Xeros sees income increase

The Rotherham-based firm saw group income rise to £1.1m in the six months to June 30, 2017, up from £0.8m the previous year. While it reported an adjusted EBITDA loss of £13.2m, widening from a £7.4m loss in 2016.

The university spin-out said it had made significant progress towards commercialising its technology across all targeted applications.

Xeros’ technology reduces the water used in the laundry and the polymer beads are also used in leather tanning. The business has been looking at adapting existing washing machines on the market to its technology.

Mark Nichols, chief executive of Xeros, said: “We have continued to make sound progress on the implementation of our strategy to establish our unique polymer technology in three world-scale industries: cleaning, tanning and textiles.

“We are developing IP-rich, capital-light business models to licence our technology to world-leading market incumbents that will provide Xeros with stable income streams with long term visibility.

“In Cleaning, we are beginning to make allies of former competitors through our Symphony Project and have developed what we believe to be a breakthrough in the design of domestic washing machines incorporating Xeros technology.

“In Tanning, we have signed our first commercial tanning contract with Wollsdorf - a key milestone for this business and an example of the IP-rich, capital-light model we are pursuing.

“In Textiles, we are also making good progress in developing our technology for use in this sector with a number of key patent applications being filed to protect our IP.

“We remain well positioned to deliver further progress on commercialisation across all targeted applications in the current year and into 2018.”