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SulNOx Group PLC on Wednesday said sales doubled in the third quarter of its current financial year, as it progresses talks with potential clients in the maritime sector.
The London-based hydrocarbon fuel developer said sales in the three months that ended December 31 more than doubled to £207,700 from £98,600 the year before.
Sales fulfilled and booked, as well as confirmed future sales, for its current quarter to date total a further £152,300, SulNOx added.
The firm said the volume of product sold grew by nearly 89% in the third quarter, compared to a year prior.
‘The third quarter 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,’ said Chair Radu Florescu.
SulNOx reported 44 shipping companies currently evaluating the firm’s product, or expanding their use of the product, across a combined fleet size of around 4,800 vessels. This is up on-year from 35 maritime companies and 4,500 vessels.
A further 65 shipping companies are in discussions to begin evaluations.
Florescu continued: ‘These parties are well placed to help us accelerate our sales cycle and extend our reach to new markets. Trading in the fourth quarter has made an excellent start and we look forward to announcing further positive developments in the remainder of the period.’
Shares in SulNOx were flat at 92.00 pence on the Aquis Exchange on Friday afternoon.
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