29th Mar 2021 13:51
Quadrise Fuels International PLC - supplier of emulsion technology and cleaner fuels - Posts pretax loss in six months to December 31 of GBP2.3 million, flat with the year prior. Administration costs fell to GBP770,000 from GBP1.1 million the year before, while a fair value loss arising on convertible securities cost the company GBP668,000, not having featured in 2019. Says 2021-22 will be a very busy period as "we ramp-up our activities across all of our active projects in the industrial, upstream and marine markets, alongside the continued testing and development of our new, renewable fuel bioMSAR".
Says following the successful raise of GBP7.0 million, the company now has sufficient funds in place to progress to commercial revenues and sustainable positive cash generation by July 2022 through the successful migration of positive tests and trials to delivery of commercial supplies to customers, subject to agreeing suitable commercial contractual terms.
Current stock price: 3.30 pence; down 3.1% on Monday
Year-to-date change: up 49%
By Greg Roxburgh; [email protected]
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