Fuel additive company Sulnox reported a 73.1% year-on-year increase in product sales volume during the first quarter of its financial year, driven by repeat and expanding orders from existing marine customers as well as new client acquisitions.

In an emailed update issued on Monday, the company said revenue for the three months ended June 30 rose 53.8% to £804,600, up from £522,600 in the same period a year earlier.

During the quarter, Sulnox secured its largest supply agreement to date — a four-year deal with Eastern Pacific Shipping (EPS) covering 1.2 million litres of Sulnox Eco. The additive is designed to improve bunker fuel efficiency, with the company claiming it can deliver fuel savings of up to 5%. Bunker fuel typically ranks among the largest operating cost items for shipowners, and the sector faces tightening efficiency requirements under International Maritime Organization regulations, including the Carbon Intensity Indicator rating system that took effect in 2023.

Sulnox also raised £2 million during the quarter and reported an unaudited cash balance of £1.53 million at the end of June.

The company said sales momentum has continued strongly into the second quarter.