- Xeros Technology, the developer and provider of patented polymer based technologies, made an EBITDA loss of £28.7m in the 12 months to 31 December 2017, compared with a loss of £20.7m for the 17 months to 31 December 2016.

Group earned income was £2,270,000 compared with £2,466,000 for the 17 months to 31 December 2016.

On a normalised basis, average monthly earned income was 30% higher than the previous period.

Total administrative expenses (which include the R&D expenses) increased to £30.9m (17-month 31 December 2016: £22.6m).

Administrative expenses include a foreign exchange loss of £2.2m resulting from movements in the US dollar rate and £0.4m of administrative expenses from MarKen since its acquisition in July 2017. After adjusting for MarKen and the impact of foreign exchange, underlying administrative expenses increased from £26.4m to £28.3m.

This resulted in an adjusted EBITDA loss of £28.7m (17-month 31 December 2016: loss £20.7m).

Mark Nichols, chief executive of Xeros, said: "For the majority of our applications, our plans are to implement IP-rich, capital-light business models with market incumbents. With our resources now aligned specifically to business opportunity, we are working our way through major commercialisation milestones. We are now at a pivotal point in the commercialisation of our technologies."

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