REG - Xeros Tech Grp plc - Trading Update

Xeros TechnologyAnnouncement

08/02/2023 10:30

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RNS Number : 3205P  Xeros Technology Group plc  08 February 2023

 

 

 

08 February 2023

This announcement contains inside information

 

Xeros Technology Group plc

 

('Xeros' or the 'Company' or the 'Group')

 

Pre-Close Trading Update

 

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce
the impact of clothing on the planet, today provides a pre-close trading
update for the full year to 31 December 2022 ("FY22").

 

In the 21 December 2022 business update the Group referenced the positive
progress by its licence partner in India, IFB with the launch of an 11kg
domestic washing machine into the Indian market. The Group continues to
support IFB in the final stages of testing of a 9kg domestic machine prior to
market launch, with a senior Xeros team visiting IFB in Goa in February.

 

In addition the Group continues to progress its commercial partnerships with
existing and prospective licensees within the Filtration and Finish
technologies.

 

The Board now expects that the adjusted EBITDA loss for the year ended 31
December 2022 will be 5-10% higher than prior guidance* due mainly to the
timing of commercial milestone payments and as a result of some minor
restructuring undertaken during the latter part of FY22 with associated costs
of £0.3m. This restructuring is expected to reduce the Group's ongoing cash
run rate.  Year end cash position stood at £6.5 million. The Group's
financial results are not yet finalised and remain subject to audit.

 

The Company expects to report its FY22 Preliminary Results during the second
half of March 2023.

 

Neil Austin, Chief Executive Officer of Xeros, said:

 

"We remain confident that our commercial strategy continues to set the right
direction to grow our business as we build our global partnerships and revenue
pipeline. Combined with the strong market demand for technology that has a
positive environmental impact, we look forward to our continued progress and
generating value for our stakeholders."

 

* For the purpose of this announcement, the Board believes market consensus
for FY22 to be adjusted EBITDA losses of £6.8 million.  Adjusted EBITDA
losses are defined as the loss on ordinary activities before interest, tax,
share-based payment expense, warrant expense, depreciation and amortisation.

 

 

Enquiries:

 

 Xeros Technology Group plc                       Tel: 0114 321 6328

 Neil Austin, Chief Executive Officer

 Paul Denney, Chief Financial Officer

 finnCap Limited (Nominated Adviser and Broker)   Tel: 020 7220 0570

 Julian Blunt/Teddy Whiley, Corporate Finance

 Andrew Burdis/Sunila de Silva, ECM

 Yellow Jersey PR                                 Tel: 020 3004 9512

 Sarah Hollins/Lilian Filips/Annabelle Wills

 

Notes to Editors

 

POWERED BY SCIENCE, XEROS CREATE TECHNOLOGIES ENGINEERED FOR THE FUTURE

 

Born out of textile research and advancing new standards of performance and
responsibility, Xeros' technologies revolutionise the way we make and clean
our clothes, conserving water and preventing waste. Designed to impact
industries and people on a global scale, Xeros transform the performance,
impact and economics of the fashion and washing machine industry.

 

Xeros enable the scaling of their innovations and impact by licencing their
intellectual property to partners across the globe. Their work has, to date,
created 38 patent families.

 

Xeros' technologies are already in use in major global industries, including
commercial and home laundry and garment manufacture. So far, these
technologies have saved millions of litres of water and could prevent billions
of microfibres from ending in our oceans.

TO THE POWER OF CHANGE

xerostech.com (http://www.xerostech.com)

 

 

 

 

 

 

 

 

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