existing land and maritime clients in Africa, Europe and Asia.

During the Period we have consolidated and strengthened our relationships with our existing clients, expanded the product pipeline and evaluations, and deepened our understanding on how to leverage SulNOx's product viability. With a renewed focus on adaptability and strategic planning through our key growth drivers; cost and organisational effectiveness, client diversification, focused sales team, and sustainability, we emerge stronger from 2024 as we continue to leverage on the progress we have made to date.  We are underway on new marketing efforts to communicate the product to a broader audience, further global stock locations, additional human resources, and a significant partnership to penetrate the U.S. market.  A large part of SulNOx's U.S. focus includes the recent investment by McQuilling Partners, Inc. and their appointment as our preferred partner to promote and sell SulNOx products in North America.  With their strong presence serving shipping, commodity, and renewables, we are confident of the opportunities ahead.  SulNOx continues to secure its patent footprint and recently announced new markets including Indonesia, Chile, Singapore, Japan and Saudi Arabia, to name a few.

Heading into the New Year, we will continue to maintain the flexibility to change and adapt as both global demands and changing legislation will certainly have an impact on fuel consumption. We are confident that with the existing and expanded team, we are well placed to meet these challenges moving forward.

I would like to thank all of SulNOx's employees and partners for their hard work and commitment throughout 2024, and to our shareholders for their continued support.  We are excited about our prospects and look forward to continued success in 2025.

- Ends -

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