Waterless washing machine company Xeros Technology Group reported a £2.78m loss in the six months to February but said plans for growth were on track.
The company said the pre-tax losses were due to investment in research and development and business infrastructure, the early stage of commercialisation and an increase in headcount.
But revenue had more than doubled to £86,195 compared to the previous year and the company had £5.89 million in the bank, as at January 31.
Xeros’ machines use polymer beads and use 70 per cent less water and 50 per cent less energy.
The firm floated on the Alternative Investment Market last month.
Chairman John Samuel said: “We have achieved much in the last year. Further, as a result of our admission to AIM, the group now enjoys a higher profile within our target markets and this is already generating increased customer and commercial partner engagement.
“There is still much to do but our plans are on track and I believe we have the necessary resources.”