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LONDON (Alliance News) - Xeros Technology Group PLC on Thursday said its loss widened in 2017, as it faced unfavourable currency exchange rates leading to higher prices in machine spare parts.
The polymer-based technologies company posted a pretax loss of GBP31.9 million for 2017, compared to a pretax loss of GBP21.1 million for the seventeen months to the end of 2016, due to an increase in consumables costs used to support a larger customer base.
Xeros recently changed its financial year to fall in line with the calendar year.
The company's administrative expenses rose year-on-year to GBP30.9 million from GBP22.6 million, including a foreign exchange loss of GBP2.2 million resulting from movements in the dollar rate.
Xeros said it continued to invest in its research & development programme but, as it now completed all fundamental development, the total research & development spend in the period fell to GBP5.1 million from GBP7.6 million.
Revenue dropped to GBP2.2 million from GBP2.4 million the prior year. On a normalised basis, average monthly revenue was 30% higher than the previous period, the company said.
During 2017, Xeros has focused on increasing its commissioning capacity in the Hotel & Lodging business, it said, through the use of forward channel partners. This resulted in an increase of 143 machines commissioned in 2017, from 64 the year earlier.
Xeros uses polymer beads to reduce the water required by laundries.
By the end of December, the total revenue generating estate grew to 381 machines versus 140 machines the prior year while contracted future revenue increased to GBP4.2 million from GBP3.8 million.
"Xeros is now providing a unique, proven technological solution in a world increasingly threatened by the environmental challenges of water scarcity and pollution," said Chief Executive mark Nichols. "We are now at a pivotal point in the commercialisation of our technologies."
Shares in Xeros were trading 2.9% lower at 149.00 pence per share on Thursday.