ACCSYS TECHNOLOGIES PLC (“Accsys” or “the Company”)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
Accsys, the chemical technology group, focused on the acetylation of wood, today announces interim results for the consolidated group for the six months ended 30 September 2017.
6 months ended 30 Sept 2017 6 months ended 30 Sept 2016
Underlying* Statutory Underlying* Statutory
Total Revenue €28.3m €28.3m €25.1m €25.1m
EBITDA €(2.8m) €(4.9m) €(1.6m) €(1.3m)
Loss before taxation €(5.2m) €(6.8m) €(3.2m) €(2.9m)
Period end cash balance €46.9m €7.9m
Net Debt €23.1m €5.7m
*Excludes exceptional costs and other adjustments. See note 4 for details and note 2 for reconciliation
? Accoya revenue growth of 16% reflects continued growth in demand worldwide;
? Sales volumes up 13% with Accoya plant running at full capacity;
? Lower underlying EBITDA reflects one-off matters, during significant expansion of manufacturing capacity;
? Net cash balance of €23.1m at 30 September 2017 reflects funds raised from shareholders and industry partners to fund expansion of manufacturing of both Accoya and Tricoya.
? Expansion of Arnhem Accoya plant progressing; 50% (20,000 cubic metres) of additional capacity operational from early in next financial year as expected;
? With Arnhem plant currently operating at full capacity, we are working with customers to manage demand in the short term;
? Accoya customer price increase in second half of the year reflecting demand and higher raw material costs;
? Construction successfully underway of new Tricoya plant in Hull;
? Sales of Tricoya panels by Medite up by 24% compared to same period last year.
Paul Clegg, Chief Executive commented: “We continue to see good global demand for both Accoya and Tricoya in an important year for Accsys. We are making transformational changes to our manufacturing capacity to meet this demand, having secured significant support from shareholders and our industrial and financial partners.”
There will be a presentation relating to these results at 10:00 GMT on 22 November 2017. The presentation will take the form of a web-based conference call, details of which are below:
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Accsys EYR 0,88 -7ct vol. 225.000