20th Oct 2014 08:38
LONDON (Alliance News) - Quadrise Fuels International PLC Monday reported a widened loss for its last financial year, hit by a share option charge.
The developer of fuel oil alternatives for the shipping, refining and power generation markets isn't currently generating any revenue and so its losses are mainly down to costs and expenses. The company's main potential product is its MSAR fuel and technology.
Its pretax loss for the financial year ended June 30 widened to GBP6.0 million, compared with a loss of GBP5.0 million the prior year, having booked a GBP1.9 million share option charge during the year. The company also booked higher production and development costs.
"This year has seen the company pass several key milestones which, in retrospect, will mark the transition from product and business preparation to the early commercial phase in our key programmes. The scale of opportunity and our secured points of entry now afford Quadrise access to very large markets on well-defined pathways. This should make 2015 a 'watershed' year for the company," said Executive Chairman Ian Williams in a statement.
Quadrise said it had total assets of GBP16.3 million at June 30, compared with GBP10.3 million a year earlier.
"The organisation is also in transition to meet future demands, and resourcing is a key challenge. The company already has the services of high quality committed professionals, but the team needs to expand selectively and quickly to effectively manage the transition to multiple and growing process, supply and logistics operations and client interfaces," Williams added.
Quadrise shares were trading 3.8% lower Monday morning at 31.75 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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