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Water saving technology group Xeros Technology reported a full-year loss and launched a £6.3m discounted share placing to bolster its balance sheet.
New shares in the company were offered at 0.5p each.
Pre-tax losses for the year through December amounted to £18.5m, compared to losses of £28.4m on-year.
Revenue fell to £1.8m, down from £2.7m, as the company moved to a licencing model and away from direct operations.
'The license agreements we have signed with leading OEMs in 2019 and since the beginning of this year have validated the substantial benefits our proprietary products deliver,' chief executive Mark Nichols said.
'We intend to work with our partners during the rest of the year to provide a platform for high margin growth.'
'Also, we intend to expand selectively on a geographic basis in each of our chosen applications.'
'We will do so from our reduced cost base with the announcement of today's equity placing enabling us to so during the course of the next two years.'
At 2:35pm: (LON:XSG) Xeros Technology Group Plc share price was +0.06p at 0.81p