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Quadrise Fuels International plc (QFI), the emerging supplier of MSAR emulsion technology and fuel, has posted a loss after tax of GBP 4.1 million for the year ended June 30, 2017.

The after-tax loss was an improvement of GBP 0.7 million on the GBP 4.8 million loss reported a year ago.

As at June 30, QFI had GBP 5.0 million in cash reserves and no debt following a placing in October 2016 which raised GBP 4.0 million, and an open offer in November 2016 which raised a further GBP 1.0 million.

The UK-headquartered company reported cumulative tax losses of GBP 47.3 million - up from last year's figure of GBP 41.1 million - available for set-off against future profits.

Total assets at the end of June were valued at GBP 9.5 million, which includes the Group's MSAR manufacturing facility at the Cepsa refinery in Spain, and further investment in R&D capacity at the Quadrise Research Facility.

As Bunker Index reported in August, QFI has taken steps to reduce expenses, which, according to QFI, collectively amount to savings in excess of GBP 500,000, representing 18 percent of the company's annualised fixed costs.

The cost-cutting initiatives - which are designed to have no adverse impact on Quadrise's operational and business development capabilities - have included reducing the number of executive directors and laboratory personnel, and lowering the chairman's salary and non-executive directors' fees.