Xeros Technology: Yorkshire water-saving firm’s revenue surges by 81 per cent
Xeros Technology, the creator of technologies that reduce the impact of clothing on the planet, said revenue increased 81 per cent in the year to December as a result of increased licensing revenue.
The group decreased its adjusted EBITDA loss by 37.9 per cent to £4.6m over the 12 months. Administrative expenses decreased by 34.1 per cent to £5m, following a reduction in the group’s headcount and a continued focus on cost across the business.
Xeros, which was founded in Rotherham, Yorkshire, researches and develops technologies to lower the impact of washing closing, to use less water.
Net cash outflow from operations decreased by 33.2 per cent to £4.7m as a result of the group’s overall cost reduction.
Neil Austin, chief executive of Xeros, said: “Our agreements with licensees moved closer to commercial launch, as we embarked on the crucial technology transfer process with both IFB and Yilmak Makina.
“We completed the technology transfer for IFB domestic machines (Goa) in December 2023, and Yilmak Makina’s commercial denim processing machines (Turkey) in Q1 of the new financial year.”
He added: “All these machines have now moved to the manufacture and marketing stage, ahead of scale launch later this year.
“In addition, the work undertaken to increase the group’s commercial focus has resulted in a stronger than expected pipeline of potential new agreements. We are now in discussion with 10 major organisations with interest across all the group’s technologies.”