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Laundry and garment technology group Xeros Technology posted a first-half loss, as it transitioned from a direct operations model to a licensing business.
Pre-tax losses for the six months through June amounted to £3.5m, compared to losses of £8.2m on-year. Revenue dropped to £0.2m, down from £1.2m.
Xeros said it had licensed products close to market entry, including Indian and Chinese licensees of its commercial laundry technology with market launched planned for the first quarter of 2021.
The company had exited its direct businesses with sale of Marken in June and cut its headcount to 45, down from 64 in December.
'Covid-19 has inevitably caused some delays in our licensees' programmes,' chief executive Mark Nichols said.
'Whilst we cannot rule out further disruption, our licensees are planning to place XDrumTM machines with affirmation customers in both commercial laundry and garment finishing markets in the fourth quarter of this year ahead of full market launches early next.
'Our licensee's plans for entering the domestic washing machine market in India in mid-2021 remain unchanged.'
'Following successful market penetration with these first contracts, our plans are to extend the geographic reach of our license portfolio.'
At 9:25am: (LON:XSG) Xeros Technology Group Plc share price was -0.08p at 1.25p