ACCSYS TECHNOLOGIES PLC (“Accsys” or "the Company")
Trading update
Accsys, the chemical technology group, focused on the acetylation of wood, today announced a trading update for the year ended 31 March 2017.
? Accoya® sales volumes* have grown by 18% to 39,790m3 in the year to 31 March 2017 with a 31% increase in the second half of the financial year compared to the same period last year. This also represents a 27% increase compared to the first half of the financial year, in part helped by the resolution of the unexpected supply chain bottleneck in the first half of the year;
? Total revenue* for the Company up 7% to €56.5m for the year to 31 March 2017, noting the previous year benefited from material one-off licensing income;
? Expansion of Arnhem Accoya® plant continues to progress with completion of the fully funded first stage of expansion to 60,000m3 of annual capacity expected by the end of 2017;
? €82m of funding now completed: €68m of equity and debt from Medite Smartply, BP, Business Growth Fund, Henderson Volantis and RBS to build world’s first Tricoya® wood chip acetylation plant in Hull; and €14m (before expenses) from Firm Placing and Open Offer providing additional working capital and to strengthen balance sheet in the context of the two significant capital projects.
*All figures are unaudited.
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Accsys Technologies