Xeros Tech. posts 17-month pretax loss

Xeros Tech. has posted a 17-month pretax loss of £21.1m, from a loss for the year to July 31, 2015, of £10.7m. Revenue for those periods of differing lengths was £2.5m, from £480,000.

"Over the past 17 months, we have achieved major milestones in our technology development and its commercialisation," said CEO Mark Nichols.

"We now have strong evidence that we have the capacity to deliver sustainability, performance and economic benefits across three world scale industries: cleaning, tanning and textiles.

"Technical validation and increasing market endorsement show that we possess a platform technology that can transform these industries."

Nichols added that the long-term value of Xeros' technology in each of the selected markets was substantial, given their scale, the environmental and economic pressures on them, and the quantum of the improvements it delivered in these areas.

"These benefits are now increasingly being recognised and we are in active discussions with a number of partners with the objective of further accelerating our commercial development.

"Our scope and strategy is now fixed. 2017 will be a year of execution, in which we significantly progress the commercialisation of our highly disruptive, innovative technology."

At 9:19am: (LON:XSG) Xeros Technology Group Plc share price was +10.25p at 268.75p