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AIM-listed Quadrise Fuels (LON:QFI) saw its shares drop by 5% to 2.85p (as of 14:25 BST) after the company announced a pre-tax loss of £2.2 million for the year ended 30th June. Management said that the company’s current cash reserves were sufficient to fund it heading in to 2019, but that they were considering other options including equity fundraising for the longer run.
Executive chairman Mike Kirk said: “This has been a significant year for Quadrise, and whilst there was a major setback with our planned project in the KSA when our client could not deliver on its promises to progress the 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.
“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.”