Final Results for the Year to 31 March 2026
Summary by AI BETAClose X
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
7 September 2026
Sulnox Group Plc
(the "Company" or "Sulnox")
Final Results and Audited Annual Report and Accounts for the Year to 31 March 2026
Notice of AGM
(Aquis Stock Exchange: SNOX)
Final Results
The Board of Directors of Sulnox (the "Board") is pleased to announce the Company's final results and the publication of the audited annual report and accounts for the year to 31 March 2026 (the "Annual Report").
The Annual Report will be published on the Company's website in compliance with its articles of association and the electronic communications provisions of the Companies Act 2006. A copy of the Annual Report can also be accessed through the link below.
Annual Report - http://www.rns-pdf.londonstockexchange.com/rns/7227T_1-2026-9-7.pdf
Key extracts from the Annual Report can also be viewed below.
Notice of AGM
The Company's Annual General Meeting for the year ending 31 March 2026 will be held at 10.30 am on 30 September 2026 at the offices of Beck Greener LLP, Fulwood House, 12 Fulwood Place, London WC1V 6HR (the "AGM"). The notice of the AGM will be posted to shareholders today and a copy will also be published on the Company's website, https://sulnoxgroup.com/investors/ (the "Notice")
- Ends -
For further information please contact:
|
Sulnox Group plc Alex Judd, Head of Marketing & Communications |
alex.judd@sulnoxgroup.com |
|
Allenby Capital Limited (AQSE Corporate Adviser) Nick Harriss / John Depasquale (Corporate Finance) Amrit Nahal (Equity Sales) |
Tel: 020 3328 5656 |
|
Chairman's Statement |
On behalf of Sulnox's Board of Directors, I am pleased to present our annual report and reflect on another year of progress for our company. Despite ongoing economic uncertainty, the conflict in the Middle East, evolving environmental regulations, and volatility in global energy markets, our company has remained focused on delivering innovative fuel solutions that enhance engine performance, improve fuel efficiency, emission reduction and engine maintenance costs.
This year demonstrated the resilience of our business and the strength of our long-term strategy. We continued to invest in research and development, have attracted new investors, expanded our pipeline, vastly improved logistic support and strengthened relationships with customers across the land, marine, and industrial sectors. These efforts have positioned us to capitalize on growing demand for cleaner, more efficient fuel solutions worldwide.
The transportation and energy industries are undergoing significant transformation. While electrification and renewable energy continue to expand, conventional fossil fuels will remain an essential part of the global energy mix for the foreseeable future. This creates an important opportunity for fuel conditioners that improve combustion efficiency, extend engine life, reduce maintenance costs, and support compliance with increasingly stringent environmental standards. As the war in the Middle East has demonstrated, climate policy regarding fossil fuel emissions is being reviewed due to the continued dependence on oil. The broader global trend indicates that countries increasingly view innovative energy solutions as a national-security asset, not just climate policy. These same energy security concerns created by the conflict may ultimately accelerate the growth of Sulnox across multiple markets and we believe our technology and expertise uniquely position us to serve this evolving market.
Operational excellence remained a priority throughout the year. We will continue to focus and improve manufacturing efficiency, strengthen supply logistics, and build our commercial team and capabilities. These initiatives have already contributed to the expansion of our global footprint.
None of our achievements would have been possible without the dedication of our employees, the trust of our customers, the support of our business partners, and the guidance of our Board of Directors. Their commitment, expertise, and shared vision continue to drive our success.
Looking ahead, we remain optimistic about the opportunities before us. We will continue investing in innovation, expanding into attractive growth markets, strengthening our global presence, and maintaining disciplined financial management. Our objective remains clear: to deliver sustainable growth while creating lasting value for our shareholders.
On behalf of the Board of Directors, I extend my sincere appreciation to all our shareholders for your continued confidence and support. We look forward to building on our momentum and achieving even greater success in the years ahead.
Strategic Report
Principal activities
The energy transition can't wait for tomorrow's fuels.
The world will rely on liquid fossil fuels for decades, with "peak oil" expected to be around 2050.
For fuel-dependent sectors, every litre burned inefficiently creates unnecessary cost and avoidable emissions - and as biofuel adoption accelerates, new operational challenges are emerging alongside.
The immediate opportunity, therefore, is to make today's fossil fuels and biofuels cleaner, more efficient and more reliable.
