Major progress in developing and commercialising platform technology
Xeros Technology Group plc (AIM: XSG, ‘the Group’, ‘Xeros’), the developer and provider of patented polymer bead systems with multiple commercial applications, publishes its second unaudited interim results for the six months ended 30 June 2016.
· Possess disruptive bead technology platform which can be deployed in numerous global markets
· Good progress in application areas creating considerable interest from industry leaders with capacity for scaling up adoption
· Earned income up to £807,000 (comparative period 2015: £325,000)
· Commercial Laundry:
o 116 commercial washing machines installed (comparative period 2015: 50) bringing total estate to 278
o In advanced discussions with industry leaders to increase growth rate
· Consumer Laundry:
o Major strides in fabric care and extended garment life
o Detailed evaluation of domestic technology being carried out by global OEM
· Six successful scale trials with leading European tannery
· Trials confirmed significant savings in water, chemistry and effluent
· Business plan formulated to introduce technology in up to five tanneries in 2017
· Detailed studies completed – two soft and one hard substrate
· IP development and applications underway including new bead formulations with the capacity to further reduce chemistry consumption
· Ambition is to achieve successful scale trials in each of the areas by end 2018
Mark Nichols, Chief Executive of Xeros, said:
“It’s now clear that we have a disruptive bead technology platform that can be commercialised across a range of global industries.
In Commercial Laundry, we are increasingly accepted in a customer segment which has the capacity for thousands of machine installations. We are in detailed discussions with a number of leading market participants, and we are confident of achieving an annual installation rate of 2,000 per annum in the year of 2020.
We have developed a low risk pathway to establishing our washing and cleaning technology for use by end consumers. A global OEM is currently evaluating the benefits of our technology.
The pace of our Leather Processing trials in conjunction with our development partners, Wollsdorf Leder Schmidt (“Wollsdorf”) in Austria and LANXESS, has accelerated ahead of our own expectations. We aim to achieve large scale commercialisation by the end of 2018.
We have selected three new application areas for development, which we expect to have the same commercial potential as Laundry and Leather Processing. Whilst there is a great deal of R&D and engineering work to be done, we have set our teams the task of achieving successful scale trials in each of these three new areas by the end of 2018.”