Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
SulNOx Group PLC on Friday said it had delivered ‘increased revenue and reduced expenses’ in its latest half year, and said it is ‘ideally placed’ to meet future demand for cost reduction and decarbonisation solutions.
The London-based ’greentech’ company, which specialises in liquid hydrocarbon fuel decarbonisation, reported a £869,814 pretax loss for the six months that ended on September 30. This followed a £964,702 loss the year before.
SulNOx said revenue for the period increased 81% to £135,727 from £74,805. Cost of sales increased 22% to £78,701 while administrative expenses decreased 4.9% to £926,840.
‘While sales are still behind our initial projections, we believe that recent evaluation results and interest, particularly in the maritime sector, will provide an upward push towards increased revenue and profitability,’ said Chair Radu Florescu.
Looking ahead, Florescu continued: ‘Despite a global backdrop of uncertainties and challenges, with...the unique abilities of SulNOx to reduce fossil fuel consumption and emissions, we are ideally placed to make the very most of a market seeking immediate solutions for cost and climate issues that lie before us all.’
Shares in SulNOx were trading flat at 26.00 pence on Friday morning in London.
Copyright 2023 Alliance News Ltd. All Rights Reserved.