Sulnox revenue jumps but loss widens on share value transfer expense
Sulnox Group PLC on Monday reported a widened interim loss following a share value transfer expense, despite a surge in revenue.
The London-based green fuel technology developer said pretax loss widened to £3.7 million for the six months ended September 30 from £1.2 million a year ago.
The bottom line was largely weakened by a share value transfer expense of £2.2 million, followed by administrative expenses rising 31% to £1.8 million from £1.4 million.
As part of a subscription agreement with EPS Ventures Pte Ltd, Sulnox allotted 4.2 million new ordinary shares of £0.02 each to EPSV in the period.
Revenue surged to £1.2 million from £440,327, which the group attributed to repeat demand and rising new client numbers.
Cash and cash equivalents stood at £1.4 million, jumping 70% from £804,434 a year ago, as the company raised £1.0 million from the issuance of new ordinary shares in the period.
Looking ahead, Chair Radu Florescu said: ‘Momentum has continued into the second half, supported by a growing pipeline and an expanding base of committed users.
‘As a result, the board remains confident in the outlook and in Sulnox’s ability to convert its commercial progress into scalable, cash-generative growth as industries work to reduce fuel costs and emissions without capital expenditure or disruption.’
Shares in Aquis-listed Sulnox were flat at 82.50 pence on Monday morning in London.
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