Image credit: Quadrise Fuels International

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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 3.3m for the year ended June 30, 2018.

The after-tax loss was an improvement of GBP 0.8m on the GBP 4.1m loss reported a year ago.

This included production and development costs of GBP 2.0m (2017: GBP 2.4m), administration expenses of GBP 1.5m (2017: 1.8m), a share option charge of GBP 0.1m (2017: GBP 0.2m), interest income of GBP 18,000 (2017: GBP 19,000), and a tax credit of GBP 294,000 (2017: GBP 213,000).

As at June 30, QFI had GBP 2.2m in cash reserves - which represents a 56 percent reduction compared to last year's GBP 5.0m - and no debt.

Total assets at the end of June were valued at GBP 6.5m (compared to GBP 9.5m last year), 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.

Commenting on the results, Mike Kirk, Executive Chairman of QFI, said: "This has been a significant year for Quadrise, and whilst there was a major setback with our planned project in [Saudi Arabia] when our client could not deliver on its promises to progress the [commercial-scale boiler] trial, I am very proud of the work delivered by the Quadrise team.

"After a prolonged period of stasis in the marine bunker market, the developments during the first half of calendar year 2018 provide a very positive outlook for Quadrise. We are using these catalysts to accelerate our business development activities with refiners and fuel consumers in the power, marine and industrial markets to progress MSAR projects.

"Despite the challenges during the year, we have, through our activities, reduced risk in certain key areas. We realise that the path to success may not always be smooth, but we remain well placed to deliver on the substantial opportunities that we have; both directly and through our collaborative agreements with our partners including Freepoint and JGC [Corporation].

"We are focused on building a sustainable business through the adoption of MSAR technology at scale and through this to build investor confidence and value."