Revenue on the rise at cleaning tech group after international success
Xeros, the Rotherham-based cleaning technology group, has reported growth in total earned income and revenue for the half year mark in 2018.
In the six month ending 30 June, group earned income was £1.9m which is a 77.3% rise on the £1.07m achieved in 2017.
Xeros’s revenue was reported at £1.86m during this period, which rose from the previous year’s total of £1.03m.
In addition, pre-tax losses were £12.9m, down from pre-tax losses of £15.1m in the six month to 30 June 2017.
The group’s hotel and lodging business, branded Hydrofinity, signed its first’Symphony Project’ (Xeros technology in branded OEM machines) licensing agreement in July.
The 10-year agreement with Jiangsu SeaLion Technology Development Co. Ltd allows Sea-Lion to integrate Xeros’ new XDrum technology in its commercial washing machines and sell them though its own extensive distribution network in China on an exclusive basis.
Xeros also recently announced two orders under its indirect business model with 16 machines for fanute, its Forward Channel Partner in South Africa and 32 machines for Electro RAK in the UAE.
Mark Nichols, Chief Executive of Xeros, said: “The environmental macro drivers – water scarcity and pollution – are major factors in the increasing level of interest, engagement and agreements we are now seeing in our unique and proven technologies, with a number of large OEMs as well as distributors around the world.
“Changing the products and production processes of large industries is inevitably challenging but the high levels of engagement across our portfolio of applications is strong evidence that wide-scale adoption is increasingly likely. OEMs incorporating our technologies has been key to this increased uptake – as demonstrated by our first licensing deal in China.
“We are on track to deliver further major commercialisation milestones, based on our IP-rich, capital-light business models, with market incumbents during the remainder of 2018.”
