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LONDON - Sulnox Group Plc (Aquis:SNOX), a greentech company specializing in fuel efficiency solutions, reported record revenue of £523,000 for its first quarter ended June 30, representing an 11% increase from the previous quarter and a 157% rise year-over-year.
The company’s product volume sales increased by 19% compared to the previous quarter and nearly tripled (198% increase) from the same period last year, according to a press release statement.
Sulnox attributed the growth to repeat business and expanded sales with existing marine clients, along with new customer acquisitions. The number of shipping companies evaluating its Sulnox Eco product increased from 55 in the previous quarter to 61 in Q1.
The company reported an unaudited cash balance of £1.795 million at quarter-end, down from £2.195 million in the previous quarter. The decrease reflects investments in inventory purchases and the establishment of two new stock locations in Perth, Australia and Jebel Ali, UAE.
During the quarter, Sulnox launched Sulnox Innovations, expanding its product development pipeline to focus on technologies supporting various engine fuels. The company also formed a Global Advisory Board comprising individuals with expertise in supply chain management, national security, sustainability, energy, and business development.
Ben Richardson, CEO of Sulnox, noted that the company has delivered its best volumes and revenues to date in the quarter.
The company stated that sales have continued to grow into the second quarter.
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