Xeros Technology has posted a wider H1 pretax loss of £6.1m, from a loss of £5.5m. Revenue was £780,000, from £317,000.
CEO Mark Nichols commented:
"It's now clear that we have a disruptive bead technology platform that can be commercialised across a range of global industries.
"In Commercial Laundry, we are increasingly accepted in a customer segment which has the capacity for thousands of machine installations.
"We are in detailed discussions with a number of leading market participants, and we are confident of achieving an annual installation rate of 2,000 per annum in the year of 2020.
"We have developed a low risk pathway to establishing our washing and cleaning technology for use by end consumers. A global OEM is currently evaluating the benefits of our technology.
"The pace of our Leather Processing trials in conjunction with our development partners, Wollsdorf Leder Schmidt ("Wollsdorf") in Austria and LANXESS, has accelerated ahead of our own expectations. We aim to achieve large scale commercialisation by the end of 2018.
"We have selected three new application areas for development, which we expect to have the same commercial potential as Laundry and Leather Processing. Whilst there is a great deal of R&D and engineering work to be done, we have set our teams the task of achieving successful scale trials in each of these three new areas by the end of 2018."