30th Apr 2014 13:45
LONDON (Alliance News) - Xeros Technology Group PLC said Wednesday that it would benefit from a higher profile following its listing on AIM March 25, after it posted a widened pretax loss in the half-year to January 31.
Xeros Technology is a developer of a polymer bead cleaning system.
The company posted a pretax loss of GBP2.8 million, widened from a GBP1.4 million loss in the previous year, as revenue more than doubled to GBP86,195 up from GBP41,698, but this was offset by higher sales costs and significantly higher administrative expenses.
The company said that the higher costs were related to investment in research and development, business infrastructure, the commercialisation of its commercial laundry offering and a higher headcount.
When Xeros listed on AIM in March it raised GBP30 million.
Xeros said it had targeted the commercial laundry market as the first market for its new technology, and has begun rolling out 25 kilogram capacity washing machines using its technology.
"There is still much to do but our plans are on track and I believe we have the necessary financial and human resources to drive the deployment of this disruptive technology to its maximum potential," said Chairman John Samuel in a statement.
Shares in Xeros were trading up 6.2% at 102.99 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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