Pre-tax losses grow as Xeros invests in growth

Cleaning technology company Xeros has it is on track for increased growth, having invested majorly in the commercialisation of its polymer bead cleaning products.

Pre-tax losses for the 17 months to December 2016 doubled to more than £21.1m, from a loss of £10.7m the 12 months before, due to a change in accounting periods.

The Rotherham-based group’s earned income did increase, to £2.5m for the 17 months to up from £480,000.

However it said it had achieved “major milestones” in the commercialisation of its polymer technology.

With its Symphony project, Xeros is sharing its technology on an open source basis, making it freely available for machine manufacturers to incorporate it into their technology at the end of their production lines.

It said this will accelerate even further the process of commercialising its polymer technologies.

Mark Nichols, chief executive of Xeros, said: “Over the past 17 months, we have achieved major milestones in our technology development and its commercialisation. We now have strong evidence that we have the capacity to deliver sustainability, performance and economic benefits across three world scale industries: cleaning, tanning and textiles.

“This [the Symphony Project] is a big step forward for us. With a proven technology, and growing demand for the sustainability, performance and economic benefits Xeros delivers, Symphony Project will enable us to significantly accelerate the commercialisation of our technology.”