Xeros cleans up in post-IPO results

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XEROS Technology increased its turnover five-fold in its first full year results since going public.

The Sheffield-based firm, which provides water-saving polymer bead cleaning technology, saw its group earned income increase 485 per cent from £65,000 to £315,000 in the year to July 2014.

Xeros now counts four out of five global hotel chains as customers in the US and has made sales in additional channels including retail dry cleaning, fitness centres and the US military.

It reached 37 installed and committed machines in the US and seven in Europe to July, and is expected to reach 80 by the end of 2014..

The results are the company’s first since its initial public offering in March 2014.

Bill Westwater, chief executive at Xeros, told The Yorkshire Post the company continues to expand rapidly, particularly in its key territory of the US.

The company employs 62 people worldwide. It is now looking to expand into different regions and sectors.

It has a late-stage prototype for a domestic polymer bead washing machine and is developing its use for the leather industry, which uses vast quantities of water in tanning.

The company is targeting greater take-up in the UK and Europe. Since July, it has received a €700,000 (£551,000) Eco-Innovation grant to drive early adoption in Europe.

Mr Westwater added: “We have all the experience and infrastructure in place, now we need to make sure we don’t become complacent.”

He added: “We’re a proud company that wants to be part of the success of Yorkshire.”