Sulnox Group plc is a greentech innovation company with a clear purpose: Making Fuel Go Further. Quoted on the Aquis Stock Exchange Growth Market (AQSE: SNOX) and traded in the United States on the OTCQX Best Market (OTCQX: SNOXF), the Group develops and commercialises patented fuel-treatment products for fossil fuels and biofuels.
Its technologies help fuel-dependent industries:
· Improve the economics of existing operations
· Make measurable progress towards sustainability goals
· Act today, rather than wait for tomorrow's fuels
The Group's core product, Sulnox Eco™, is a simple, pour-in fuel treatment requiring no capital expenditure or changes to existing engines or infrastructure. It delivers measurable reductions in fuel consumption and emissions across applications using petrol, diesel, fuel oils, marine fuels and biofuels, while supporting cleaner and more efficient engine operation.
The global sales strategy continues to focus on ten sectors that are heavy polluters, seeking to reduce emissions and fossil fuel consumption. At a conceptual level, Sulnox is addressing markets with a theoretical sales capacity of £40bn per annum, some 15,000 times its current sales volumes or more, indicating a considerable upside, per the below illustration:
Source: Investors Chronicle / Sulnox Group plc / Market Cap quoted as at 24 November 2025
Beyond Sulnox Eco™, Sulnox Innovations is the Group's dedicated research, development and product-development division, established to develop and commercialise practical technologies that can deliver measurable economic and environmental benefits without requiring customers to replace existing engines or undertake significant capital investment.
Building on the Group's core expertise, Sulnox Innovations is focused both on extending the applications of Sulnox's existing technologies and on developing complementary solutions that can support customers as fuels and regulatory requirements evolve. Current areas of activity include improving the performance and reliability of biofuels and Sulnox Reclaim, the Group's proprietary technology addressing opportunities in oil recovery and reclamation.
Business review
The Statement of Comprehensive Income and Statement of Financial Position for the year are set out
on pages 31 and 32 respectively. A high-level review of developments affecting the Group during the year and of its prospects for the future appear in the Chairman's Statement on page 3.
Full year revenues to 31 March 2026 were £2,623k representing a 134% increase from the £1,121k reported for the prior year, with every quarter in the year outperforming the prior year's results:
|
|
FY2026 |
FY2025 |
Change |
|
Q1 2026 |
£523k |
£203k |
157% |
|
Q2 2026 |
£679k |
£237k |
186% |
|
Q3 2026 |
£492k |
£210k |
135% |
|
Q4 2026 |
£929k |
£471k |
97% |
|
Grand Total |
£2,623k |
£1,121k |
134% |
During the year ended 31 March 2026, the net decrease in cash in the period was £1,372.2k (2025
decrease: £47.0k) resulting in cash and cash equivalents as at 31 March 2026 of £821.5k (2025: £2,193.7k).
Key performance indicators:
The Key Performance Indicators ("KPIs") for the Group are listed as follows:
2026 2025
Earnings/(loss) per share (6.49) pence (3.34) pence
Adjusted Earnings/(loss) per share* (3.20) pence (2.66) pence
*Adjusted loss per share is the loss for the year before Share Value Transfer
The increase in loss per share in the year is predominantly due to non-cash expenditure, specifically the value of shares transferred to an investor linked to product purchased of £4,365.8k (2025: £916.6k), and share options issued to management of £1,336.2k (2025: £609.3k).
Sulnox Fundraising Summary:
In June 2025 Sulnox raised £1,000,000 from a group of new and existing investors led by a shipowner whose company has been using Sulnox Eco on multiple vessels, and Nistadgruppen AS ("Nistad").
In December 2025 Sulnox raised £420,290 through the exercise of warrants that were issued as part of a fund raise in December 2023.
Throughout the year, Sulnox raised £130,951 through the issuance of ordinary shares under a contract with a key customer, which was linked to volumes of product purchased.
Subsequent to the year end, in April 2026, Sulnox raised £2,000,000 from a group of investors, led by a shipowner whose company has been using Sulnox Eco on multiple vessels for more than two years, and Nistad.
Abstract:
Sulnox delivered a year of accelerated commercial traction, with revenue more than doubling and product volumes increasing significantly as adoption of Sulnox EcoTM continued to expand across international markets.
