Xeros reports progress with India laundry machine partner
Clothing and laundry technology developer Xeros updated the market on Wednesday on its domestic and commercial laundry partnership with IFB Industries - India's largest domestic and commercial washing machine manufacturer.
The AIM-traded firm said IFB had confirmed that it would begin placing its new, “premium” 11-kilogram domestic washing machines, designed for large households and incorporating Xeros' ‘Care’ technology, in its Indian retail stores by the end of the calendar year.
It said the market launch would complement the ongoing preparation for field trials in January of a new nine-kilogram domestic washing machine, designed for mass market adoption.
IFB was expecting to install trial machines in homes in India early in the new year.
Subject to those field trials being successful, IFB would then proceed with a nationwide launch in the first quarter of 2023.
In the commercial laundry market, IFB had started trials of a 90-kilogram washing machine in Bangalore for Indian Railways.
The machine had already been placed at the Railway Boot Laundry in Bangalore to trial the washing of linens used on sleeper trains across India.
Indian Railways is one of the largest organisations in India, and an established customer of IFB.
The trial followed another successful contract win for Xeros with Georges SAS, the Company's French commercial laundry partner, placing further IFB commercial machines with France’s national railway operator SNCF.
Xeros left its financial guidance unchanged, adding that it would make further updates on its commercial progress as appropriate.
“We continue to work in partnership with IFB and the imminent launch of the 11-kilogram machine will enable consumers to use our proprietary technology in their home for the first time,” said chief executive officer Neil Austin.
“This is an exciting milestone for Xeros as we continue to accelerate new licence agreements.
“Xeros is also confident of future developments in the rail sector, both in India and France as our technology is more widely used in commercial machines.”
At 1229 GMT, shares in Xeros Technology Group were up 1% at 3.94p.
Reporting by Josh White for Sharecast.com.