5th Sep 2024 19:44
Xeros Technology Group PLC - Rotherham, England-based laundry technology firm notes several developments, which are expected to impact annual expectations. Firstly, its Indian domestic laundry licensee, IFB Industries Ltd, has changed the specification of the 9 kilogram washing machine it was testing, meaning that mass market launch is now expected in 2025. Further, microfibre filtration legislation is now in place in France, the standards and efficacies pertaining to it remain unclarified. As a result, this is not expected to drive demand for the group's XF3 technology in the short term, as originally expected. Accordingly, Xeros downgrades revenue expectations for financial 2024 and financial 2025 to GBP500,000 and GBP3.8 million respectively, and adjusted loss before interest, tax, depreciation and amortisation to GBP4.2 million and GBP1.0 million. Further, signs contract with Donlim Group to manufacture its XF3 external filter under licence. Read More
