23 January 2019 – development agreement

The company has signed an agreement with the Chinese company Wuxi Little Swan Company to develop and design a prototype domestic washing machine using Xeros technologies which, if successful, would allow the two companies to enter into commercial discussions under a separate agreement.  In 2017, Wuxi sold 12.4m washing machines in China giving it a 28% share of the domestic market whilst it also exported 3.87m machines.  Wuxi is a subsidiary of Midea Group, the world’s largest producer of domestic appliances.  This is clearly an exciting development for the group and the shares are a SPECULATIVE BUY.