
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The directors take responsibility for this announcement.
Financial Results for the Six Months to
(
The board of the directors of the Company (the "Board") is pleased to announce its financial results for the six months to
Chairman's Statement
When reviewing a business such as ours it is easy to fall into the trap of focussing on a single item such as product sales, which is very important, and will always be a key part of our story. I say this because three things have occurred in the recent months that will also have significant importance to the value of our shares. Let us review each of them.
Bacterial and fungal damage to fuel due to "free water" is problem is often referred to as "the Diesel Bug". Eliminox (our first UK distributor), working alongside the
It has always been the strategy of the company to sub-contract the manufacturing of our products to a global chemical business of high quality. Our original licensing contract with our global chemical manufacturer ended on
Sometimes an event of great importance occurs which was not in fact planned but the results of which have the ability to dramatically progress our story. Our UK distributor Eliminox continues to sell product to a haulage company named Besblock, who has used it on their fleet of
The message is clear - the sales during lockdown have been small but the progress of your Company has been large.
In May, it was clear that COVID-19 was going to stop us travelling and meeting clients face to face and thus slow the progress of sales, so it was agreed that the company should raise some money as an act of financial prudence. This was handled by Stephen Bamford, our former Chairman, who gathered support from our existing shareholders. Following this successful fund raising, Mr Bamford informed the Board that having reached 70 and after 50 years in the City, that he intended to retire from corporate life. The then Board wished him well.
It should be clear to everyone that the "Path to Net Zero emissions by 2050" is a political aspiration and all businesses must, and will need to work very hard, if this can be achieved at all. We at the
Professor Anthony Granger
Chairman.
Enquiries
Tony Granger, Non-Executive Chairman |
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AQSE Corporate Adviser: Nick Harriss / John Depasquale / James Hornigold |
020 3328 5656 |
The directors take responsibility for this announcement.
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Consolidated Statement of Comprehensive Income for the 6 months ended
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|
Unaudited 6 months ended |
Audited 12 months ended |
Unaudited 6 months ended |
|
|
£ |
£ |
£ |
|
|
|
|
|
|
Turnover |
- |
12,184 |
- |
|
|
|
|
|
|
Cost of sales |
(1,422) |
(32,493) |
- |
|
|
|
|
|
|
|
--------------------------- |
--------------------------- |
-------------------------------- |
|
Gross profit |
(1,422) |
(20,309) |
- |
|
|
|
|
|
|
Distribution costs |
- |
(1,493) |
- |
|
Administrative expenses |
(376,680) |
(1,868,064) |
(724,586) |
|
|
-------------------------------- |
-------------------------------- |
-------------------------------- |
|
Operating loss |
(378,102) |
(1,889,866) |
(724,586) |
|
|
|
|
|
|
|
-------------------------------- |
-------------------------------- |
----------------------------------------- |
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Loss before taxation |
(378,102) |
(1,889,866) |
(724,586) |
|
|
|
|
|
|
Tax on loss |
- |
11,593 |
- |
|
|
-------------------------------- |
-------------------------------- |
-------------------------------- |
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Loss for the financial period and total comprehensive income |
(378,102) |
(1,878,273) |
(724,586) |
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======================================= |
========================================= |
================================ |
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Earnings per share (pence) Note 3 |
(0.44) |
(2.28) |
(0.89) |
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======================================= |
========================================= |
================================ |
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Consolidated Statement of Financial Position |
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|
Unaudited 30 September 2020 |
Audited |
Unaudited |
|
|
|
£ |
£ |
£ |
|
Fixed assets
Intangible assets |
|
|
8,466,970 |
8,680,881 |
8,889,078 |
|
Tangible assets |
|
|
4,116 |
4,704 |
6,147 |
|
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----------------------------------------- |
----------------------------------------- |
----------------------------------------- |
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|
|
|
8,471,086 |
8,685,585 |
8,895,225 |
|
Current assets
Inventory |
|
|
111,438 |
111,438 |
123,830 |
|
Debtors |
|
|
52,832 |
21,119 |
16,688 |
|
Cash at bank and in hand |
|
117,006 |
87,734 |
154,452 |
|
|
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--------------------------- |
--------------------------- |
--------------------------- |
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|
|
|
281,276 |
220,291 |
294,970 |
|
Creditors: amounts falling due within one year |
|
|
(370,544) |
(318,956) |
(983,655) |
|
|
|
-------------------------------- |
-------------------------------- |
-------------------------------- |
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|
Net current liabilities |
|
(89,268) |
(98,665) |
(688,685) |
|
|
|
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----------------------------------------- |
----------------------------------------- |
----------------------------------------- |
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|
Total assets less current liabilities |
|
8,381,818 |
8,586,920 |
8,206,539 |
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|
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----------------------------------------- |
----------------------------------------- |
----------------------------------------- |
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Net assets |
|
8,381,818 |
8,586,920 |
8,206,539 |
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========================================= |
