Green cleaning tech firm expects breakeven in second half of 2024
Xeros Technology, which has developed ways to reduce the environmental impact of cleaning clothing, says its expects the first revenues from its garment finishing processes this year, with revenues from its filtration systems due next year.
The listed Rotherham-based firm published its interim half-yearly results today showing overall revenues of £100,000 in the six months to the end of June, compared to £40,000 over the same period last year. It said it had reduced its administrative costs from £4.2m to £2.6m and operating costs from £3.8m to £2.9m over the same period.
The firm launched a new washing machine filter system at the IFA trade show in Berlin, and now had multiple licensing agreements for its filtering systems covering all major washing machine brands, while legislation was driving adoption of microplastic filtration systems.
Its finishing technology had gained a new licensing agreement with global machine specialists Yilmak and its distributor KRM to minimise water, chemical and energy usage in denim processing, and a new 9kg domestic washing machine using its technology was due for launch in India.
Chief executive Neil Auston said, “Increasing climate awareness and conducive legislation is creating a groundswell of opportunity for Xeros’ technologies. During the Period, the Group has signed three significant licensing agreements taking our total to eight across all technology platforms, as well as widening its product portfolio within filtration.
“The macro environment for our technologies continues to strengthen in synchronicity with our commercialisation goals. Global businesses are coming under increasing pressure to improve their environmental practices, and governments are introducing new regulations and legislation to protect against further ecological damage and meet their global obligations.”