While the marine sector remained the principal driver of revenue growth, the Group also broadened its commercial footprint through increasing engagement in land-based industries. Growth was driven not only by the acquisition of new customers and expansion into additional territories, but also by higher levels of repeat business and wider deployment by existing customers.
Across all sectors, common themes are emerging:
· Pressure on emissions is intensifying
· Fuel and maintenance costs continue to squeeze margins, and
· The demand for near-term solutions that require no capital commitment is growing
Sulnox's technology is well positioned to address these priorities as they continue to intensify, as illustrated below:
· Global Market Reach: Sulnox products have now been sold in more than 50 countries, reflecting the continued expansion of the Group's international customer base and commercial footprint.
· Resilient Global Manufacturing: Chemical production is now strategically established across the Americas, Europe and Asia, providing regional manufacturing capability that improves customer responsiveness, enhances supply-chain resilience and reduces geopolitical, logistical and foreign exchange risks.
· Strategic Distribution Infrastructure: The Group has established product availability across 10 major global shipping and bunkering hubs: the USA, the UK, Algeciras, the Netherlands, the UAE, Singapore, China, South Korea, Indonesia, and Australia. This network is supported by a dedicated in-house logistics capability, enabling efficient global product supply and supporting fleet operators wherever they bunker.
· Expanded Distribution Network: During the year, Sulnox significantly strengthened its global distribution platform across both land-based and marine markets. This included expansion into India (post year-end) and the execution of a long-term global distribution agreement with Drew Marine, one of the world's leading suppliers of marine chemicals and technical services. The partnership provides access to a commercial network serving more than 2,500 ports worldwide, significantly enhancing the scalability of Sulnox's marine growth strategy.
· Strengthened Intellectual Property Portfolio: The Group continued to expand the international protection of its technologies. Patent coverage for Sulnox Eco™ was extended across additional territories in South America, Asia, Africa and the Eastern Mediterranean, while the Company's Sulnox Reclaim technology secured further patent protection in Europe, the Eurasian region, South Africa, Hong Kong and Algeria, reinforcing the Group's competitive position and supporting future commercial expansion.
Overarching Strategy 2026/27
Sulnox enters the new financial year with stronger commercial momentum than at any previous point in its development. The Group's strategic priority is increasingly to convert proven technology, growing customer adoption and expanding international reach into recurring revenues and sustainable commercial scale.
The strategy is focused on three closely connected priorities:
1. Accelerating growth in marine markets where Sulnox has established significant commercial traction;
2. Developing the substantial opportunity across selected land-based applications; and
3. Continuing to invest in innovation, product development and technical validation to strengthen the Group's competitive position and long-term growth potential.
Marine Revenue Growth
Marine currently represents the Group's most developed market and principal revenue driver. The strategy is focused on converting growing adoption and customer engagement into recurring, fleet-wide deployment, while strengthening the partnerships, technical evidence and distribution capabilities required to support continued scale.
· Convert and expand strategic accounts: Prioritise the conversion of successful evaluations into long-term supply relationships and increase deployment across the fleets of existing customers.
· Strengthen commercial partnerships: Work closely with established distribution and industry partners to extend market reach, accelerate customer acquisition and support wider adoption.
· Develop strategic channels: Continue to develop relationships across the marine fuel supply chain and wider industry where these can provide scalable routes to market and increase the accessibility of Sulnox technologies.
· Advance technical leadership: Continue collaborative research, operational evaluation and independent testing to strengthen the evidence supporting Sulnox's performance across conventional, blended and renewable marine fuels, while pursuing adjacent opportunities selectively where there is clear customer demand and potential for repeat deployment.
Land-Based Growth
Land-based applications represent a substantial part of Sulnox's longer-term addressable market. The Group has strengthened its dedicated commercial leadership in this area and will continue to pursue the opportunity selectively, concentrating resources on sectors, markets and partnerships offering the clearest potential for significant and repeat deployment.
· Focus on high fuel-intensity sectors: Concentrate commercial activity on applications where fuel represents a significant operating cost and Sulnox can demonstrate a clear economic and environmental value proposition.
· Build on established market traction: Prioritise markets where existing customer activity, distributor relationships or commercial opportunities provide a strong foundation for further growth.
· Strengthen distribution: Develop high-quality partnerships capable of providing established customer access, technical support and scalable market coverage.
