22 October 2014
Xeros Technology Group plc (AIM: XSG), the innovative developer of a patented polymer bead cleaning system with multiple identified commercial applications, today announces its final results for the year ended 31 July 2014.
- 37 installed and committed machines in the US and 7 in Europe as at 31 July 2014 with focus on accelerating installations in 2015, and expecting to exceed 80 installed and committed machines by end of calendar year 2014
- AIM listing in March 2014 supported increased customer and commercial partner engagement
- Continued development of supply chain and sales infrastructure with new offices in the US and headcount growth to 62 people worldwide as of now
- Now count four out of the world's top five hotel groups as customers in the US, a priority market for Xeros
- Machine sales into further channels including retail dry cleaning, fitness centres and the US military
- Several US utility companies offering substantial financial incentives for customers investing in Xeros machines including Liberty Utilities and, since the year end, National Grid and Columbia Gas
- Xeros SbeadycareTM Pulse, the Group's proprietary intelligent monitoring system, launched in the period and is proving attractive to customers
- Patent portfolio strengthened with 5 new patents filed in the period, bringing the total to 33 patent families (covering 33 inventions)
- Since the year end, awarded a €700,000 Eco-Innovation grant to drive early adoption in Europe
- Group earned income increased 485% to £315k for the year, up from £65k in 2012/13, largely driven by progress in the US
- Net cash outflow from operations of £7.2m from £3.2m in 2012/13 reflecting continued investment in research & development programmes alongside Commercial Laundry working capital and start-up costs
- At 31 July 2014, the Group had cash balances (including cash equivalents and investments in the form of term deposits) of £29.5m (2013: £8.5m) and remains debt free
Commenting on the results, John Samuel, Chairman of Xeros Technology Group, said:
"I am delighted with the progress we have made as we announce our first full year results as a listed company, following our successful admission to AIM in March 2014.
"The company continues to make great progress, with particular traction in the US, a priority market for Xeros, where our technology provides a solution to a very real crisis in energy and water consumption, delivering superior results and efficiencies to conventional washing.
"In 2015, we will be focused on extending our installed base in the US with existing and new customers, geographic expansion in Commercial Laundry, product development and continued innovation in bead cleaning. We look forward to providing shareholders with further updates on our progress in due course. "