Published: April 18, 2023 at three:37 a.m. ET

By Joe Hoppe

Xeros Technologies Group PLC shares fell Tuesday right after it mentioned that its 2022 pretax loss widened and income fell and mentioned it expects profitability in the latter half of 2024.

Shares at 0728 GMT have been down .7 pence, or 16% at three.7 pence.

The…

By Joe Hoppe

Xeros Technologies Group PLC shares fell Tuesday right after it mentioned that its 2022 pretax loss widened and income fell and mentioned it expects profitability in the latter half of 2024.

Shares at 0728 GMT have been down .7 pence, or 16% at three.7 pence.

The U.K. provider of water-saving and filtration technologies mentioned that pretax loss widened to 7.four million pounds ($9.two million), from a loss of GBP6.9 million in 2021.

Income declined to GBP164,000, from GBP474,000. The decline was reported across service income, licensing and the sale of goods.

The business mentioned the outcomes reflect a year of transition as it supports early-stage licensing contracts, and the transition of a lot more established partnerships to new relationships in line with its approach.

Xeros mentioned it nevertheless believes it is capable of attaining month-on-month Ebitda profitability and cashflow breakeven in 2024, in the latter half of the year. It mentioned this signifies close to-term expectations are decrease than previously envisaged but are a lot more sound.

“The board remains confident in the approach and its development prospects,” Chief Executive Neil Austin mentioned.

Create to Joe Hoppe at joseph.hoppe@wsj.com