StockMarketWire.com - Alternative fuels developer Quadrise Fuels International posted a deeper annual loss as it continued to develop its MSAR technology.

Pre-tax losses for the year through June amounted to £5.0 million, compared to losses of £3.2 million year-on-year.

Quadrise Fuels said the losses owned, in part, to production and development costs, plus administrative and corporate expenses.

'Despite the significant impediments caused by the Covid-19 pandemic, Quadrise has been able to build on the substantial progress we delivered in 2019,' chairman Mike Kirk said.

'Critical to our success has been the combination of a wider range of project and development opportunities, our established in-country partners in key markets and our innovative approach.'

Kirk said the company was planning to complete two key trials before the end of 2020.

The first was a phase-one trial at one of its client's sites in Morocco.

That would be followed by the testing at the Asphalt Ridge site being managed by Greenfield in Utah.

Kirk said the full benefits of cost cutting, including virtually no travel costs, would be reflected more fully in the current financial year.

He added that the company had been able to significantly extend its period of operation on existing funds to mid-may through the second quarter of 2021.

'When this extended 'runway' is allied with the recent progress we have made on these two critical on-site trials, which are due to be completed in 2020, we have a high degree of confidence that we will, on success, have a clear pathway to future commercial revenues,' he said.




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