Quadrise Fuels International plc, the developer of MSAR emulsion technology and fuel, has posted a loss after tax of
GBP 2.0 million for the first half (H1) of the company's financial year, which runs between July 1 and December 31.
The after-tax loss was an improvement of
GBP 0.4m on the GBP 2.4m loss reported during the corresponding period in 2016.
Quadrise said that GBP 1.1m of the loss (2016: GBP 1.3m) relates to operational production and development costs, and GBP 0.8m (2016: GBP 1.0m) to other administrative expenses.
No revenue was generated by the UK firm between July and December 2017 - compared to GBP 68,000 during the prior-year period.
As at December 31, Quadrise had
GBP 3.4m in cash reserves (2016: GBP 7.0m) and no debt.
Total assets at the end of December were valued at
GBP 7.8m (2016: GBP 11.5m).
Apart from the cash and cash equivalents, assets included fixed tangible assets (mainly plant and equipment) of GBP 1.0m and the MSAR trade name, valued at GBP 2.9m.
During the reporting period
a number of actions were taken to reduce expenditure, which collectively delivered annual cash savings in excess of
GBP 500,000, representing over
18 percent of the company's fixed costs.
The cost-cutting initiatives included reducing the number of executive directors and laboratory personnel, and lowering the chairman's salary and non-executive directors' fees.
In conjunction with these cost reductions, Quadrise has also commenced the relocation of its research facility in a move designed to reduce its fixed cost base and ensure that there will be no adverse impact on Quadrise's operational and business development capabilities moving forwards.
