Quadrise Fuels cuts loss and secures medium-term funding
Quadrise Fuels on Monday reported a narrowed annual loss and said it is assured funding through the medium-term after completing a successful fundraising in September.
The synthetic fuel oil specialist booked a loss before tax of £3.2m for the year ended 30 June, compared with a loss of £3.6m in the year before, as production costs dropped by 26% to £1.5m.
Revenue increased from £9,000 to £22,000 as the company continues to move towards full commercialisation.
Notable highlights from the period include an agreement to work with Aleph Commodities in Kuwait signed in February, while Quadrise said it is also now working with Al Khafrah to progress Saudi Arabian opportunities for its proprietary emulsion fuel, MSAR.
Meanwhile, the AIM traded company reported cash and cash equivalents of £1.1m at the end of the year, down from £2.2m at the same point 12 months prior, but Quadrise said it raised £6.5m in a successful fundraising programme in September.
Consequently, the company said it would focus on progressing opportunities in the power and marine markets through the remainder of 2019 and into 2020.
Mike Kirk, executive chairman of Quadrise, said: "With a broader range of opportunities allied to our proven project management and research, development and innovation expertise, we have significantly reduced delivery risk. We remain acutely aware that there may be further challenges ahead, but we have made real progress so far in 2019 and are well positioned to build on these milestones."
Kirk added that he had a high degree of confidence that the company would be in a position to demonstrate material progress during the current financial year, with a pathway to future commercial revenues in sight.
Quadrise Fuels shares were down 1.63% at 3.92p at 1537 BST.