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Xeros Technology draws a bead on Manhattan laundry market

The AIM-listed company will provide eight of its revolutionary washing machines to eLaundry.com

Xeros Technology draws a bead on Manhattan laundry market
Xeros's laundry technology uses polymer beads

Laundry technology company Xeros (LON:XSG) has signed an eight-year contract worth around $1mln in revenue with New York City-based laundry service provider eLaundry.com.

The AIM-listed company will provide eight of its revolutionary polymer bead washing machines to eLaundry.com, which operates one of the fastest growing laundries serving Manhattan, and processes more than 3.6 million pounds of laundry per year.

Xeros's machines use less water and fewer chemicals than standard commercial washing machines and the challenge for the company is to convince commercial laundry firms of the superiority of its technology versus old-school water-intensive laundry technology.

"This is a substantial long term contract and further evidence that customer momentum is continuing to build in our Commercial Laundry business. Our Sbeadycare service agreements provide customers with the security of long term support and planned preventative maintenance; they also provide us with visibility of forward turnover and contribution,” said Mark Nichols, chief executive of Xeros.

Xeros Sbeadycare is described as an innovative, fully integrated programme that provides a worry-free solution across multiple laundry applications including industrial, hospitality, commercial, dry cleaners, work wear, and even athletics clubs and spas.

The company claims it can cut a laundry's operating costs by up to a half while providing superior washing and care of fabrics.

"This deal further demonstrates the growing demand for our innovative cleaning system which provides material reductions in energy, chemistry and water whilst simultaneously improving wash performance and fabric care," he added.

Shares in Xeros were up 2.0% at 184.79p in the first hour of trading.

Quick facts: Xeros Technology Group PLC

Price: 0.95 GBX

AIM:XSG
Market: AIM
Market Cap: £2.64 m
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