· Develop strategic direct accounts: Engage selectively with major fleet operators, industrial users and multinational organisations where direct relationships offer the potential for high-value, long-term contracts and wider deployment across multiple sites or markets.
Innovation and Product Development
Through Sulnox Innovations, the Group will continue to invest selectively in research, product development and complementary technologies that extend the applications of its core technology and increase the value delivered to customers.
The focus will remain on practical, scalable solutions capable of improving fuel performance, addressing the challenges presented by an evolving fuel mix and helping customers to measure and demonstrate the economic and environmental benefits achieved.
Current priorities include continued research and product development around biofuels and fuel reclamation, further independent technical validation, and the development of complementary digital, monitoring and deployment capabilities that can support broader commercial adoption.
This approach is intended progressively to broaden Sulnox's proposition beyond the supply of fuel-treatment products alone, providing customers with an increasingly integrated range of solutions that help improve, measure and validate fuel performance and environmental outcomes.
Key business highlights since the last report include:
Revenue and product volumes continued to increase during the year, supported by a broader customer base, expanding international engagement and growing evidence that customer evaluations are successfully progressing into repeat orders and wider fleet deployment.
As commercial adoption has accelerated, Sulnox has also continued to strengthen its reputation as an innovator in fuel efficiency and emissions reduction technologies. The Group is increasingly recognised by both industry and the investor community for delivering practical solutions that combine commercial value with measurable environmental benefits. A selection of the Group's key achievements during the year is highlighted in the graphic below.
Following the year end, this growing recognition was reflected in two significant industry awards. Sulnox and Spring Marine received the Bronze ESG Industry Partnership Leader Award at the 2026 ESG Shipping Awards, recognising the successful implementation of Sulnox technology within the maritime sector. The Group also formed part of the winning submission for the Superyacht UK Award, organised by British Marine, further demonstrating the increasing industry recognition of Sulnox's technology and its contribution to improving operational sustainability.
Marine expansion:
The Marine sector remains the primary driver of growth, with Sulnox now engaged with c.100 shipping companies globally, almost double the number at the same time last year.
Adoption spans a broad range of vessel types, including cruise ships, tankers, bulk carriers, containerships, gas carriers, passenger and offshore vessels - and across both conventional marine fuels and biofuels.
Eastern Pacific Shipping, one of the world's largest privately owned shipping companies, increased its shareholding in the Group (both during and post year-end), a clear vote of confidence in our technology, and a powerful signal to the wider market. The agreement significantly expands deployment of Sulnox Eco™ across the EPS fleet, increasing usage from approximately 30 vessels to more than 50 vessels and the supply of approximately 1.2 million litres of Sulnox Eco over the contract term. Wider than this EPS will continue to introduce ship owners, ship managers, charterers and assist with Sulnox R&D.
Repeat ordering and wider fleet rollouts, including previously announced operators such as Spring Marine, Pan Marine and Crystal Cruises reflect growing confidence in both the operational and commercial benefits of the technology. Further encouragement can be taken from the expansion into chartered and third-party managed fleets, which come with significant scale and across new territories in Europe, Asia, Africa and the Americas.
This growth is also being supported by a strengthening industry backdrop, with tightening emissions regulation - including global measures such as the IMO's Carbon Intensity Indicator (CII), and regional frameworks like those in the EU Emissions Trading System (EU ETS) and the progressive implementation of FuelEU maritime - alongside sustained fuel cost pressures, driving demand for practical, near-term, evidence based, verifiable efficiency solutions.
Land Sales New Markets, Growth and Distributor expansion:
Whilst Marine currently contributes to the majority of our sales and growth, it represents only c.5% of global oil consumption.
Capital Access Group's November 2025 research note estimated Sulnox's addressable market opportunity at over £40bn in annual revenue, with the majority of this opportunity across land-based sectors. Mining, construction, rail, public transportation, logistics, power generation and fuel retail all face similar pressures around fuel and maintenance costs, emissions-reduction requirements and sustainability objectives, driving demand for efficiency-led solutions.
In recognition of this opportunity, the Group hired a senior resource with 'Big Oil' experience spanning lubricant sales, clean-energy solutions and decarbonisation to lead land sales and distributor development, supported by further investment in the commercial team.
