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Xeros Technology Group plc (AIM: XSG, 'the Group', 'Xeros'), the developer and provider of water saving and filtration technologies with multiple commercial applications, today published its interim results for the six months ended 30 June 2019.

Highlights

• Major commercialisation progress of platform technology:
  • License contract in execution with India's largest domestic washing machine manufacturer
  • Joint development agreement in progress with largest Chinese domestic washing machine manufacturer
  • Commercial washing machine license contracts in execution with India's and China's largest commercial laundry equipment companies
  • First XDrum commercial washing machine commissioned in Shanghai
  • First endorsement of Xeros' cleaning technologies by garment manufacturer in US
  • Joint development agreement in progress with world's largest apparel manufacturer
  • Binding Heads of Terms signed for the development and licensing of Xeros' technology by the largest garment finishing equipment company in South Asia
• Net cash outflow from operations £9.2m (2018: 12.8m), 28% reduction
• Group cash of £5.2m at 31 July 2019
• Adjusted EBITDA* loss down to £8.1m (2018: loss £11.6m), 30% reduction

*Adjusted EBITDA is defined as loss on ordinary activities before interest, tax, share-based payment expense, non-operating exceptional costs, depreciation and amortisation

Mark Nichols, Chief Executive of Xeros, said:

"Since Xeros' inception, the geo-political and environmental pressures on the world's supply of water continue to increase, year on year.  There is no reason to believe this will change or abate. Our technologies help to extend this precious resource whilst simultaneously reducing significantly pollution.

"After a number of years of development, manufacturers and consumers have now recognised that our innovative technologies are highly valuable, both in terms of their sustainability and cost benefits.

"The commercialisation of our products is now accelerating with a number of contracts in execution and in development in a number of countries including the two most populous.

"In 2017 we changed our strategy to commercialise our technologies under a license model in order to achieve the broadest possible market penetration from the lowest possible cost base. Our licensing contract wins and reducing cash burn rate are evidence that we are now making good progress to achieving that objective."

Enquiries:

Xeros Technology Group plc	Tel: 0114 321 6328
Mark Nichols, Chief Executive Officer Paul Denney, Chief Financial Officer
Jefferies International Limited (Nominated Adviser and Joint Broker)	Tel: 020 7029 8000
Simon Hardy / Will Soutar
Berenberg (Joint Broker)	Tel: 020 3207 7800
Chris Bowman / Ben Wright / Laure Fine
Instinctif Partners	Tel: 020 7457 2020
Adrian Duffield / Kay Larsen / Chantal Woolcock

 

Notes to Editors

Xeros Technology Group plc (LN: XSG) is a platform technology Group that is reinventing water intensive industrial and commercial processes.

Xeros' patented XOrbTM technologies significantly reduce the amount of water used in a number of major applications with the remaining water becoming far more efficient in either affixing or removing molecules from substrates such as fabrics and garments. The result being significant improvements in economic, operational, product and sustainability outcomes. The Group is applying its technology in the fields of cleaning, tanning and textiles.

Xeros' XDrumTM technology is used to apply XOrbs in world scale commercial and domestic markets and has signed multiple agreements to license its products.

XFiltraTM is Xeros' in machine filtration technology which enables major reductions in the amount of microfibres being released from washing machines into the marine environment.

For more information, please visit www.xerostech.com.

To read the full realease, please click here.