Xeros Technology Group plc (AIM: XSG, ‘the Group’, ‘Xeros’), the innovative developer of patented polymer bead systems with multiple identified commercial applications, today published results for the year ended 31 July 2015.
The Group also intends to raise approximately £40 million via a placing of new Ordinary Shares at a price of 225p per with both new and existing institutional investors – see separate announcement.
Highlights
Significant progress made in Commercial Laundry:
- Increasing US market take-up – 46% of machine sales repeat or affiliated buyers
- Seven out of 10 largest US hotel chains now customers
- Team of seasoned industry professionals recruited and forward channel partner network established
At end of September 2015:
- 103 machines US customer installations – further 39 committed to be installed
- 20 machines installed in Europe – further commitments to install of 15
- Leather Processing – accelerating progress towards scale validation
- Phase 2 covering full scale trials started mid-October 2015, due for completion by the end of H1 2016
- Domestic Laundry – market potential greatly in excess of commercial laundry
- Significant activities planned to develop the opportunity
- Earned income up 52% to £480,000 (2014: £315,000)
- As at 31 July 2015, contracted future revenues of £1.6m (2014: £0.8m)
Proposed Placing to raise approximately £40 million
Funds raised will enable the Group to maintain the momentum seen since IPO over approximately the next two and a half years as it seeks:
- to accelerate its roll out strategy of the Commercial Laundry business in the Americas and Europe
- to continue its development of technologies for the domestic laundry and leather processing markets and
- to increase the scope and scale of its polymer science and engineering platforms in order to capitalise on additional opportunities to apply its polymer bead innovations.
Circular to be sent to Shareholders today, appending a Notice of General Meeting
John Samuel, Chairman of Xeros, said:
“I am very pleased with the progress we have made in the year to 31 July 2015 and believe that we are well placed to capitalise upon that progress in the current year. We have made significant advances in our disruptive technology platform and are increasingly confident of its potential in a number of industries. We plan to continue to invest in the development of the commercial laundry business and also to accelerate the development of other applications of this technology.”
Mark Nichols, Chief Executive Officer of Xeros, said:
“In the short term, we are focusing on driving our commercial laundry business to meet the growing demand, particularly in the US, for our energy and water efficient solutions with superior cleaning performance. This is providing us with increasing forward visibility on revenues. As at 31 July 2015,contracted future revenues amount to £1.6m up from £0.8m.
“In the medium term, we plan to capitalise on the excellent progress we continue to make with our application in leather processing. We are also developing the opportunity in the global domestic laundry market.
“In the longer term, we have the opportunity to commercialise a number of further applications in parallel.
“The fundraising announced today will support the execution of our strategies over these horizons.We look forward to the future with confidence.”
For further information, please contact:
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Xeros Technology Group plc www.xeroscleaning.com |
Via Instinctif Partners |
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Mark Nichols, Chief Executive Officer Chris Hanson, Chief Financial Officer |
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Instinctif Partners |
Tel: 020 7457 2020 |
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Adrian Duffield / Helen Tarbet / James Gray |
