Revenue dips to £1.6m at listed cleaning business

Rotherham-based cleaning company Xeros Technology Group reported total revenues of £1.6m in its interim results for the six months ending 30 June 2019.

This was down from £1.9m for the previous period in 2018. The business narrowed its pre-tax losses to £9m, down from £13m for the six months of 2018.

Net cash outflow from operations was £9.2m (2018: 12.8m), a 28% reduction. And adjusted EBITDA loss was down to £8.1m (2018: loss £11.6m), a 30% fall.

Mark Nichols, Chief Executive of Xeros, said: “Since Xeros’ inception, the geopolitical and environmental pressures on the world’s supply of water continue to increase, year on year. 

“There is no reason to believe this will change or abate. Our technologies help to extend this precious resource whilst simultaneously reducing significantly pollution.

 “After a number of years of development, manufacturers and consumers have now recognised that our innovative technologies are highly valuable, both in terms of their sustainability and cost benefits.

“The commercialisation of our products is now accelerating with a number of contracts in execution and in development in a number of countries including the two most populous.

 “In 2017 we changed our strategy to commercialise our technologies under a license model in order to achieve the broadest possible market penetration from the lowest possible cost base.

“Our licensing contract wins and reducing cash burn rate are evidence that we are now making good progress to achieving that objective.”

For the same six-month period, Xeros achieved major commercialisation progress across the world with its platform technology.

This included a license contract in execution with India’s largest domestic washing machine manufacturer, joint development agreement in progress with the largest Chinese domestic washing machine manufacturer and commercial washing machine license contracts in execution with India’s and China’s biggest commercial laundry equipment companies.

Xeros also recorded the first endorsement of its cleaning technologies by a garment manufacturer in the US, joint development agreement in progress with the world’s largest apparel manufacturer and Binding Heads of Terms signed for the development and licensing of its technology by the biggest garment finishing equipment company in South Asia.