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LONDON (Alliance News) - Water saving technology Xeros Technology Group PLC on Tuesday reported strong revenue growth, as it looks to commercialise its technology.
Xeros' pretax loss was GBP30.4 million for 2018 from GBP31.3 million the year before, though revenue increased 62% to GBP3.5 million.
Administrative expenses fell 9.2%, Xeros said, and the company expects this to decline further going into 2019.
"Having completed the lion's share of our development our disruptive water saving technologies are now firmly on a path to commercialisation under an IP rich and asset-light business model in global scale industries," said Chief Executive Mark Nichols.
Demand is increasing for its technology, Xeros said, as sustainability becomes a key focus.
"We have achieved a number of major inflection points with others expected to follow in 2019, each of which have the capacity to generate significant value," said Xeros.
"As we end the development phase, our cost base will continue to decline ahead of the implementation of the contracts we have won which are expected to generate high margin royalty revenue."
Looking ahead, Xeros plans to raise equity during 2019 to strengthen the balance sheet. Shares were down 13% Tuesday morning at 8.54 pence each.