Business
Interim Results
Interim Results.
About this update from Quadrise Plc
[{"type":"text","content":"\n \n \n 29 March 2023\n \n \n \n Quadrise Plc\n \n (\"Quadrise\" or the \"Company\" and together with its subsidiaries the \"Group\")\n \n \n \n Interim Results\n \n \n \n Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, announces its unaudited interim results for the six months ended 31 December 2022 and provides an update on developments during the first quarter of 2023.\n \n \n \n FINANCIAL SUMMARY\n \n \n \n ·\n £2.6 million in cash reserves at 31 December 2022 (31 December 2021: £5.6 million).\n \n \n ·\n Loss after tax of £1.7 million (2021: £1.5 million). This includes production and development costs of £1.0 million (2021: £0.7 million) and administration expenses of £0.6 million (2021: £0.7 million).\n \n \n ·\n Total assets of £6.4 million at 31 December 2022 (2021: £9.3 million)\n \n \n \n \n \n \n BUSINESS SUMMARY\n \n \n \n Each of the Company's key projects in the marine, upstream and industrial sectors continue to progress with further milestones expected to be passed in Q2 and the second half of 2023. Quadrise's strategy remains to focus on these key projects, as detailed below, which provide the fastest and most material pathways to commercialisation.\n The Company still expects to deliver commercial revenues in the current financial year, although further funds will be required to see every key project through to commercialisation.\n \n \n \n MSC\n \n \n \n ·\n In July, Quadrise signed a Framework Agreement with MSC Shipmanagement Limited of Cyprus (\"MSC\") with a view to the commercial supply of one or both of the Company's fuels to MSC's global fleet.\n \n \n ·\n Discussions with feedstock suppliers continue, with the aim of securing a Tripartite Agreement between the supplier, MSC and Quadrise as soon as possible in order to commence Proof-of-Concept and Letter of No Objection trials.\n \n \n ·\n The MSC Leandra to is scheduled to dry-dock in Q2 2023 in readiness for testing in H2 2023.\n \n \n ·\n Testing of the optical combustion properties and engine wear of bioMSAR™ in December was completed by Wärtsilä Services Switzerland (\"Wärtsilä\"). Based on this testing, Wärtsilä recommended a further hazard identification and operability study (\"HAZOP\") to assess feasibility and safe operability prior to use on a Wärtsilä 2-stroke engine.\n \n \n \n ...