Throughout the year, and post year-end, the Group established new partner relationships, most notably in France, Finland, West and Southern India, Sri Lanka, Pakistan, and Panama. These new distribution agreements bring access to new fuel-intensive customers, technical capabilities, and local regulatory knowledge.
The Group has also continued to make positive progress with existing distributors and introducers in the UK, Canada, Africa and South America with emerging opportunities in Southeast Asia and Japan.
Intellectual property and Sulnox Innovations:
During the year ended 31 March 2026, the Group materially extended the geographic protection of its intellectual property and strengthened its research and development capabilities with the launch of Sulnox Innovations, focused on developing next-generation solutions to support evolving fuel types and improve performance across the energy transition.
Independent laboratory testing assessed the Sulnox Eco across a range of marine fuels covered by the expanded ISO 8217 marine-fuel standard, including conventional fossil fuels, FAME blends, neat FAME or B100, and hydrotreated vegetable oil (HVO).
The evaluation confirmed compatibility across all fuels tested and identified measurable benefits in selected biofuel chemistries, including an approximately 28% improvement in HVO lubricity, a threefold improvement in the oxidative stability of B100, and a "technically significant" reduction in steel-corrosion pitting associated with untreated B100.
These results extended Sulnox's R&D proposition beyond conventional fuel-efficiency improvement by demonstrating potential solutions to several operational issues associated with increased biofuel use, including reduced lubricity, lower storage stability and greater corrosion risk in fuel systems. The work provides a technical foundation for further product development aimed specifically at renewable and blended fuels. These results are particularly relevant as marine biofuel adoption accelerates, with demand projected to grow from 1-2 million tonnes annually to 15-30 million tonnes by 2030 (Source: IEA), reinforcing Sulnox Eco's position as a low-risk, drop-in solution across both conventional and renewable fuels.
The Group secured six additional patents (during and post year-end) for its core fuel-conditioning and emulsification technologies across strategically important markets in South America, Asia, Africa and the Eastern Mediterranean. These grants further reinforce the protection of Sulnox's proprietary technology and support the Group's long-term commercial strategy in key international markets.
Significant progress was also made in expanding the patent protection for Sulnox Reclaim, the Group's proprietary technology for recovering usable fuel oil from oily wastewater and ships' slops. Sulnox Reclaim combines the Company's expertise in fuel emulsification with an enhanced oil-and-water separation process capable of reducing typical prolonged separation times to just a few hours, operating at lower temperatures and recovering fuel with typically less than 1.5% residual water. During the year and post year-end, additional patent protection was secured across Nigeria, eight Eurasian jurisdictions, 39 European countries, Hong Kong, Algeria and South Africa, substantially extending the geographical coverage of this technology.
Following these additions, Sulnox's technologies are now protected with more than 100 patents globally, providing a strong intellectual property platform that supports the Group's competitive position and underpins future commercial expansion across fuel conditioning, biofuels, emissions reduction and fuel reclamation applications.
Strategy 2026 - Details
Sulnox begins the new financial year with stronger commercial momentum than at any previous point in its development. The Group's objective is to convert continuing revenue growth into improved operating leverage and, ultimately, sustainable positive cash generation.
Achievement of this objective will depend on revenue generation through customer conversion, order recurrence, gross margin, operating-cost control, working-capital requirements and the timing of investment in people, product development and market expansion.
Sulnox Eco™ technology addresses a multi-billion-litre land-based fuel market across virtually every sector that relies on internal combustion engines. While the overall opportunity is extensive, success depends on maintaining a disciplined focus and prioritising the markets where Sulnox has the strongest competitive advantage and highest probability of commercial success. The strategy therefore targets high fuel-intensity sectors and geographies where market conditions and customer demand are most favourable.
Sulnox Innovations
Sulnox Innovations, launched in June 2025, is the Group's dedicated research, development and product-development division. Its purpose is to accelerate the development, validation and commercialisation of practical technologies capable of delivering measurable economic and environmental benefits without requiring customers to replace existing engines or undertake significant capital investment.
Its remit extends beyond the development of new fuel-treatment formulations. Sulnox Innovations also explores complementary technologies that can improve product deployment, strengthen the measurement and validation of customer outcomes and increase the overall value delivered by Sulnox technologies.
