Modified wood producer makes progress20 November 2018
Modified wood producer Accsys Technologies has reported increasing demand across all markets and progress in its six-month results.
Accsys, which produces the Accoya modified wood brand and also makes modified wood elements for use in Tricoya modified wood panels, said all its customers remain on allocation with demand continuing to exceed supply. ?
A price increase would also be effective from January 1, 2019. Accsys’ group underlying revenue for the six months ended September 30, 2018 was €31.6m, with Accoya earnings before interest, tax, depreciation and amortisation (EBITDA) being €2.8m.
Total group loss before taxation was €4.5m. Accsys said revenue increased by 12% driven by higher volumes, pricing and licence income. An 8% increase in Accoya sales volume was significantly restricted by continuing capacity restraints, but the third Accoya plant at the Arnhem production site is now operational.
Accsys’ net debt of €34.2m at September 30, 2018 reflects significant investment in Tricoya plant construction, completion of a third Accoya reactor and purchase of Arnhem land and buildings.
Output will increase over the remainder of the financial year to a run rate reflecting a 50% increase in production volume. ?
“These results show continued and exciting progress for the Group at a time when we are making significant investments in our future growth,” said Paul Clegg, Accsys chief executive.
The group is continuing to explore opportunities for new manufacturing plants in USA and Asia with partners in those regions.