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LONDON (Alliance News) - Xeros Technology Group PLC said Thursday its loss for the first half of the financial year narrowed as it increased revenue and cut costs.
For the six months to June 30, the company which develops and commercialises water savings solutions, posted pretax loss of GBP13.0 million compared to GBP15.1 million a year ago. This was on the back of an increase in revenue by 89% and a reduction in administrative expenses.
Revenue increased to GBP1.9 million from GBP1.0 million, while administrative costs fell to GBP12.9 million from GBP14.6 million a year before.
In the first six months, the company said it achieved "a number of its planned key milestones", transitioning from a designer and seller of water saving commercial washing machines towards an "capital-light licenser of polymer-based water saving solutions to multiple scale industries".
Chief Executive Officer Mark Nichols 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.
"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."
Looking ahead, the company said it is "on track to deliver further major commercialisation milestones, and it expects to raise further capital to achieve this.
Xeros shares were trading down 6.5% at 43.40 pence each.
