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Xeros Technology Group PLC - Rotherham, England-based laundry technology firm notes several developments, which are expected to impact annual expectations. Firstly, its Indian domestic laundry licensee, IFB Industries Ltd, has changed the specification of the 9 kilogram washing machine it was testing, meaning that mass market launch is now expected in 2025. Further, microfibre filtration legislation is now in place in France, the standards and efficacies pertaining to it remain unclarified. As a result, this is not expected to drive demand for the group’s XF3 technology in the short term, as originally expected. Accordingly, Xeros downgrades revenue expectations for financial 2024 and financial 2025 to £500,000 and £3.8 million respectively, and adjusted loss before interest, tax, depreciation and amortisation to £4.2 million and £1.0 million. Further, signs contract with Donlim Group to manufacture its XF3 external filter under licence. Current stock price: 0.80 pence, down 35% in London on Thursday 12-month change: down 70% Copyright 2024 Alliance News Ltd. All Rights reserved.
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