The boss of Rotherham-based clothing fibre filtration specialist Xeros Technology Group has said the business is capable of breaking even in 2024.
New results for the Leeds University spin-out show EBITDA losses widened from £6.4m to £7.4m in 2022 but chief executive Neil Austin, who joined the Advanced Manufacturing Park-based business part way through the year, said that while near term expectations are lower than previously envisaged, Xeros was on a sounder footing.
Xeros specialises in filtration and care technologies, including its XFilter product which captures microfibres - tiny fragments of clothing and textiles - in washing machines. The firm said it had won two further licences for the tech and had secured a trail with a major European retailer and its denim manufacturing partner for Xeros' Finish tech, which reduces the amount of water used in the production of jeans.
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Revenue for the firm fell from £474,000 to £164,000 amid a change to a licensing model in which Xeros generates income from licensing of its intellectual property, servicing and sales of machines. Its care products - reusable polymer spheres called XOrbs, used to reduce water, energy and chemicals in washing - are being trialled in a 90kg washing machine with Indian Railways, which has a significant volume of linens used on sleeper trains across the country.
Neil Austin, chief executive officer of Xeros, said: "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. The board remains confident in the group's strategy and its growth prospects, especially given the global legislative agenda moving forward so positively and we look forward to updating shareholders on our progress in due course."
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