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(Alliance News) - Xeros Technology Group PLC on Wednesday said 2021 revenue was up 23% and it looks ahead with optimism as the firm signed a "landmark" deal in June.
Shares in the Rotherham, England-based environmental technology firm were down 14% to 35.50 pence each in London on Wednesday morning.
Xeros reported that in 2021 revenue increased by 23% to GBP474,000, from GBP385,000 year-on-year. Further, pretax loss narrowed by 9.2% to GBP6.9 million, from GBP7.6 million the year before.
Looking forward, Xeros said it expects to break even in 2024, based on its existing and targeted contracts. Key to this assumption is that the impact of Covid-19, especially in South Asia, is "significantly" below that experienced in 2020 and 2021, it added.
Further the company said that, in 2022, it has achieved a "notable landmark" with its XFilter technology being licensed for the first time into the domestic washing machine market.
Last week, Xeros said it had signed a licensing agreement for XFilter with Hanning Elektro-Werke GmbH & Co KG. Hanning, headquartered in Oerlinghausen, Germany manufacturers components for the appliance industry.
The 10-year non-exclusive agreement will see Hanning manufacture and sell filters using XFilter technology. The deal has potential to deliver revenue in late 2023 onwards, it added.
Xeros said it plans to continue to increase the number of license agreements in countries with "great need of the benefits".
Chair Klaas de Boer said: "This has been a year of significant progress in embedding Xeros's technologies into product lines of key licensing partners laying a strong foundation for future growth. The transformation of the Xeros brand and the supporting marketing programme are key to accelerating the commercialisation of our transformational technologies."
By Sophie Rose; sophierose@alliancenews.com
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