Monday, October 3, 2016

News: New director for Xeros


AIM-listed Rotherham firm, Xeros has appointed Paul Denney as chief financial officer as it continues to commercialise its innovative polymer bead technology.

Based on the Advanced Manufacturing Park (AMP), Xeros is a Leeds University spin-out that has developed a patented system using a unique method of special polymer beads rather than the usual large amounts of fresh water to clean clothes.

In raising a further £40m in a share issue at the end of 2015, Xeros has boosted its R&D and engineering teams as it commercialises the technology. The patent portfolio currently comprises 40 patent filings which cover polymer bead technologies in applications from commercial and domestic laundry through to leather, metal surface treatments and information/communications technology.

The group said that Paul has built a strong track record in international corporate finance with businesses operating in the public markets and under private equity ownership. He established his career in financial management with US-based IT outsourcing business, Electronic Data Systems Inc. (now part of Hewlett Packard), working in the UK, Spain and Latin America.

His two most significant recent roles were within high growth environments at Experian plc and at Callcredit Information Group. These roles encompassed organic and inorganic development both in the UK and overseas. Paul is a qualified accountant and has an MBA from the London Business School.

Mark Nichols, chief executive of Xeros, said: "Paul brings key financial and commercial skills to Xeros, which we now need as we look to accelerate the commercialisation of our bead technology across multiple global industries. His experience will be highly valuable as we grow both in our own right and with industry partners on a multi-national basis."


Denney replaces Chris Hanson who has retired.

John Samuel, chairman of Xeros, said: "Chris has played a key role in the development and growth of the business including the IPO in 2014. We thank him for his substantial contribution, his continued support and we wish him all the very best for the future on his retirement."

In its interim results for the six months ended June 30 2016, Xeros reported that earned income increased by 148% to £807,000 compared to the same six months to June 30 2015 (£325,000). 116 commercial laundry machines were installed in the period bringing the estate to 278. Service income from these machines has increased significantly.

The group spent £2.7m on R&D including staff on the AMP and patent costs. This contributed to an adjusted EBITDA (earnings before taxes) loss of £7.4m, increased from a loss of £5.6m in the comparative period.

Rothbiz reported in August on the progress being made on the third generation of polymer beads. Three specific applications have been selected for further R&D within the Xeros Technology Centre on the AMP and scale trials have been pencilled in. The company is coy about the new applications but they are as big as laundry and leather and should have a shorter development lifecycle.

Xeros website

Images: Xeros


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