Accoya producer makes first EBITDA profit22 June 2016
The company behind Accoya modified wood has recorded its first full year of positive earnings before interest, tax, depreciation and amortisation (EBITDA) since restructuring in 2010/11.
Wood acetylation technology specialist Accsys Technologies reported underlying EBITDA of €2.4m for the 12 months ended March 31.
Pre-tax losses improved to almost break-even, at €0.5m (2015: €7.7m pre-tax loss), while total revenue increased by 15% to €52.8m (2015: €46.1m), driven by higher prices and increased licensing income.
Accsys has taken significant steps to increase manufacturing capacity, with the expansion of the Arnhem plant in Holland – which will boost capacity by 50% – expected to be completed in 2017.
It has also improved collaboration with international chemicals group Solvay, with the latter committed to buying 76,000m3 of material over a five-year period ahead of its own plant being constructed.
In January, Solvay took over sales and marketing of Accoya for Germany, France, Italy, Spain, Poland and Scandinavia.
Proposals were also recently announced for a consortium with BP and Medite to fund, construct and operate the first dedicated Tricoya wood elements acetylation plant in Hull.
The plant would have an initial capacity of 30,000 metric tonnes of acetylated Tricoya chips per year, equivalent to 40,000m3 of panel products.
The chips would be used to produce high performance MDF or chipboard products.