22 November 2022
Accsys Technologies PLC
(“Accsys”, the “Group” or the “Company”)
Interim Results for the six months ended 30 September 2022
Continued strong product demand - Accoya capacity expanded
Accsys, the fast-growing and eco-friendly company that combines chemistry and technology to create high
performance, sustainable wood building products, announces its interim results for the six months ended
30 September 2022 (“H1 FY 23”).
H1 FY 23 H1 FY 22 Change
Total Group revenue €58.9m €56.2m 5%
Underlying gross profit €18.1m €17.2m 5%
Accoya® Manufacturing margin
1 30.8% 31.0% (20bps)
Accoya Manufacturing gross
profit/m 2 €755 €581 30%
Underlying EBITDA3 €4.5m €4.5m -
Underlying EBIT4 €1.0m €1.5m (33%)
Underlying (loss) before tax (€0.6m) (€0.3m)
(Loss)/profit before tax (€56.3m) €0.7m
Period end net (debt)/ cash5
(€61.4m) €2.4m
Accoya® sales volume 23,957m3 29,555m3
(19%)
Key highlights:
• Good growth in Group revenue, up 5% to €58.9m driven by increased average sales prices and product mix,
despite lower volumes.
• Customer demand for Accoya® remains strong and in excess of production capacity, with a strong customer
order book over the next 3 months and beyond.
• Accoya
® sales volumes limited by production capacity, down 19% to 23,957m3 due to the previously reported
and now resolved shutdown at the Arnhem plant in April/May 2022 around the installation of the fourth reactor
(R4).
• Robust Accoya® profit with gross profit per cubic metre of Accoya up 30% to €755/m3
:
o Group Gross Profit, up 5% supported by Accoya® sales price increases offsetting higher raw material
costs.
o Accoya® manufacturing margin of 30.8% remaining above target level of 30%.
o Underlying EBITDA flat year-on-year, with higher sales prices offsetting lower sales volumes and higher
raw material costs.
2
• Strategic growth projects:
o Accoya® (Arnhem) plant – R4 expansion commenced commercial operation in September 2022, with
production now ramping up over two years.
o Accoya® USA JV – Construction of new 43,000m3 plant progressing in-line with expectations towards
commercial operation due by March 2024.
o World-first Tricoya® (Hull) plant:
o Discussions and validation work across the period led to a restructuring of the Tricoya consortium in
November 2022 with Accsys obtaining 100% control and ability to complete construction on our
terms at the right time.
o Up to €35m additional capital costs identified being key reason for €58m exceptional non-cash
impairment of Tricoya assets recorded in H1 FY23.
o Construction Hold period of at least 6 months during which remaining construction work and costs
will be validated while nature and extent of any required funding will be examined and the full range
of potential options considered.
• Group Net Debt5
increased by €34.2m to €61.4m, includes transfer of €29.1m cash raised in 2021 equity
issuance into US JV as previously reported
• Strong start to H2 FY 23, with October sales of 6,600m3
, and targeting H2 sales volumes to be c.50% higher
than H1.
• H2 FY 23 focus on cost and cash management and expected reduction in inventory levels.