“Accsys has delivered an excellent first half, with strong global Accoya sales volume growth and a significant improvement in profitability against a challenging macroeconomic backdrop,” said Dr Jelena Arsic van Os, CEO.
“Our Accoya USA joint venture is showing rapid growth and positive momentum, demonstrating the strength of our technology, brand, and customer relationships in the sizeable North American market.
“Our results reflect disciplined execution with a clear commercial focus. We remain firmly on track with Phase 1 of our FOCUS growth strategy, driving higher utilisation of our existing assets, delivering sustainable margin progression and deleveraging the balance sheet. The Group enters the second half from a position of strength and confidence in delivering on our targets.”
In its operational and financial overview Accsys highlights 22% growth in total Accoya sales volumes as it continues to gain market share, despite continued challenging macroeconomic conditions.
It also shows significant Accoya growth across all regions: 61% growth in North America; 14% growth in the UK and Ireland; 22% growth in the rest of Europe; 28% growth in the rest of the world; and 6% growth in Accoya for Tricoya.
Group revenues increased by 5% driven by a strong trading performance across all regions. And group revenues increased by 23% on a like-for-like basis when excluding prior period North American sales volumes, which have now transferred to the JV.
There has been a significant improvement in profitability with a 160% increase in adjusted EBITDA to €10.4m, driven in particular by:
- Robust Accoya product demand with increase in average selling price;
- Continued cost control discipline with €2.3m benefit from FY24 business transformation programme retained
- €4.0m improvement in JV EBITDA to a €0.3m loss;
- €2.1m in licence fees and royalties from the JV (H1 FY25: €0.5m)
There has also been a substantial increase in adjusted EBITDA margin at 11.6% (H1 FY25: 5.4%) close to the company’s phase 1 FOCUS target of 12%
The report also shows an excellent performance from Accoya USA JV:
- 61% growth in North America sales volumes driven by strong Accoya demand with sales accelerating throughout the period;
- The JV is close to break-even for H1 with a small EBITDA loss of €0.3m as operations continue to scale up;
- Distribution coverage strengthened by the addition of three new North American distributors;
- With effect from October 14, 2025 a 10% tariff has been introduced on imported lumber into the US. Management has proactively taken actions to manage the impact and continues to monitor developments.
