- Alternative fuel developer Quadrise Fuels International booked a deeper first-half loss as its expenses rose.

Pre-tax losses for the six months through December amounted to $3.1m compared to losses of $1.7m on-year.

The company said it had £3.8m in cash reserves at 31 December, allowing it, based on budgeted expenditure, to pursue its business development and related project activities until the end of 2020.

'We built significant momentum during 2019 and this continued into the first quarter of 2020, though within the past few weeks we have started to see the impact of the rapidly developing global response to the Covid-19 situation,' Quadrise said.

'Currently, the only definitive impact has been the delay to the planned pilot trial at the client's site in Morocco - and we have already brought forward the latter phases of work to mitigate this.'

At 1:16pm: [LON:QFI] Quadrise Fuels International PLC share price was +0.07p at 1.74p

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