Xeros in Rotherham reduces earnings losses

The Rotherham-based developer and licensor of platform technologies, which transform the sustainability and economics of clothing and fabrics during their lifetime, is looking to penetrate the Indian market.

Xeros saw its adjusted EBITDA loss reduced by 59.8 per cent to £3m, in the six months ended June 30, 2020, reduced from £7.5m the previous year.

The business also announced its intention to consolidate shares to reduce number of shares in issue.

Mark Nichols, chief executive of Xeros, said: "Covid-19 has inevitably caused some delays in our licensees' programmes.

"Whilst we cannot rule out further disruption, our licensees are planning to place XDrum machines with affirmation customers in both commercial laundry and garment finishing markets in quarter four of this year ahead of full market launches early next.

"Our licensee's plans for entering the domestic washing machine market in India in mid-2021 remain unchanged. Following successful market penetration with these first contracts, our plans are to extend the geographic reach of our license portfolio.

"The domestic version of XFiltra has now been independently judged as the leading solution for the abatement of the largest source of primary microplastic pollution which is created by the washing of our clothes at home.

"Our expectation is for our design to be licensed well in advance of European legislation deadlines, currently set at 2025.

"Our joint development programme with a world leading commercial laundry equipment company to create an industrial size filtration product is on track for completion at the end of the year.

"The implementation of our current and future license contracts will deliver major improvements in the sustainability of clothing and fabrics during their manufacture including reductions in water, chemistry, energy, effluent and cost.

"Extending the useful life of these essential items in the hands of consumers and businesses adds to the preservation of precious resources and furthers the protection of the environment."

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