SulNOx second-quarter revenue up on year as focuses on cost management

(Alliance News) - SulNOx Group PLC on Wednesday reported an annual rise in revenue as it continued to focus on managing costs.

The London-based 'greentech' company specialises in liquid hydrocarbon fuel decarbonisation.

Revenue in its financial second quarter, the three months to September 30, was GBP53,526, up 44% from GBP37,172 a year prior but down from GBP82,197 in the first quarter.

"Q2 2024 has seen revenues increase on the same period of the prior year but decrease on Q1 as the company focussed on significant evaluations already underway in the quarter, additional fund raises, and restructuring to secure the future success of the business. There has been continued progress in business development that we expect to convert in the current financial year," the company said.

It added that cost management continued throughout the quarter and that it will remain as an ongoing focus.

SulNOx said its cash balance had declined to GBP562,257 on September 30 from GBP839,137 on June 30, but since has been bolstered by a GBP700,000 fund raise. Nistadgruppen AS, an existing shareholder, subscribed to 3.1 million shares at 22.50 pence each, raising its stake to 14.4%.

SulNOx shares were trading up 3.9% on the day at 27.00p on Aquis Stock Exchange in London on Wednesday afternoon.

By Tom Budszus, Alliance News reporter

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