TIDMAXS
RNS Number : 8660X
Accsys Technologies PLC
14 February 2013
AIM: AXS
NYSE Euronext Amsterdam: AXS
14 February 2013
ACCSYS TECHNOLOGIES PLC
("Accsys" or the "Company")
Interim Management Statement
Accsys today issues its Interim Management Statement. Key
highlights include:
-- Revenue increased by 36% to EUR13.4m for the nine months ended December 2012 (2011: EUR9.8m);
-- Revenue from sales to Accoya(R) customers increased by 42%
for the nine months ended December 2012 to EUR11.6m (2011:
EUR8.2m);
-- Tricoya Technologies Limited ('TTL'), the newly formed joint
venture with Ineos, has made a positive start, developing both new
and existing Tricoya(R) licence opportunities;
-- Continued progress with Rhodia towards fully effective licence agreement;
-- Granted Accoya(R) product and process patents in New Zealand
and Singapore, further to the UK product patent announced in July
2012, with further product patent applications filed covering seven
patent families;
-- Total of 39 Accoya(R) distributor and agency agreements now
in place covering most of Europe, Australia, Canada, Chile, China,
India, Mexico, Morocco, New Zealand, parts of South-East Asia and
the USA;
-- Accoya(R) and Tricoya(R) continue to gain market recognition, winning prestigious awards:
o Accoya(R) and Tricoya(R) named the Best Wood Innovation in
Holland's Houtwereld 2012 Top Suppliers Awards; and
o Accoya(R) Alder received a gold standard in MBDC's Cradle to
Cradle(R) Certification program.
-- Cash balance of EUR21.2m at 31 December 2012 (September 2012: EUR20.7m); and
-- EUR1.7m received in February 2013 on successful completion of
the second part of sale and leaseback of land in Arnhem.
Trading update
Accsys has made further progress towards achieving its long term
objectives.
We have continued to work closely with Rhodia since the signing
of an Accoya(R) licence in June 2012. Following the first stages of
the Process Design Package which were completed in November 2012,
Accsys and Rhodia have continued to work towards completing the
full Process Design Package which will enable the detailed
engineering to be completed. The respective sales teams have
continued to develop the Accoya(R) market (including market trials
and detailed prototype testing) with new and existing customers
resulting in positive interest from large prospects in Rhodia's
target territories. We continue to expect the licence agreement to
become unconditional following the approval of Rhodia's board of
directors which is due in the second half of 2013.
Revenue from Accoya(R) customers increased by 42% in the nine
months to December 2012 compared to the same period last year
reflecting continuing growth in demand. Continued increases in
sales volume, together with the resulting improvement in
profitability, are expected to enable the Arnhem manufacturing
facility to achieve an EBITDA positive level at only 50% of its
current capacity; a level which also demonstrates the potential
returns a prospective licensee may be able to generate.
Accsys and TTL have continued to develop a number of new and
existing potential Accoya(R) and Tricoya(R) licence opportunities
respectively, with counterparties whose combined existing total
wood product manufacturing or processing capacity is in excess of
10 million m(3) per annum. These discussions remain ongoing and due
to the complex nature and investment required, mean that the timing
and certainty of their completion remains difficult to predict.
Tricoya Technologies Limited
INEOS and Accsys Technologies joint venture, TTL, has made
strong progress since its formation in October 2012 with work
progressing in all areas including engineering, product
development, marketing and business development.
Medite, our joint development partner, has continued to grow
sales of Medite Tricoya Extreme Durable MDF since its launch at the
end of 2011, with panels now being sold in five European countries.
Heads of Terms relating to a Tricoya licence were entered into
between Medite, Accsys and TTL in December 2012. This Heads of
Terms sets out the key elements for inclusion in a licence
agreement and covers the different stages involved in the
commissioning of a Tricoya plant and takes into account the level
of work carried out to date by Accsys, TTL and Medite.
The Latin American licence option holder is undertaking market
and product development work ahead of deciding whether to proceed
with a licence.
Intellectual Property
We received confirmation from the Intellectual Property Office
in New Zealand and Singapore of the grant of Accoya(R) product and
process patent claims which successfully secure monopoly rights for
Accoya(R) in those territories for 20 years from the patent filing
date. These recent granted patents are in addition to those
recently obtained in the United Kingdom and South Africa, and
further strengthens Accsys' patent portfolio, securing protection
for Accsys, its licensees and distributors across the globe.
Accsys has continued to file further patent applications in the
recent period and now currently owns seven different Accoya(R)
patent families, with 26 granted patents and 20 further
applications filed across 24 countries world-wide.
Financial results
Total revenue for the nine months ended 31 December 2012
increased by 36% to EUR13.4m (2011: EUR9.8m). In the same period,
Accoya(R) revenue increased by 42%, excluding sales to Medite for
the manufacture of Tricoya, to EUR11.6m (2011: EUR8.2m).
Cash balance as at 31 December 2012 of EUR21.2m represents a
decrease of EUR0.5m since 30 September 2012. The decrease is after
taking account of EUR4m received from INEOS following their
subscription for 24 million shares in Accsys (at EUR0.17 per share)
and also reflects an increase in working capital.
EUR1.7m of proceeds were received in February 2013 following the
completion of the second part of the sale and leaseback of the land
in Arnhem.
