- Xeros Technology Group plc (AIM: XSG), the innovative developer of a patented polymer bead cleaning system with multiple identified commercial applications, achieved revenues of £315,000 in the year ended 31 July 2014.

This is a 485% increase on the previous year.

The loss before tax was nearly £6.7m, nearly double the figure in the previous year.

The income growth came mainly from the US business where 14 machines were installed and commissioned during the year. The embedded future income from the income generating installed base of 17 machines as at 31 July 2014, based on contracted monthly payments, amounts to £870k.

The Group's cash position was strengthened during the year through its admission to AIM raising £30m before expenses. At 31 July 2014, the Group had cash balances (including cash equivalents and investments in the form of term deposits) of £29.5m (2013: £8.5m) and remains debt free.

It says it therefore remain well funded as it continues to develop the business.

John Samuel, chairman of Xeros Technology Group, said: "I am delighted with the progress we have made as we announce our first full year results as a listed company, following our successful admission to AIM in March 2014.

"The company continues to make great progress, with particular traction in the US, a priority market for Xeros, where our technology provides a solution to a very real crisis in energy and water consumption, delivering superior results and efficiencies to conventional washing.

"In 2015, we will be focused on extending our installed base in the US with existing and new customers, geographic expansion in Commercial Laundry, product development and continued innovation in bead cleaning."

Story provided by