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Quadrise says Morocco trial delayed as client restricts site access amid coronavirus precautions

The company said further announcements in relation to the situation in Morocco and a revised trial schedule will be made “in due course”

Quadrise Fuels International PLC - Quadrise’s Morocco trial delayed as client restricts site access as coronavirus precaution

Quadrise Fuels International PLC's (LON:QFI) MSAR pilot trial in Morocco has been delayed after the client began restricting site access for external contractors as a precaution due to the coronavirus outbreak.

The AIM-listed company said no revised trial schedule has yet been indicated and further announcements in relation to the situation in Morocco will be made “in due course”.

The firm also said that its Quadrise Research Facility (QRF) in Essex remains operational and that no-third party visitors were currently being accepted and the company has implemented “appropriate measures” to minimise the potential risk of coronavirus for its employees.

“The decision by our client in Morocco to delay the pilot trial is not surprising and parallels the procedures we have put in place to protect QRF. With all of the equipment and fuel for the trial now in Morocco, we will be in a position to commence the trial very rapidly, once we are able to access the client's site”, said Quadrise chairman Mike Kirk.

Quadrise added that it was continuing with its business development activities where permitted to do so, including a visit to South America last week by three members of its team to a refinery and nearby powerplant.

“The visit by our team to South America last week shows that we can still respond positively and actively to opportunities as they arise, and we have the capability to progress discussions and technical and economic analysis via web/videoconferencing with clients if face to face meetings are not possible", Kirk said.

"We have taken a pragmatic approach to the rapidly developing global [coronavirus] situation and taken actions to protect our staff and the business which we believe will be effective in the short to medium term”, he added.

Analysts at Quadrise's house broker Shore Capital said they were "not surprised or concerned about the delay of the MSAR trial given the current circumstances" and that they considered management's decision to restrict access to its facility as "sensible".

Quadrise shares were 40.8% lower at 1.3p in late-morning trading on Monday.

--Adds broker comment and updates share price--

Quick facts: Quadrise Fuels International PLC

Price: 2.55 GBX

LSE:QFI
Market: LSE
Market Cap: £27.47 m
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