Working with customers, industry partners, laboratories, universities and other specialist organisations, the division has two principal objectives: to strengthen and extend the applications of the Group's existing technology platform; and to develop new products and complementary solutions addressing the evolving requirements of conventional, blended and renewable fuels.
Current areas of activity include biofuel performance and protection, fuel reclamation, technical validation and selected technologies supporting more effective deployment and measurement. The Group intends to disclose further developments as individual initiatives reach appropriate stages of technical and commercial maturity.
Examples of these initiatives are outlined below:
Biofuels - a Strategic Opportunity
The accelerating adoption of biofuels across marine, transport and industrial markets creates both an important opportunity and new operational challenges. While biofuels can provide significant lifecycle emissions benefits, their different chemical characteristics can present issues including reduced stability and lubricity, water absorption, corrosion and shorter storage life.
Independent testing of Sulnox technology across conventional and renewable fuels has demonstrated measurable benefits in selected biofuel chemistries, including improvements in lubricity and oxidative stability and reductions in corrosion. These findings extend the potential value of Sulnox beyond fuel-efficiency improvement alone and provide a strong technical foundation for continued research and product development.
As adoption increases, the Group believes demand will grow for technologies capable of improving biofuel performance, protecting engines and fuel systems and supporting operational reliability. Sulnox Innovations will continue to develop its capabilities in this area, with further developments announced as they reach appropriate stages of technical and commercial maturity.
Measurement and Environmental Value
As customer adoption grows, Sulnox is continuing to explore complementary technologies and methodologies that can strengthen the measurement and validation of customer outcomes.
More robust measurement and verification of fuel and emissions performance can strengthen the evidence supporting Sulnox's value proposition and help customers demonstrate the economic and environmental benefits achieved. Over time, verified environmental outcomes may also create additional value for customers as emissions-reporting requirements, environmental standards and associated markets continue to develop.
Strengthening the team
The Group remains committed to maintaining a lean and scalable operating model by outsourcing manufacturing, logistics and many sales activities through carefully selected strategic partners and distributors. This approach enables Sulnox to expand internationally while maintaining tight control over operating costs and minimising capital investment.
As commercial activity continues to increase, the Group will make targeted investments in its people where these are expected to deliver the greatest strategic and commercial benefit. Recruitment will remain selective and focused primarily on strengthening the Commercial Team, enhancing the Company's ability to support distributors, develop strategic customer relationships, convert opportunities into recurring revenues and accelerate expansion across land-based markets.
In parallel, the Group is continuing to strengthen its long-term research and innovation capability. Through collaboration with a leading university, Sulnox intends to increase its access to specialist scientific expertise and laboratory facilities, supporting product validation, testing and the development of next-generation technologies in a cost-effective manner. The collaboration will increase the Group's research capacity and provide further opportunities for academic engagement and peer-reviewed scientific work.
Strengthening the Investor Base
During the year, Sulnox continued to strengthen the quality and diversity of its shareholder base through the introduction of additional strategic and long-term investors whose interests are closely aligned with the Company's commercial growth objectives.
The Board believes that attracting investors with deep industry expertise, extensive international networks and long-term investment horizons provides benefits beyond capital alone. Largest shareholders Constantine Logothetis and Nistad have continued to support the business through commercial introductions, technical collaboration and access to new markets, helping to accelerate customer engagement and business development. EPS Ventures shareholding increased from 6.47% to 10.83% post year-end and will expand to approximately 14% over the lifetime of the new agreement.
The Board remains committed to maintaining an open and transparent dialogue with both institutional and private investors through regular regulatory announcements, financial reporting, investor presentations and shareholder engagement, recognising that a supportive, informed and diverse investor base is fundamental to the Company's long-term growth and the creation of sustainable shareholder value.
As at end of July 2026 we had 826 identifiable shareholders, up from 647 a year ago.
Marketing and Communications
During the year, Sulnox further developed its marketing and communications programme around two clear commercial objectives: making Sulnox easy to remember and making Sulnox easy to buy.
Easy to Remember
Building awareness, recognition and credibility among target audiences.
