Accoya producer grows sales

22 June 2017


Modified wood producer Accsys Technologies plc recorded an 18% sales volume increase in the year ended March 31, 2017 but loss before tax was €4.4m (2016: €0.5m loss).

The 18% sales growth of Accoya acetylated wood saw volumes up to 39,790m3 in the year, with a 31% rise in the second half of the period. Sales by Medite of Tricoya panels increased by 32% to 5,806m3 last year.

Accsys believes the potential market for Accoya and Tricoya is in excess of 2.6 million m3 annually.

The gross profit margin decreased from 34% to 25% for a number of reasons including one-off licensing income in the previous year, together with the full year impact of discounted prices to Rhodia Acetow, a higher proportion of sales to Medite in respect of Tricoya wood elements (also at a lower sales price) and a small increase in raw material prices.

This resulted in a €3.8m decrease in underlying group earnings before interest, tax, depreciation and amortisation (EBITDA) to a €1.2m loss (2016: EBITDA profit of €2.4m).

“I am delighted to report that this has been a transformational year for the Group. We have received great support from existing and new industry and financial partners, including our shareholders to increase our manufacturing capacity to meet demand from the growing markets for Accoya and Tricoya,” said Paul Clegg, chief executive.

“We have seen encouraging underlying revenue and sales trends, which have continued beyond the year end. We look forward to updating shareholders with progress, both on sales and our building projects and we are excited about our prospects for the future.”