US progress boosts Xeros Technology
WATERLESS washing machine specialist Xeros Technology Group has seen revenues rise in its maiden results since floating on the AIM earlier this year, driven by growth in the US market.
Rotherham-based Xeros, a spin-out from Leeds University, has come up with a way of cleaning clothes by using 70% less water and 50% less energy and floated on the Alternative Investment Market (AIM) in March.
In the year to July 31, group earned income increased to £315,000, up from £65,000 last time, largely driven by progress in the US while pre-tax losses increased from £3.4m to £6.6m.
The group’s cash position was strengthened during the year through its AIM admission raising £30m before expenses. At period end, the group had cash balances of £29.5m and remains debt free. Xeros said it remains well funded as it continues to develop the business.
Xeros said it now counts four out of the world’s top five hotel groups as customers in the US, a priority market for the group, and is pushing machine sales into further channels including retail dry cleaning and fitness centres.
Most recently, it sold its first machine to the US military.
Chairman John Samuel said: “I am delighted with the progress we have made as we announce our first full year results as a listed company, following our successful admission to AIM in March.
“The company continues to make great progress, with particular traction in the US, a priority market for Xeros, where our technology provides a solution to a very real crisis in energy and water consumption, delivering superior results and efficiencies to conventional washing.
“In 2015, we will be focused on extending our installed base in the US with existing and new customers, geographic expansion in commercial laundry, product development and continued innovation in bead cleaning. We look forward to providing shareholders with further updates on our progress in due course. “
Chief executive Bill Westwater added: “This has been a very positive year for our team and business. Although obviously time consuming in Q1 calendar 2014, our successful IPO funding round clears the way for us to concentrate on growing the business knowing the financial resources are in place to execute our plans.”
Xeros also announced the appointment of Simon Richard Ellis as non-executive director.
He is currently a director of Richard Ellis Consulting, the company he owns, which provides research and development consultancy particularly to SMEs. Until recently he was head of global research and development at Reckitt Benckiser Group.
