Quadrise Fuels International PLC - London-based residual oil technology licensor- Narrows loss in the six months ended December 31 to GBP1.5 million from GBP2.3 million. First half revenue surges to GBP75,000 from GBP8,000.
Production & development costs increase 6.4% to GBP686,000 from GBP645,000. Nearly doubles net assets which rise to GBP9.3 million from GBP4.9 million year-on-year. Says it has "sufficient cash reserves to reach revenue generation" in the second half, subject to the conclusion of commercial project agreements.
Chief Executive Jason Miles says: "Quadrise has progressed a range of its core projects and business opportunities during and following the period, underlining the advantages of our strategy of pursuing a diversified range of projects, however progress in converting these projects to agreements has been slower than anticipated, largely due to factors beyond the direct control of the company. However, conversion of these projects into commercial contracts remains our key focus."
Current stock price: 1.51 pence, up 0.6% in London
12-month change: down 56%
By Heather Rydings; heatherrydings@alliancenews.com
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