TIDMAXS
RNS Number : 8978N
Accsys Technologies PLC
26 January 2023
AIM: AXS
Euronext Amsterdam: AXS
26 January 2023
Accsys Technologies PLC
("Accsys", the "Group" or the "Company")
Trading update for the nine months ended 31 December 2022
Strong growth in the third quarter to 31 December 2022 reflects
demand for our products, greater capacity at our Arnhem plant and
pricing power for our portfolio of sustainable wood building
products.
Accsys, the fast-growing and eco-friendly company that combines
chemistry and technology to create high performance, sustainable
wood building products, today announces a trading update for the
nine months ended 31 December 2022 ('nine months'), on an unaudited
basis. Comparative percentage change figures in this statement
reflect comparisons with the corresponding nine months in the prior
financial year.
9 months to Dec 9 months to Dec % change
2022 2021
Total Group revenue EUR109m EUR83m 32%
---------------- ---------------- ---------
Accoya (R) wood
revenue EUR97m EUR72m 35%
---------------- ---------------- ---------
Total sales m(3) 42,972 42,536 1%
---------------- ---------------- ---------
Net (debt) (EUR52m) (EUR61m)(1)
---------------- ---------------- ---------
(1) Net debt as of 30 September 2022
Financial highlights
-- Strong growth in Group revenue, up 32% to EUR109m, driven by
higher production at Arnhem facility (production levels from
Reactors 1-3 at capacity in Q3 and the new fourth reactor ('R4')
ramping up) and further increases in average sale prices
-- Accoya(R) sales volumes in Q3 (October to end December) were
19,015m(3) versus total H1 FY23 volumes of 23,957m(3) reflecting
increased capacity at Arnhem from Reactors 1-3 returning to full
production following the completion of R4 in September, new
production from R4 and some unwinding of higher inventory (work in
progress) levels.
-- Customer demand for Accoya(R) remains resilient, with a
visible Q4 customer order book despite some slowdown in the broader
construction industry. The higher average sales prices reflect
price increases implemented in H1, plus a further small increase in
Q3. In addition, we have continued to successfully manage the
effect of volatile chemical raw material prices through the Energy
Price Premium which increased in Q3, although this is expected to
reduce in Q4 as European energy market indices subside.
-- The combination of price increases and efficiency of
operating at higher production volumes has enabled further
progression in the profit per cubic metre of Accoya(R) sold in
Q3.
-- Net debt of EUR52m, represents a reduction of EUR9m compared
to September 2022, reflecting the reduction in the NatWest loan
balance resulting from the Tricoya(R) restructure announced on 2
November. Cash outflow resulting from a reduction in payables from
the Hull project as it moved into the hold period in Q3 was
partially offset by positive cash flow from the Accoya(R) business.
While inventory balances remained higher than required due to the
long lead times of previous commitments and delivery timings around
holiday periods, these are expected to reduce by the year-end.
Continued good progress on strategic growth projects:
-- Accoya(R) (Arnhem) plant - R4 expansion commenced commercial
operation in September 2022 and performing well, with production
now successfully ramping up over forecast two years.
-- Accoya(R) USA JV - Construction of new 43,000m(3) plant
continues to progress well and remains on track to commence
commercial operation by March 2024.
-- Tricoya(R) (Hull) plant currently in an at least six-month hold period from November 2022:
o The Board continues to assess the economics and capability of
the plant and its potential returns on investment.
o In parallel, the Board is also evaluating funding options, as
outlined in previous company announcements, which include
discussions with potential third-party partners and
contractors.
o Verification of the final cost and time to complete the plant
is ongoing, and while it is too early to give an exact figure,
there are no indications that this will exceed the up to EUR35m
previously identified by the Company.
o The Board of Accsys continues to see the market potential of
Tricoya(R) and will consider all relevant commercial factors in
deciding whether or not to proceed with the Hull plant and if so,
on what basis.
