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Xeros Technology Group PLC - Rotherham, England-based environmental technology firm - Expects 2022 adjusted loss before interest, tax, depreciation, and amortisation to be 5% to 10% wider than prior guidance, due to the timing of commercial milestone payments and as a result of some ‘minor restructuring undertaken during the latter part of financial 2022 with associated costs of £300,000’. Says the restructuring is expected to reduce its ongoing cash run-rate. Xeros believes market consensus for its 2022 adjusted Ebitda loss stands at £6.8 million. For 2021, the adjusted Ebitda loss was £6.3 million. Chief Executive Officer Neil Austin says: ‘We remain confident that our commercial strategy continues to set the right direction to grow our business as we build our global partnerships and revenue pipeline. Combined with the strong market demand for technology that has a positive environmental impact, we look forward to our continued progress and generating value for our stakeholders.’ Back in September, Xeros had reported an Ebitda loss of £3.9 million for the six months ended June 30, widened from a loss of £2.8 million a year prior. Pretax loss widened to £4.2 million from £3.4 million, as revenue fell to £40,000 from £341,000. Current stock price: 4.59 pence each, down 6.3% on Wednesday around midday in London 12-month change: down 95% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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