Interim Results24 Mar 2025 07:02
Quadrise Plc (AIM: QED), the transition technology provider for a cleaner planet, announces its unaudited interim results for the six months ended 31 December 2024 ("H2 2024") and provides an update on developments during the first quarter of 2025.
Chairman Andy Morrison, CEO Jason Miles and CFO David Scott will provide a live presentation relating to the interim results via the Investor Meet Company platform on 25 March 2025 at 12:00 noon GMT - registration details are outlined below.
FINANCIAL SUMMARY
· £6.5 million (before costs) raised in January 2025 through a successful placing and retail offer, increasing cash reserves to £7.1 million at 28 February 2025 (31 December 2024: £1.4 million, 31 December 2023: £1.7 million).
· H2 2024 loss after tax of £1.7 million (H2 2023: £1.7 million). This includes production and development costs of £0.8 million (H2 2023: £0.9 million) and administration expenses of £0.9 million (H2 2023: £0.7 million).
· Total assets of £5.2 million at 31 December 2024 (31 December 2023: £5.4 million).
BUSINESS SUMMARY
The Company's strategy is to generate demand within the shipping industry and other sectors, while stimulating the supply of its fuels around global marine bunkering hubs. The Company's projects are designed to fulfil this strategy, with progress in each of these during the period outlined as follows:
Decarbonisation of shipping: MSC
· In November 2024, a Collaboration and Operational Trial Agreement was signed with MSC and Cargill, committing the parties to complete trials on board an MSC vessel to obtain a Letter of No Objection ('LONO') from engine manufacturer Wärtsilä upon success.
· Work is now well underway to prepare the Quadrise trial equipment ahead of installation and commissioning at the MAC² terminal in Antwerp, Belgium in Q2 2025. In parallel, bilateral agreements between Quadrise, and Cargill and MAC² respectively, are expected to be concluded soon.
· The operational trial is planned to commence in Q2 2025. It will comprise an initial Proof of Concept period using MSAR® and then bioMSAR™ for performance baseline tests, followed by 4,000 hours of operation (approximately 6-8 months) on bioMSAR™ in order to obtain the LONO.
Supporting projects: Establishing a global supply network
· Morocco: Preparations are underway for a commercial MSAR® trial at a new site location at OCP's Jorf Lasfar facility, planned to commence in Q2 2025. OCP and Quadrise are also exploring new fuel applications at other OCP sites. The OCP Letter of Intent is facilitating Quadrise discussions with potential MSAR® suppliers upon successful trial completion at Jorf Lasfar.
· Central America: A Material Transfer and Trial Agreement was signed in December 2024 with Sparkle Power SA in Panama, to trial MSAR® and bioMSAR™ at their 50MW El Giral power plant. Preparations are now underway for the Q2 2025 trial, with a success