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Quadrise Fuels International PLC on Monday said it was entering an ‘exciting’ period following material progress across international projects and revenue growth.
For the financial year ended June 30, the London-based residual oil technology licensor, which provides lower cost and lower carbon alternatives to fuel oil, reported revenue of £75,000, increased from £17,000 a year prior.
Pretax loss narrowed to £2.8 million from £4.4 million as the company reported zero fair value adjustments arising on convertible securities, compared to costs of £1.3 million last year. Its remaining loss stemmed from £1.5 million of production and development costs and £1.4 million of administrative and corporate expenses.
The company named several operational highlights for the year, including discussions with sites in Panama and Honduras to trial MSAR and bioMSAR at power plants as a precursor to commercial supply in 2023.
MSAR is a low viscosity oil-in-water emulsified synthetic heavy fuel oil, and bioMSAR is an oil-in-water emulsified synthetic biofuel.
Quadrise said that elevated oil prices, driven by the pandemic and Russia's invasion of Ukraine, had enhanced the economic value of refinery residuals as an energy source for MSAR and bioMSAR.
Chief Executive Officer Jason Miles added that the introduction of new decarbonisation legislation would likely advance Quadrise's status, saying ‘our fuels represent an effective and swift solution to meet these regulations’.
Quadrise did not propose a dividend, unchanged from the 2021 financial year.
Quadrise shares closed 2.5% lower at 1.16 pence each in London on Monday afternoon.
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