LONDON (Alliance News) - Quadrise Fuels International PLC is "undoubtedly" better resourced and positioned to succeed than ever before, Chairman Ian Williams said on Monday, despite tough market conditions due to low oil prices.
Quadrise Fuels calls itself an emerging manufacturer and supplier of MSAR emulsion fuels, which it describes as a low-cost alternative to heavy fuel oil. The update came as the company said it made a GBP5.0 million pretax loss in the year to June 30, compared with a GBP6.0 million pretax loss in the prior year, with losses primarily due to costs of production and development, other administration expenses and share option charges.
"Very meaningful progress was made over the past year culminating in the achievement of several key objectives. It is particularly pleasing to see significant steps forward in both the Marine MSAR and Saudi Arabian projects as Quadrise moves ever closer to commercial production. The group is better prepared and resourced than ever before to convert projects to fully commercial programmes, securing bases from which to grow MSAR fuel sales into our very large target markets," Williams said in a statement.
The chairman said that recent developments have further reduced risk from its business model, as well as serving to demonstrate that the company's offering is "robust" in "very challenging" oil market conditions.
"In practice, these very conditions have established a more closely aligned view of the value-adding potential of the Quadrise technology between the company and our clients. In an uncertain world where the cost and risk of other means of increasing refinery yield are becoming prohibitive, we fully expect an increased level of interest as our programmes gain visibility," Williams said.
"All things considered, the company is undoubtedly better resourced and positioned to succeed than ever before," Williams added.
Shares in the company were up 10% at 18.20 pence on Monday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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