Quadrise PLC on Monday said its full-year loss widened as expenses grew, and warned investors that there was uncertainty over the firm as a going concern.

The London-based residual oil technology company, which produces the synthetic heavy fuel oil MSAR, said that pretax loss in the financial year ended June 30 widened to £3.2 million from £2.8 million a year prior.

This increase was down to production and development costs of £1.7 million, up 13% from the previous year, as well as administrative and corporate expenses of £1.3 million.

The company posted no revenue compared to £75,000 the year before.

Looking ahead, Quadrise maintained that it is still positioning itself to be a leading decarbonisation solution provider. It also continues to make patent applications, while simultaneously investing in research and development for bioMSAR and bioMSAR Zero.

‘The decarbonisation of the energy sector continues to advance during a period of escalating energy costs, increasing legislation and pressure to reduce emissions and control global warming. Against this background, Quadrise is positioning itself to be one of the key decarbonisation solution providers in this rapidly changing global energy market,’ said Chief Executive Officer Jason Miles.

Quadrise, which was formerly known as Quadrise Fuels International PLC, changed its name in March to emphasise its new initiative in the energy decarbonisation space.

Yet although Quadrise expects funds of £1.9 million raised in July to be sufficient to reach forecast commercial revenues and cover net project expenditure and fixed costs up to the end of June of next year, it warned that in the absence of additional funding, there is ‘significant doubt’ on its ability to continue as a going concern.

Shares in Quadrise were down 7.6% at 0.79 pence each in London on Monday morning.

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