Capital Access Group Flash Notes | Sulnox FY26 results: Revenue +134%, gross profit trebled
Sulnox reported results for the year to March 2026, confirming strong revenue growth of 134% YoY to £2.6m. Gross profit trebled to £0.7m on an improved margin but came in below our forecast due to volume discounting and higher cost of sales, largely due to the disruption in the Gulf. The results were also impacted by higher non-cash administration charges resulting in an underlying net loss for the year of £4.2m (FY25 net loss of £3.3m). We have taken a more conservative stance on pricing and the outlook for gross margins which pushes our estimate for the first year of profitability to FY29…
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