Modified wood producer Accsys Technologies plc says sales of its Accoya brand increased by 40% compared to the same quarter a year ago.
The company said it had also reduced operating costs by 14% for the financial year to December 2011, while it had increased supply of acetylated modified wood to Irish panel producer Medite for the production of Medite Tricoya MDF.
No definitive sales or profit figures were released, but the 40% sales rise will be welcome following the company’s previous interim statement last December when it reported pre-tax losses of €6.3m for the six months ended September, 2011.
Accsys also reported that it had continued contract negotiations with a major multi-national corporation following comprehensive heads of terms being signed last November. This concerns the issuing of a licence for the manufacture, distribution and sale of Accoya in Europe.
A strong focus on inventory management has seen a 46% reduction in finished goods inventory and a 37% reduction in raw material inventory from peak levels.
“Month on month sales have been variable, as they have been in the wider timber industry, which continues to face challenging economic conditions,” Accsys said. “However, we are confident that sales of Accoya will continue to grow in the longer term.”
