Quadrise Fuels posts narrower full-year loss

Quadrise Fuels International posted a narrower loss as the company husbanded resources amid the oil price collapse to support the commercialisation phase of its major projects.

The emulsion fuel manufacturer’s loss after tax for the 12 months to 30 June reached £4.9m - of which £2.3m related to non-cash charges – down from £5.9m of red ink in 2014.

“In an uncertain world where the cost and risk of other means of increasing refinery yield are becoming prohibitive, we fully expect an increased level of interest as our programmes gain visibility,” said Ian Williams, executive chairman of QFI.

AIM-listed Quadrise was set to begin supplying its MSAR fuel on a trial basis to sea freight carrier Maersk in the first half of 2016.

Its other major endeavour involved a 'production to combustion' demonstration pilot project in Saudi Arabia.

The company claims its MSAR technology renders heavy hydrocarbons easier to use and frees up valuable distillates traditionally used by refiners to manufacture heavy fuel oil.

At period end the company had no debt on its books but its cash reserves had fallen to £8.4m from £11.1m one year ago.

As of 15:34 shares in Quadrise were 9.09% higher at 18p.