Double digit growth for Xeros as it narrows pre-tax losses to £30m
Cleaning technology group Xeros has reported a 62% rise in revenues to £3.5m and a narrowing of its pre-tax losses in a year it made “good progress towards licensing model.”
Publishing its annual results to 31 December 2018, the Rotherham-based firm saw revenues rise from £2.2m in 2017 to £3.5m in 2018. It narrowed its pre-tax losses to £30.3m, reduced from £31.9m in 2017.
Mark Nichols, Chief Executive of Xeros, said: “Having completed the lion’s share of our development our disruptive water saving technologies are now firmly on a path to commercialisation under an IP rich and asset light business model in global scale industries.
“We see the demand for our technology increasing as environmental and societal pressures continue to put intense strain on finite water resources – both in terms of pricing and consumption. Manufacturers, consumers and regulators are increasingly demanding that supply chains improve their sustainability credentials with a particular focus on reducing water usage. Demands that we can help meet.
“We have achieved a number of major inflection points with others expected to follow in 2019, each of which have the capacity to generate significant value. As we end the development phase, our cost base will continue to decline ahead of the implementation of the contracts we have won which are expected to generate high margin royalty revenues.”
In its Domestic Laundry division, the firm secured an exclusive development and licensing agreement signed with the leading Indian appliance manufacturer and signed a development agreement with largest Chinese washing machine OEM.
Its High Performance Workwear department saw an increasing adoption of Xeros technology by US fire departments to remove harmful contaminants from protective garments.
The Commercial Laundry division secured licensing agreements with largest OEMs in China and India to manufacture and sell machines incorporating XDrum technology.
