Xeros expects to raise more funds despite reduced losses

30th Apr 2019 11:23

(Sharecast News) - Xeros Technology said it expected to raise more funds from shareholders in 2019 even as the water-reduction tech company reported a reduced annual loss. The company's adjusted loss for the year to the end of December fell 27% to £20.9m as revenue rose 62% to £3.5m. Xeros's pre-tax loss meanwhile narrowed to £30.4m from £31.9m.Xeros said it was burning through cash at a reduced rate but that it was likely to raise more equity this year to strengthen its balance sheet.The company's shares, which had risen 40% thus far in April, fell 14% to 8.33p at 11:48 BST.Xeros develops products to reduce water consumption and increase efficiency in water-consuming industries spanning textiles, cleaning and tanning. It also licenses products for use by companies in those industries.Mark Nichols, Xeros's chief executive, said: "Having completed the lion's share of our development our disruptive water saving technologies are now firmly on a path to commercialisation under an intellectual property-rich and asset light business model in global scale industries."We see the demand for our technology increasing as environmental and societal pressures continue to put intense strain on finite water resources - both in terms of pricing and consumption."