Income ramps up at Xeros
XEROS saw its income climb significantly in the five months to December, climbing 55% from its previous full-year results.
The group, which uses polymer bead technology to dramatically cut water and energy use in commercial laundry, recorded income of £744,000 between July and December 2015. Income in the comparable period in 2014 was just £95,000, while its full-year to July was £480,000.
Xeros installed 56 commercial washing machines in the five-month period, with a further 38 installed in the first two months of 2016. It now has a fleet of 200 machines around the world.
It follows a £40m fundraising round in November last year, which chief executive Mark Nichols said would be used to grow internationally and expand into different markets.
The business, which began as a spin-off from University of Leeds, is now conducting full-scale leather processing trials in Europe and is exploring other applications of its technology.
Mr Nichols said the group is now installing approximately one commercial laundry machine a week and expects this to increase through the year.
Its leather trials are expected to be completed around the middle of the year. “We anticipate that these trials will show that our polymer beads, which were specifically designed for this application, deliver economic, operational and sustainability improvements,” he added.
The last six months have been a period of change for the firm. Mr Nichols joined Xeros as chief executive in September, taking over from Bill Westwater. Further board changes followed in January when Maciek Drozdz and chief science officer Dr Steve Jenkins stepped down .
