Xeros Technology – 6.7p

10 September 2019 – trading agreement

The water saving and filtration technology group has announced that is has signed an agreement with Washco Limited, granting the latter the exclusive rights to take over the servicing of Xeros’ hospitality laundry customers in the UK.  The group’s hospitality laundry business is branded Hydrofinity.  Washco, which is based in Newbury, specialises in the specification, installation and maintenance of industrial laundry equipment throughout the UK and is one of the largest sales and service providers in the country.  Following similar agreements that have been struck in the US at the end of last year, this latest agreement continues the strategy of reducing its physical presence in the markets to zero as it moves towards a licensing model.  We continue to rate the shares as a SPECULATIVE BUY.

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