Commenting on the Interim Management Statement released today,
Paul Clegg, CEO of Accsys Technologies PLC said: "We have made
solid progress in all areas. Our joint venture with INEOS has
started well, developing both existing and new opportunities. The
progression made with the Rhodia licence agreement and the
continuing success experienced by Accoya(R) , including sales
growth, further industry awards and new distributors, provides
confidence concerning our longer term objective of achieving
profitability and increasing revenues from licensing our
technologies worldwide."
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via Citigate
PLC Hans Pauli, COO Dewe Rogerson
Will Rudge, FD
Nominated Adviser: Oliver
Cardigan
Corporate Broking: Christopher
Wilkinson +44 (0)20 7260
Numis Securities Ben Stoop 1000
Ginny Pulbrook +44 20 7282 2945
Malcolm Robertson +44 20 7282 2867
Citigate Dewe Rogerson Suzanne Bakker +31 20 575 4023
Notes to editors:
Accsys Technologies PLC(www.accsysplc.com) is an environmental
science and technology company whose primary focus is on the
production of Accoya(R) wood and technology licensing via its
subsidiary, Titan Wood Limited, which has manufacturing operations
in Arnhem, the Netherlands (through its subsidiary Titan Wood
B.V.), a European office in Windsor, United Kingdom, and an
American office in Dallas, Texas (via its subsidiary Titan Wood,
Inc). All group subsidiaries are ultimately 100% owned by Accsys
and trade as Accsys Technologies. Any references in this
announcement to agreements with Accsys shall mean agreements with
either Accsys or its subsidiary entities unless otherwise
specified. Accsys Technologies PLC is listed on the London Stock
Exchange AIM market and on Euronext Amsterdam by NYSE Euronext,
under the symbols 'AXS'. Accsys' operations comprise three
principal business units: (i) Accoya(R) wood production; (ii)
technology development, focused on a programme of continuous
development of and improvements to the process engineering and
operating protocols for the acetylation of solid wood and the
development of technology for the acetylation of wood elements; and
(iii) the licensing of technology for the production of Accoya(R)
wood and Tricoya(R) wood elements across the globe.
Accoya(R) wood (www.accoya.com) is produced using Accsys'
proprietary patented acetylation technology, that effectively
converts sustainably grown softwoods and non-durable hardwoods into
what is best described as a "high technology wood". Distinguished
by its durability, dimensional stability and, perhaps most
importantly of all, its reliability (in terms of consistency of
both supply and quality), Accoya(R) wood is particularly suited to
exterior applications where performance and appearance are valued.
Unlike most tropical and European hardwoods, its colour does not
degrade when exposed to ultraviolet light. Moreover, the Accoya(R)
wood production process does not compromise the wood's strength or
machinability. The combination of UV resistance, dimensional
stability, durability and retained strength means that Accoya(R)
wood offers a wealth of new opportunities to architects, designers
and specifiers. For marine uses where weight is also important,
Accoya(R) wood for the first time provides boat builders with a
wood that is strong, lightweight, durable and retains its natural
beauty for far longer. For a full archive of Accoya(R) news, visit
www.accoya.com/news.asp.
Tricoya(R) Wood Elements(www.tricoya.com) are produced using
Accsys' proprietary technology for the acetylation of wood chips,
and particles for use in the fabrication of wood based composites,
including panel products. These composites demonstrate enhanced
durability and dimensional stability which allow them to be used in
a variety of applications that were once limited to solid wood or
man-made products. Exploitation of Accsys' proprietary technology
relating to Tricoya(R) Wood Elements is carried out through Tricoya
Technologies Limited, a joint venture between Accsys and INEOS
Industries Holdings Limited. Tricoya(R) Wood Elements are lauded as
the first major innovation in the wood composites industry in more
than 30 years.
Wood Acetylation is a process which increases the amount of
'acetyl' molecules in wood, thereby changing its physical
properties. When carried out to a sufficient level throughout the
wood, this process protects wood from rot by making it "inedible"
to most micro-organisms and fungi, without - unlike conventional
treatments - making it toxic. It also greatly reduces the wood's
tendency to swell and shrink, making it less prone to cracking and
ensuring that, when painted, it requires dramatically reduced
maintenance.
INEOS (http://www.ineos.com) is one of the world's leading
chemicals companies; a global manufacturer of petrochemicals,
specialty chemicals and oil products. Comprising 15 businesses,
with a production network spanning 51 manufacturing facilities in
11 countries. The company produces more than 40 million tonnes of
petrochemicals. INEOS employs 15,000 people and had sales in 2011
of $42bn. Through its Joint Venture with PetroChina (petroineos) it
produces 20 million tonnes per annum of crude oil refined products
(fuels). It also operates joint ventures with BASF, PQ Corp and
Total. The investment in the new joint venture is being made by
INEOS Industries Limited.
INEOS Technologies (http://www.ineos.com) is a leading developer
and licensor of technologies for the global petrochemicals
industry. It offers the broadest range of petrochemical
technologies on the market today and also supplies catalysts,
additives and coatings that our customers require to obtain the
best possible performance from their investments.
Accsys Technologies is the trading name of Titan Wood Limited.
ACCOYA(R), TRICOYA(R) and the Trimarque Device are registered
trademarks owned by Titan Wood Limited ("TWL"), a wholly owned
subsidiary of Accsys Technologies PLC, and may not be used or
reproduced without written permission from TWL, or in the case of
the Tricoya(R) registered trademark, from Tricoya Technologies
Limited, a joint venture between TWL and INEOS Industries Holdings
Limited with exclusive rights to exploit the Tricoya(R) brand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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