22nd Mar 2016 11:06
LONDON (Alliance News) - Xeros Technology Group PLC on Tuesday said it remains on track with the roll-out of its environmentally friendly washing machines as its interim loss widened.
Xeros has developed washing machines that use polymer beads in the washing process, which it claims reduces the need for cleaning powders and liquids as well as water and energy, while achieving good cleaning results.
Xeros said its pretax loss for the five months to the end of December was GBP5.6 million, compared to a GBP3.8 million loss a year earlier. The five-month periods are due to a change in its financial year.
The widened loss was driven by higher administrative costs for the group as it ramps up its operations. Revenue rose to GBP734,000 from GBP90,000.
Xeros said it was accelerating its commercial laundry roll-out, with 56 commercial washing machine installations in the five-month period. For the seven months to the end of February, this rises to 94, with its total installed fleet at the end of February at 200.
Xeros also is continuing full-scale leather processing trials with a leading, unnamed European tannery.
"Our business development activities have continued in line with the plans laid out during our GBP40 million fundraising in November last year," said Mark Nichols, Xeros's chief executive.
"The roll out of commercial laundry continues at a good pace. We are now installing machines at an approximate rate of one per working day and expect this rate to progressively increase," he added.
Xeros shares were up 9.1% to 216.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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