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(Alliance News) - Xeros Technology Group PLC on Thursday reported a narrowed loss for the first half of 2019, helped by a sharp dip in administrative expenses.
The water saving and filtration technology firm's pretax loss for the six months ended June 30 was GBP9.0 million, notably narrower than its GBP13.0 million loss the year before.
This was the result of administrative expenses, which shrank to GBP9.0 million from GBP12.9 million.
Revenue, meanwhile, fell 16% to GBP1.6 million from GBP1.9 million due to a reduction in physical sale of commercial washing machines by its Hydrofinity division to GBP393,000 from GBP658,000 as the firm moves to exit direct washing machine sales and move to licence agreements in 2020.
Xeros did, however, report the first direct licencing revenue from XDrum commercial washing machines - GBP76,000 versus nothing in 2018 - from technology fee payments.
Chief Executive Mark Nichols said: "The commercialisation of our products is now accelerating with a number of contracts in execution and in development in a number of countries including the two most populous.
"In 2017 we changed our strategy to commercialise our technologies under a license model in order to achieve the broadest possible market penetration from the lowest possible cost base. Our licensing contract wins and reducing cash burn rate are evidence that we are now making good progress to achieving that objective."
Shares in Xeros were down 0.9% at 6.80 pence in London on Thursday.