========================================= |
========================================= |
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Capital and reserves
Called up share capital |
|
|
1,707,657 |
1,695,782 |
1,631,118 |
|
Share premium account |
|
|
10,942,815 |
10,781,690 |
9,301,144 |
|
Share based compensation reserve |
|
|
307,439 |
307,439 |
283,842 |
|
Profit and loss account |
|
|
(4,576,093) |
(4,197,991) |
(3,009,565) |
|
|
|
----------------------------------------- |
----------------------------------------- |
----------------------------------------- |
|
|
Shareholders' funds |
|
8,381,818 |
8,586,920 |
8,206,539 |
|
|
|
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========================================= |
========================================= |
========================================= |
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Sulnox Group PLC Group Statement of Changes in Equity for the 6 months ended
|
Called up share capital |
Share premium account |
Share based compensation reserve |
Retained earnings |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
Balance as at |
1,631,118 |
9,389,155 |
- |
(2,319,718) |
8,700,555 |
|
|
|
|
|
|
Loss of total comprehensive income for the year |
- |
- |
- |
(689,847) |
(689,847) |
Issue of share capital |
- |
(88,011) |
- |
- |
(88,011) |
Issue of share based payments |
- |
- |
283,842 |
- |
283,842 |
|
----------------------- |
-------------------------------- |
--------------------------- |
----------------------------------------- |
----------------------------------------- |
Balance at |
1,631,118 |
9,301,144 |
283,842 |
(3,009,565) |
8,206,539 |
Loss of total comprehensive income for the year |
- |
- |
- |
(1,188,426) |
(1,188,426) |
Issue of share capital |
64,664 |
1,480,546 |
- |
- |
1,545,210 |
Issue of share based payments |
- |
- |
23,597 |
- |
23,597 |
|
----------------------- |
-------------------------------- |
--------------------------- |
----------------------------------------- |
----------------------------------------- |
Balance at |
1,695,782 |
10,781,690 |
307,439 |
(4,197,991) |
8,586,920 |
|
|
|
|
|
|
Loss of total comprehensive income for the year |
- |
- |
- |
(378,102) |
(378,102) |
Issue of share capital |
11,875 |
161,125 |
- |
- |
173,000 |
|
|
|
|
|
|
|
----------------------- |
-------------------------------- |
--------------------------- |
----------------------------------------- |
----------------------------------------- |
At |
1,707,657 |
10,942,815 |
307,439 |
(4,576,093) |
8,381,818 |
|
|
|
|
|
|
|
|
|
|
|
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Group Statement of Cash Flows For the 6 months ended |
Unaudited |
Unaudited |
Unaudited |
|
£ |
£ |
£ |
Cash flows from operating activities
Loss for the year after tax |
(378,102) |
(1,878,273) |
(724,586) |
Adjustments for: |
|
|
|
Taxation charged |
- |
(11,593) |
- |
Amortisation and impairment of intangible assets |
213,910 |
408,197 |
200,000 |
Equity settled share based payment expense |
- |
307,439 |
283,842 |
Depreciation and impairment of property, plant and equipment |
588 |
1,568 |
125 |
Movements in working capital: |
|
|
|
(Decrease)/increase in inventories |
- |
(111,438) |
(114,533) |
(Decrease)/increase in trade and other receivables |
(31,712) |
(11,822) |
(16,688) |
(Decrease)/increase in trade and other payables |
51,588 |
(220,438) |
407,462 |
|
----------------------------------------- |
----------------------------------------- |
----------------------------------------- |
Cash generated from operations |
(143,728) |
(1,516,360) |
35,622 |
Tax (paid)/received |
- |
(11,593) |
- |
|
----------------------------------------- |
----------------------------------------- |
-------------------------------- |
Net cash from operating activities |
(143,728) |
(1,504,767) |
35,622 |
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========================================= |
========================================= |
================================ |
Cash flows from financing activities
Proceeds from issue of shares |
173,000 |
1,476,849 |
- |
Share issue costs |
- |
(19,650) |
(88,011) |
Repayment of loans |
- |
(71,539) |
- |
|
----------------------------------------- |
----------------------------------------- |
-------------------------------- |
Net cash from financing activities |
173,000 |
1,385,660 |
(88,011) |
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========================================= |
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================================ |
Net increase in cash and cash equivalents |
29,272 |
(119,107) |
(52,389) |
Cash and cash equivalents at beginning of year |
87,734 |
206,841 |
206,841 |
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----------------------------------------- |
----------------------------------------- |
Cash and cash equivalents at end of year |
117,006 |
87,734 |
154,452 |
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Notes to the Interim Financial Statements
1. General Information
The Company's principal activity is the procurement of orders for customers wishing to use two fuel emulsifier products previously developed by the group and now owned under licence to
2. Basis of Preparation
The interim financial statements of the Company and its subsidiaries for the six months ended
The financial information contained in the interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the full preceding statutory reporting period is based on the statutory accounts for the year ended
As permitted, this interim report has been prepared in accordance with the AQSE Growth Market Rules for Issuers and not in accordance with IAS 34 "Interim Financial Reporting" therefore it is not fully compliance with IFRS.
The interim financial statements are presented in sterling.
3. Loss per share
Basic loss per share is 0.44p. The basic loss per ordinary share is calculated by dividing the loss of
The loss attributable to equity holders (holders of ordinary shares) of the Company for calculating the fully diluted loss per share is identical to that used for calculating the loss per share. The exercise of share options would have the effect of reducing the loss per share and is therefore anti-dilutive.
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