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SulNOx Group PLC on Tuesday said revenue in its third quarter surged, thanks to its shipping clients.
SulNOx is a London-based greentech company, which provides solutions towards decarbonising and improving the efficiency of liquid hydrocarbon fuels. Its shares were up 6.0% to 33.40 pence each in London on Tuesday afternoon.
In the company’s third quarter to December 31, revenue rose 84% on-quarter to £98,400 from £53,000. Annually, revenue more than doubled from £45,700.
SulNOx noted that around half of revenue came from shipping clients during the quarter. It said it has 11 shipping companies trialling its product with a combined fleet size of over 800 vessels and a further three companies with another 600 ships having agreed to paid trials.
In the first nine months of its financial year, revenue came in at £240,1000, more than double from £120,500 a year earlier.
It added that its fourth quarter has ‘also started positively’, with invoiced sales of £64,500.
Chair Radu Florescu said: ‘Q3 was a remarkable quarter in many ways. SulNOx has demonstrated our significant fuel saving capabilities with several large-scale shipping companies facing new costly regulations focussed on reducing emissions from fossil fuel consumption. Q3 also marked our products taking off in Africa and, with an exciting pipeline of large-scale global opportunities, significant funding secured from new and long-term investors for new research and further expansion plans, 2024 points to SulNOx having a transformational year.’
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