Water scarcity and pollution drive growth at technology firm Xeros
WATER SCARCITY and pollution are driving global interest in laundry technology firm Xeros, leading to income growth and reduced EBITDA losses.
The Rotherham-based business, which makes polymer beads that can be used in specially designed washing machines, said group earned income for the six months ended June 30, was up 77 per cent to £1.9m.
The group reported an adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) loss of £11.6m, down from a loss of £13.2m the year before. It reported group cash of £10.4m.
During the period, Xeros, signed its first Symphony Project agreement to commercialise commercial laundry technology in China. It also secured major orders from the Middle East and South Africa.
Mark Nichols, chief executive of Xeros, said: “The environmental macro drivers – water scarcity and pollution – are major factors in the increasing level of interest, engagement and agreements we are now seeing in our unique and proven technologies, with a number of large OEMs as well as distributors around the world.
“Changing the products and production processes of large industries is inevitably challenging but the high levels of engagement across our portfolio of applications is strong evidence that wide-scale adoption is increasingly likely. OEMs incorporating our technologies has been key to this increased uptake – as demonstrated by our first licensing deal in China.
“We are on track to deliver further major commercialisation milestones, based on our IP-rich, capital-light business models, with market incumbents during the remainder of 2018.”