The tightly-held stock trades infrequently on the NZAX and has surged 132% this year. Today's fall values the company at $61.7 million.

Burger Fuel Worldwide, the local fast-food chain targeting franchises in the Middle East, has signed up a new franchisee in post-Gaddafi Libya.

Fast food company Burger Fuel has reported an unaudited loss of $219,022 for the six months to September 30, a 26% improvement on the same period last year.

Total unaudited Burger Fuel worldwide sales (including the Middle East) are up 12.9% to $16,365,572 (excluding GST) compared to the same period last year.

As at September 30 the group had $1,153,153 in cash with no borrowings.

The company says the results to date for this year show that losses are reducing, international markets are growing and the company expects to reach profitability in the near future.

Burger Fuel has conceded that its expansion plan is uncertain in the current economic conditions after reporting a $669,000 loss for the half year.

Total sales increased 12.4% to $12.25 million for the six months to September for operating revenue of $3.52 million.

However, the franchise is growing at a lower level than anticipated, with chairman Peter Brook saying continued store roll-out in New Zealand in this financial year was “uncertain” in current economic conditions.