(Alliance News) - Quadrise Fuels International PLC said Monday it annual loss shrunk as costs subsided, whilst it continued to expand project opportunities in a "hugely important" period for the firm.
For the year ended June 30, pretax loss narrowed to GBP3.2 million from GBP3.6 million the year prior. Revenue increased to GBP22,000 from GBP9,000 the year before.
Profit performance was helped by production & development costs softening to GBP1.5 million from GBP2.0 million the year prior.
"2019 has been a hugely important year for Quadrise in which we have made significant progress in implementing our strategy of accessing a broader range of project opportunities," Quadrise Executive Chair Mike Kirk said. "With the recently confirmed funding in place, we now have the financial capacity to progress these through the remainder of 2019 and into 2020."
In September, Quadrise raised GBP6.5 million through a mixture of funding from Bergen Global Opportunity Fund LP, an open offer and share subscriptions.
"With a broader range of opportunities allied to our proven project management and research, development and innovation expertise, we have significantly reduced delivery risk," Kirk added. "We remain acutely aware that there may be further challenges ahead, but we have made real progress so far in 2019 and are well positioned to build on these milestones."
During the year, Quadrise expanded in Kuwait through an agreement with Aleph Commodities to progress opportunities for its emulsion fuel technology MSAR. The firm is also continuing to develop its opportunities in its core Saudi Arabia market with Al Khafrah.
"We have a high degree of confidence that Quadrise will be in a position to demonstrate material progress during the current financial year, providing the pathway to future commercial revenues," Kirk continued.
Shares in Quadrise were 0.4% higher at 4.00 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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