Strong foundations for long-term future growth at cleaning tech group
Cleaning technology business, Xeros Technology Group, says it has made substantial progress over the last 12 months, even if much of this success cannot yet be translated into profits.
Publishing its preliminary results for the 12 months ended 31 December 2021, the Rotherham-headquartered company says its revenues increased by 23.1% to £0.5m (2020: £0.4m) while it recorded a pre-tax loss of £6.9m (2020: £7.6m loss).
Adjusted EBITDA loss was reduced by 7.1% to £6.3m (2020: loss £6.8m).
Klaas de Boer, chairman, said: “This has been a year of significant progress in embedding Xeros’ technologies into product lines of key licensing partners laying a strong foundation for future growth.
“The transformation of the Xeros brand and the supporting marketing programme are key to accelerating the commercialisation of our transformational technologies.”
During 2021 Xeros secured the first license of its XFilter product to a leading domestic washing machine component supplier.
Also, its domestic machine technology is planned for launch by a leading Indian manufacturer in quarter four 2022, while Xeros’s Denim Finish technology is being trialled by multiple major retail brands.
De Boer warned that while Xeros can look forward to significant opportunities for its technology in the longer-term, the short-term environment remains out of its control, difficult and unpredictable.
He added: “Covid continues to disrupt operations in China, there is a major war going on in Europe, supply chains remain stretched, and we have rampant inflation.
“In 2021, Xeros’ partners in India and China continued to suffer significant delays in their efforts to commercialise Xeros’ technology, with very little ability for Xeros to support those partners on the ground. This has negatively impacted our pathway to profitability.”
