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AIM-listed water saving polymer specialist Xeros Technology (LON:XSG) posted a pre-tax loss of £12.9 million during the six months ended 30th June, narrowing from around £15 million in the first half of last year as sales rose and administrative expenses fell. Revenues rose by 89% to £1.9 million, but remain far from break-even.
Chief Executive Mark Nichols said: “The environmental macro drivers – water scarcity and pollution – are major factors in the increasing level of interest, engagement and agreements we are now seeing in our unique and proven technologies, with a number of large OEMs as well as distributors around the world.
“Changing the products and production processes of large industries is inevitably challenging but the high levels of engagement across our portfolio of applications is strong evidence that wide-scale adoption is increasingly likely. OEMs incorporating our technologies has been key to this increased uptake – as demonstrated by our first licensing deal in China.
“We are on track to deliver further major commercialisation milestones, based on our IP-rich, capital-light business models, with market incumbents during the remainder of 2018.”
Shares in Xeros Technology Group dropped by 11.02% to 41.12p (as of 13:00 BST).