Investors in Xeros Technology Group may feel like they have been caught in a relentless spin cycle, with shares down 65 per cent over the past year. However, the past week has brought some much-needed relief. News that the AIM-listed company is working with a leading washing machine maker to integrate its eco-friendly laundry solutions sent the stock surging 70 per cent over five trading days to 1.3p per share.
'Our technology has the potential to transform the industry,' said CEO Neil Austin. 'A major shift in the industry is the decline of fast fashion. Consumers are frustrated that their garments don't last long, and major washing machine manufacturers see this as an opportunity. 'If they can extend garment life, that's a strong selling point - exactly what Xeros technology enables.'. Green deal: Xeros Technology Group is working with a leading washing machine maker to integrate its eco-friendly laundry solutions.
Turning to the wider market, AIM All-Share ended the week 1 per cent higher at 725.44 points, outperforming the blue-chip index. With political and economic uncertainty looming, investors appeared ready to snap up bargains among smaller stocks. Serinus Energy jumped 20 per cent over the week after winning a legal battle in Romania. The country's Superior Court of Cassation and Justice ruled in its favour in a VAT dispute with the Romanian tax authority.
The case relates to $1.73million in VAT refunds that ANAF refused to pay in 2018 and 2019. The court also awarded Serinus around $750,000 in interest compensation. The company said the ruling mandates payment within 45 days. MTI Wireless Edge rose 11 per cent after securing a $4million repeat order for its military antenna technology from an Israeli system house, reinforcing its position in the global defence market.
Surgical Innovations gained 8 per cent after revealing a strong second-half performance, aided by a restructuring and cost-cutting programme. The medical device maker reported falling debt levels and expects to hit full-year revenue forecasts. Gelion jumped 8 per cent following a breakthrough in its Gen 3 sulfur cathode technology, a key step towards developing next-generation solid-state batteries. The innovation sparked excitement among investors in the electric vehicle and energy storage sectors.
Other notable risers included Kodal Minerals, which celebrated its first lithium spodumene concentrate production at the Bougouni mine in Mali. Plans are in place to ramp up to 10,000 tonnes per month, with the first shipment to China expected soon. Gem Resources resumed mining at the Cobra open pit in South Africa, reporting high-grade emerald output of up to 60 carats per tonne. The company remains on track for its first sale in the first half of 2025.
Light Science Technologies signed a distribution deal with Agrolux to supply LED lighting systems in the UK and Ireland, adding to its £10million project pipeline across Europe. CleanTech Lithium raised £2.4million to fund its Laguna Verde lithium project and a pilot plant in Chile. The cash injection will also support an upcoming Australian Securities Exchange listing. Turning to the fallers, Thruvision fell 12 per cent after delaying £15million worth of expected contracts into the next financial year. The security firm lowered its revenue guidance to £5million.
Gusbourne dropped 8 per cent as its majority shareholder, Lord Ashcroft, pushed for a delisting. The English winemaker also abandoned takeover talks, leaving investors uncertain about its future. Haydale Graphene slipped after placing its US business into Chapter 11 bankruptcy. Growth expectations failed to materialise, leading to a court-supervised asset sale. ImmuPharma shares fell 14 per cent — but for a positive reason, if you can believe it.
The drop came as the company raised £2.9million through a discounted share placing. In reality, the decline is purely technical, reflecting the influx of new shares into the market. More importantly, the offering was oversubscribed, securing a vital cash injection. The funds will support further development of its P140 autoimmune technology and ongoing licensing talks with major pharmaceutical companies.
And finally, it was a landmark week for Ondo InsurTech, which said it is on course for profitability. In an update, the group, which owns a technology called LeakBot, reported a 60 per cent surge in customer numbers, driven by rapid expansion in the US, which is now its largest market. Revenue is forecast to climb 70 per cent this year to £4.5-5million, with profitability expected in the second half of the next financial year. The shares ended the week 2 per cent.
