Xeros Technology Group PLC - Rotherham, England-based laundry technology developer - Posts revenue of GBP164,000 for 2022, down from GBP474,000 in 2021. Xeros explains that the delays in domestic Care launch affects forward looking revenue mix across 2023 and 2024, with revenue lower than previously forecast. Pretax loss widens to GBP7.4 million from GBP6.9 million, as gross profit drops to GBP84,000 from GBP281,000 a year earlier. Administrative expenses increase to GBP7.5 million from GBP7.2 million. Looking ahead, says near-term expectations will be lower than previously expected, but says there is a clear path for its licensing brands to meet market implementation.
Chief Executive Officer Neil Austin says: "I am pleased to report the solid progress made by Xeros during 2022 across all key areas of the business; Filtration, Finish and Care. The further agreements won throughout the financial year clearly demonstrate that our technology is widely regarded globally."
Current stock price: 3.63 pence each, down 18% on Tuesday morning in London
12-monhth change: down 93%
By Xindi Wei, Alliance News reporter
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Xeros Tech (XSG)