Quadrise Fuels International widens full year losses

Losses before tax broadened to £6m in the year ended 30 June from £5m last year. The company said it expects to generate commercial revenues in 2015.

Loss per share also increased to 0.74p from 0.64p.

However, the group increased its cash and equivalents to £11.1m from £3.2m last year, resulting from a “successful” share placing of £10.7m.

Quadrise said it remains focused in its Marine MSAR and Saudi Arabian shipping ventures.

Executive chairman Ian Williams said: "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 share price performance continued to attract a sustained level of investor interest through the period as evidenced by the successful placing of new shares,” he said.

Shares were down 3.79% to 31.75p on Monday.