Quadrise stable as it develops MSAR fuel product

Emerging supplier of ‘MSAR’ emulsion technology and fuel Quadrise Fuels International announced its interim results for the six months to 31 December on Monday - a period in which it raised £5.25m through a placing and open offer of new ordinary shares in November.

The AIM-traded firm said the open offer was oversubscribed 2.5 times.

At period end, the company had no debt and £7m cash, up from £6.5m a year earlier.

It reported a loss after tax of £2.4m - of which £0.2m related to non-cash charges for share options - with the loss precisely in line with the figure in the prior comparative period.

Total assets at 31 December stood at of £11.5m, up from £10.8m.

Accumulated tax losses of around £43m were available to be carried forward against future profits, the board reported.

“The performance of ‘MSAR’ on the marine trial vessel has been positive and we expect the recent interim inspection to confirm this,” said executive chairman Mike Kirk.

“We are now closely engaged with our partners to expedite the interim LONO (low and no emission tests).

“This should put us in a good position to progress discussions on commercialisation of ‘MSAR’ within the shipping industry.”

At the same time, Kirk said the board was defining the scope and plans for the resumption of the trial to achieve a full LONO and exploring options to accelerate the timetable for commencement of the combustion trial in Saudi Arabia.

“Whilst there remain challenges ahead, we strongly believe that ‘MSAR’ continues to provide a compelling economic and environmental case for adoption by both producers and consumers and continue our efforts with existing clients and the wider target markets in order to migrate to commercial operations at the earliest opportunity.”