Xeros posts another loss despite huge surge in revenue

20 July 2017.......Mark Nicols, CEO of Xeros Technology Group plc, for Yorkshire Vision. Picture Scott Merrylees

The pretax loss down 27.3 per cent from 2017’s loss of £28.7m and comes against revenues of £3.5m.

Chief executive Mark Nichols said that the firm was “firmly on the path to commercialisation” for its products which he said would soon experience high levels of demand as businesses seek to reduce their environmental impact.

The firm makes polymer beads that can be used in specially designed washing machines that do not require anywhere near the volume of water needed in conventional machines,

Last year Xeros announced the shipment of 16 washing machines to the Cape Province region of South Africa, which was suffering from a drought.

Mr Nichols said: “Having completed the lion’s share of our development our disruptive water saving technologies are now firmly on a path to commercialisation under an IP rich and asset light business model in global scale industries.

“We see the demand for our technology increasing as environmental and societal pressures continue to put intense strain on finite water resources - both in terms of pricing and consumption.”

Xeros has plans to improve its balance sheet through an equity raising programme.

Mr Nichols added that he expected to see its cost base reduce further during 2019.