- Alternative fuel developer Quadrise Fuels International posted a first-half loss as it continued to establish the commercial viability of its flagship MSAR fuel product.

Pre-tax losses for the six months through December amounted to £2.28 million, compared to year-on-year losses of £2.29 million.

Quadrise had £1.1 million in cash reserves at 31 December and subsequently raised £7.0 million from a share issue in March.

'The last three quarters have proved to be amongst the most significant periods in Quadrise's history,' chairman Mike Kirk said.

'Through our strategy of a broader range of project opportunities, we have built a firm foundation for Quadrise to progress these through their various stages of tests and trials in 2021/22.'

'This should enable the migration, subject to executing the relevant contracts, to commercial revenues, and by July 2022 we expect to be generating net cash from operations.'

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