Half year pre-tax loss widens at Xeros Technology
WATERLESS washing machine specialist Xeros Technology Group said today its plans for growth are on track, despite seeing half-year losses widen.
Rotherham-based Xeros, a spin-out from Leeds University, has come up with a way of cleaning clothes by using 70% less water and 50% less energy.
The firm, which floated on the Alternative Investment Market (AIM) last month, said pre-tax losses doubled to £2.78m in the six months to the end of January due to investment in research, new staff, and the commercialisation of its technology. Revenue doubled to £86,195.
Chairman John Samuel said: “We have achieved much in the last year. Further, as a result of our admission to AIM, the group now enjoys a higher profile within our target markets and this is already generating increased customer and commercial partner engagement.
“There is still much to do but our plans are on track and I believe we have the necessary financial and human resources to drive the deployment of this disruptive technology to its maximum potential.”
Xeros was launched in 2006 to develop and commercialise years of research into textile dyeing and the use of polymer beads for cleaning. The system involves releases polymer beads into the drum which absorb dirt. It is now selling its commercial laundry systems in the UK, Europe and the US, and will soon launch its domestic machine, initially in the US.