Management update
The Company is making good progress on the recruitment for a new
Chief Executive and will issue an update in due course. The process
to appoint the Chief Financial Officer is ongoing. To ensure
continuity of management while that process concludes, the Board is
pleased to announce that Will Rudge (Finance Director) will stay on
for a further short period of time to support the Company.
Commenting on today's announcement, Rob Harris, Chief Executive
of Accsys Technologies, said:
"I am pleased with our performance over the last three months.
We have delivered strong revenue growth in our Accoya(R) business
due to enhanced capacity from our Arnhem plant. Notwithstanding
ongoing macro-economic uncertainty, our expectations for customer
orders continue to provide confidence in demand and growth
opportunities for both our market-leading products, Accoya(R) and
Tricoya(R). We remain on track for sales volumes in H2 to increase
by 50% compared to H1 and, as a result, we continue to target our
previously stated ambition of nearly doubling underlying EBITDA for
the full year."
Ends
For further information, please contact:
Accsys Technologies PLC ir@accsysplc.com
Katharine Rycroft, Investor Relations
======================================== ======================
Numis Securities (London)
Oliver Hardy (NOMAD), Ben Stoop +44 (0) 20 7260 1000
======================================== ======================
Investec Bank plc (London)
Carlton Nelson, Alex Wright +44 (0) 20 7597 5970
ABN Amro (Amsterdam)
Richard van Etten, Dennis van Helmond +31 20 344 2000
======================================== ======================
FTI Consulting (UK)
Matthew O'Keeffe, Alex Le May +44 (0) 20 3727 1340
======================================== ======================
Off the Grid (The Netherlands)
Frank Neervoort, Yvonne Derske +31 681 734 236
======================================== ======================
Notes to editors:
Accsys (Accsys Technologies PLC) is a fast-growing business with
a purpose: changing wood to change the world. The company combines
chemistry, technology and ingenuity to make Accoya(R) wood and
Tricoya(R) wood elements: high performance wood products that are
extremely durable and stable, opening new opportunities for the
built environment and giving the world a choice to build
sustainably. Accsys transforms fast-growing, certified sustainable
wood into building materials with an up to 50-year warranty,
locking carbon stored in the wood into useful products for decades,
with performance characteristics that match or better those of
non-renewable, resource-depleting and polluting alternatives.
Accsys is listed on the London Stock Exchange AIM market and on
Euronext Amsterdam, under the symbols 'AXS'. Visit
www.accsysplc.com
Accoya(R) solid wood is sustainable, durable, and stable with
exceptional performance, finish and sustainability. Accsys'
proprietary acetylation process makes the wood more dimensionally
stable and because it is no longer easily digestible, extremely
durable. It is one of very few building materials to be Cradle to
Cradle Certified(TM) at the Gold level, with a Platinum rating for
Material Health, confirming that no harmful or toxic additives or
chemicals are present to leach out into the environment. Primary
applications for Accoya(R) wood include windows, doors, cladding
and decking, where the combination of performance and
sustainability benefits compete favorably against hardwoods,
plastics, metals and concrete. Visit www.accoya.com
Tricoya(R) acetylated wood elements are produced for use in the
fabrication of panel products such as medium density fibreboard
(MDF). Panel products made with Tricoya(R) wood elements are truly
durable and stable enough for use outdoors and in wet environments,
unlocking new possibilities for design and construction. They have
been lauded as the first major innovation in the wood composites
industry in more than 30 years and bring the flexibility of
traditional panel products and sustainability benefits of wood to a
whole new range of applications. Visit www.tricoya.com
Any references in this announcement to agreements with Accsys
shall mean agreements with either Accsys or its subsidiary entities
unless otherwise specified. 'Accsys' and 'Accsys Technologies' are
trading names of Titan Wood Limited ("TWL"), a wholly-owned
subsidiary of Accsys Technologies PLC. Accoya(R) , Tricoya(R) and
the Trimarque Device are registered trademarks owned by TWL, and
may not be used or reproduced without written permission from TWL,
or in the case of the Tricoya(R) registered brand trademark, from
Tricoya Technologies Limited, a subsidiary of TWL with exclusive
rights to exploit the Tricoya(R) brand.
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