Activities include:
- PR and thought leadership: Earned media coverage, editorial bylines and industry commentary, supported by Hydra Strategy
- Investor relations: Retail and institutional investor outreach and engagement supported by Capital Access Group
- Social media: Company-owned and executive LinkedIn activity combining company updates, technical thought leadership and audience development
- Paid media and advertising: Targeted trade media placements and LinkedIn campaigns to build awareness and trust among priority audiences
- Website management and AI/search engine visibility: Continued development of the Group's digital presence to support discovery and engagement
Key measure:
Share of search - the proportion of total branded search activity within a defined competitive set - is an established leading indicator of market share, according to The Institute of Practitioners in Advertising research across more than 30 case studies.
For Sulnox it also serves as a direct measure of recall: when someone searches for Sulnox by name, they have thought of the brand unprompted, which is precisely what this objective is designed to create. During the full year to March 2026, Sulnox held 9.0% of category search volume, with monthly volumes 28% higher at year-end than at the start of the financial year. The three largest brands in the category - together accounting for 71% of total category searches - were all flat or in decline over the same period.
Key highlights:
· The Group generated 104 pieces of earned media during the year, with more than half in tier-one titles - a rate that significantly outpaces comparable peers - including profiles in Investors' Chronicle and TradeWinds, and a double-page byline in Bunkerspot
· The Group was selected from more than 6,000 global submissions to present at the ADIPEC Technical Conference 2025 and was named a finalist in four industry awards programmes.
· Biofuels: Ready or Not, produced in partnership with Drew Marine, delivered engagement at three to five times the industry benchmark for LinkedIn advertising, generating significant attention from marine decision-makers.
Easy to Buy
Ensuring Sulnox is easy to engage with and buy, removing friction throughout the sales process.
Activities include:
- Event management: Amplifying event participation and sponsorship through coordinated activity with partners
- Adoption support: Developing sector-specific sales materials, case studies and educational content
- Paid media and advertising: Running targeted digital campaigns designed to generate relevant commercial enquiries
Key measure:
Full CRM integration was completed during the year, providing the infrastructure to connect marketing activity to pipeline metrics - including net new enquiries, deal progression, sales cycle length and customer acquisition cost. This will increasingly inform how activity is prioritised and measured as the dataset matures through FY27.
Key highlights:
- Exhibited at six high-access industry events, including Capital Link and Posidonia, delivering senior decision-maker access and attributable pipeline progression
- Paid LinkedIn campaigns generated net new enquiries from across the marine industry
- Sector-specific materials were developed and refined across marine and land applications - including biofuel compatibility documentation, updated prospect decks and case studies - with the Sulnox Eco explainer video extended into additional language versions to support international markets
Extract from the Independent Auditor's Report to the Members of Sulnox Group PLC
Material uncertainty relating to going concern
We draw your attention to the Going concern section of Note 3 to the financial statements which indicates that the Group and Company are dependent on the Group's ability to grow revenues through conversion of the sales pipeline and creation of new revenue generating activities. Should such activities generate insufficient cash to cover operating liabilities as they fall due, management intend to raise cash through new issues of shares which is subject to shareholder authority and the identification of investors.
These events or conditions, along with further information as set forth in Note 3 to the financial statements indicate the existence of a material uncertainty which may cast significant doubt over the Group and Parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
We identified going concern as a key audit matter based on our assessment of the significance of the risk and effect on our audit strategy.
|
Consolidated Statement of Comprehensive Income |
For the year ended 31 March 2026
|
|
2026 |
2025 |
|
|
|
Note |
£ |
£ |
|
|
|
Turnover |
4 |
2,623,062 |
1,121,075 |
|
|
Cost of sales |
(1,890,360) |
(876,279) |
|
|
──────── |
──────── |
|
Gross profit |
732,702 |
244,796 |
|
Share value transfer |
6 |
(4,365,802) |
(916,655) |
||
|
Administrative expenses |
|
(4,984,088) |
(3,576,481) |
||
|
|
|
|
──────────── |
───────── |
|
|
Operating loss |
5 |
|
(8,617,188) |
(4,248,340) |
|
|
Interest receivable and similar income |
9 |
15,862 |
46,109 |
|
Interest payable and similar expenses |
9 |
(5,075) |
(3,084) |
|
|
|
───────── |
──────── |
|
Loss before taxation |
(8,606,400) |
(4,205,314) |
|
|
|
|
|
|
|
Tax on loss |
10 |
- |
- |
|
|
──────────── |
───────── |
|
|
Loss for the financial year and total comprehensive loss |
(8,606,400) |
(4,205,315) |
|
|
|
════════════ |
═════════ |
|
All the activities of the group are from continuing operations.
