Quadrise Fuels International - Year of progress despite coronavirus

During FY21 Quadrise made significant progress on trials in each of its target sectors: industry, marine, upstream and power; and launched a bio-fuel branded as bioMSAR. Progress has been slower than management expected, primarily because of COVID-19 restricting travel and site access. Nevertheless, the funds raised in March still provide the cash resources to progress the ongoing trial programmes to commercial revenues and positive sustainable cash flows even though management’s estimated timescale for this has slipped from calendar year (CY) Q422 to CY Q123.