Quadrise International, a manufacturer and supplier of emulsion fuels, pared its losses in the last year and said that after struggling to convince people of the merits of its technology 'the show is on the road'.
Emulsion fuels are marketed as a low cost alternative to heavy fuel oil in the global shipping, refining and steam and power generation markets.
The firm posted a loss after tax of £4.2m, compared to £6.6m the year before, resulting in a loss per share of 0.58p.
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The loss arose principally from non-cash charges of £2.4m for the amortisation and impairment charges of intangible assets and available for sale investments.
It added that the company had no debt and £1.7m in cash reserves at the end of June.
Chairman Ian Watson said he was "almost hesitant to make any firm prediction on passing key future milestones".
"On reflection, however, the direction has been constant and recent progress has been truly tangible," he said. "This can only bode well for the future."
"QFI should aspire to become a mid cap energy sector company," he added.
"Moreover there are now solid indications that we are on the way - the show is on the road."
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