|
Loss per share (in pence) |
11 |
|
|
|
Basic |
|
(6.49) |
(3.34) |
|
Diluted |
|
(6.49) |
(3.34) |
|
Consolidated Statement of Financial Position |
As at 31 March 2026
|
|
|
2026 |
2025 |
|
|
Note |
|
£ |
£ |
|
Fixed assets
|
Intangible assets |
12 |
|
6,279,545 |
6,679,545 |
|
Tangible assets |
13 |
|
27,925 |
34,374 |
|
|
|
──────────── |
──────────── |
|
|
|
|
6,307,470 |
6,713,919 |
|
Current assets
|
Stocks |
15 |
435,836 |
|
452,178 |
|
Debtors |
16 |
776,133 |
|
395,332 |
|
Cash at bank and in hand |
821,535 |
|
2,193,725 |
|
|
|
──────────── |
|
───────── |
|
|
|
2,033,504 |
|
3,041,235 |
|
|
Creditors: amounts falling due within one year |
17 |
(782,308) |
|
(848,835) |
|
|
──────────── |
|
───────── |
|
|
Net current assets |
|
1,251,196 |
2,192,400 |
|
|
|
|
──────────── |
──────────── |
|
|
Total assets less current liabilities |
|
7,558,666 |
8,906,319 |
|
|
|
|
──────────── |
──────────── |
|
|
Net assets |
|
7,558,666 |
8,906,319 |
|
|
|
|
════════════ |
════════════ |
|
Capital and reserves
|
Called up share capital |
19 |
|
2,801,552 |
2,562,542 |
|
Share premium account |
20 |
|
25,523,419 |
19,839,860 |
|
Share option reserve |
21 |
|
2,333,141 |
996,962 |
|
Profit and loss account |
20 |
|
(23,099,446) |
(14,493,045) |
|
|
|
───────────── |
───────────── |
|
|
Shareholders' funds |
|
7,558,666 |
8,906,319 |
|
|
|
|
═════════════ |
═════════════ |
|
|
Consolidated Statement of Cash Flows |
For the year ended 31 March 2026
|
|
2026 |
2025 |
|
|
£ |
£ |
Cash flows from operating activities
|
Loss for the financial year |
(8,606,400) |
(4,205,315) |
|
Adjustments for: |
|
|
|
Depreciation of tangible assets |
8,789 |
10,916 |
|
Amortisation of intangible assets |
400,000 |
400,000 |
|
Interest payable |
5,075 |
3,084 |
|
Interest receivable |
(15,862) |
(46,109) |
|
Share value transfer |
4,365,802 |
916,655 |
|
Equity-settled share-based payments |
1,336,179 |
609,300 |
|
Changes in: |
|
|
|
Stocks |
16,342 |
(281,075) |
|
Trade and other debtors |
(380,801) |
(166,069) |
|
Trade and other creditors |
(66,527) |
423,113 |
|
|
──────────── |
──────────── |
|
Cash flow from operations |
(2,937,403) |
(2,335,500) |
|
Interest paid |
(5,075) |
(3,088) |
|
Interest received |
15,862 |
46,109 |
|
|
──────────── |
──────────── |
|
Net cash used in operating activities |
(2,926,616) |
(2,292,475) |
|
|
════════════ |
════════════ |
Cash flows from investing activities
|
Purchase of tangible assets |
(2,340) |
(2,294) |
|
|
──────────── |
──────────── |
|
Net cash used in investing activities |
(2,340) |
(2,294) |
|
|
════════════ |
════════════ |
|
|
|
|
Cash flows from financing activities
|
Proceeds from issue of ordinary shares |
1,556,767 |
2,341,776 |
|
|
──────────── |
──────────── |
|
Net cash from financing activities |
1,556,767 |
2,341,776 |
|
|
════════════ |
════════════ |
|
Net (decrease)/increase in cash and cash equivalents |
(1,372,190) |
47,007 |
|
Cash and cash equivalents at beginning of year |
2,193,725 |
2,146,718 |
|
|
───────── |
───────── |
|
Cash and cash equivalents at end of year |
821,535 |
2,193,725 |
|
|
═════════ |
═════════ |
The notes referenced in the above extracted statements can be viewed in the full Annual Report, accessible through the earlier link.
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