TIDMAXS
RNS Number : 8102M
Accsys Technologies PLC
02 May 2018
2 May 2018 AIM: AXS
Euronext Amsterdam: AXS
ACCSYS TECHNOLOGIES PLC
TRADING UPDATE
Accsys, the chemical technology group, today announces a trading
update, based on the unaudited figures for the year ended 31 March
2018.
-- Accoya(R) sales volumes up by 7% to 42,676m(3) , with a 15%
increase in the second half following resolution of some
operational and expansion related matters in the first half;
-- Total revenue up 8% to EUR61m;
-- Accoya(R) gross margin improved in the second half as
expected, following price increases, although reflecting
significant volumes sold to Medite and Rhodia at lower prices and
without the benefit of any Accoya(R) licence income which is now
expected in next financial year;
-- Accoya(R) plant expansion construction nearing completion
with commissioning commenced to increase annual capacity by 50% to
at least 60,000m(3) , with additional volumes expected to be
available later this quarter;
-- Continued and strong pent up demand for Accoya(R) ;
significant increase in sales volume, largely from repeat
customers, together with gross margin benefit is expected following
the increase in capacity; and
-- Construction of Tricoya(R) plant in Hull remains on track for
completion mid calendar 2019; supported by continued strong sales
of Tricoya(R) panels and the new licence agreement with FINSA,
announced in March.
Commenting, Paul Clegg, CEO of Accsys, said "It has been a
strong finish to the year, although we have been capacity
constrained with all our customers on allocation. Our revenues,
sales volumes and margins were all up in the second half. We have
also made good progress with our two significant building projects,
which are on track to increase our manufacturing capacity of both
Accoya(R) in Arnhem and Tricoya(R) in Hull. Good demand for both
Accoya(R) and Tricoya(R) continues to drive sales momentum. I am
also encouraged by the continued high level of interest for
potential partnerships for both Accoya(R) and Tricoya(R) from
around the world highlighted by the recent licence agreement with
FINSA giving us confidence that we can increase our manufactured
sales to take advantage of our new capacity and our IP, for the
benefit of shareholders and customers alike in the current
year."
On 1 May, we announced the purchase of the land and buildings
occupied by the Accoya(R) plant in Arnhem, conditional upon
finalising financing terms. Ownership of the land will secure
greater flexibility over the use of the land for a comparable
financial commitment to the previous lease arrangement, as well as
any potential value appreciation.
Our preliminary announcement of financial results for the year
ended 31 March 2018 is expected to be made on 19 June, 2018.
ACCSYS TECHNOLOGIES PLC
TRADING UPDATE
Accsys, de chemische technologiegroep, kondigt vandaag de
trading update aan over de niet-gecontroleerde cijfers voor het
jaar eindigend op 31 maart 2018.
-- De verkoopvolumes van Accoya(R) stegen met 7% tot 42.676m(3)
, met een groei van 15% in het tweede halfjaar na het oplossen van
enkele operationele en uitbreiding gerelateerde kwesties in het
eerste halfjaar;
-- De totale omzet is gestegen met 8% tot EUR 61 miljoen;
-- De brutomarge van Accoya(R) verbeterde in het tweede halfjaar
zoals verwacht, na de prijsverhogingen, maar weerspiegelt ook de
significante volumes die aan Medite en Rhodia werden verkocht tegen
lagere prijzen en zonder het profijt van de Accoya(R)
-licentie-inkomsten, die nu voor het komende boekjaar worden
verwacht;
-- De bouw van de uitbreiding van de Accoya(R) - fabriek is
nagenoeg gereed en de voorbereidingen voor de inbedrijfstelling om
de jaarlijkse capaciteit met 50% te verhogen tot ten minste
60.000m(3) zijn in volle gang. Naar verwachting zullen later dit
kwartaal extra volumes beschikbaar komen;
-- Een aanhoudende en sterk stijgende vraag naar Accoya(R) ; een
aanzienlijke toename van het verkoopvolume, grotendeels met
terugkerende klanten, samen met een brutowinstmarge-verbetering
wordt verwacht als gevolg van de capaciteitsverhoging;
-- De bouw van de Tricoya(R) -fabriek in Hull verloopt volgens
plan om midden 2019 voltooid te zijn; ondersteund door de
aanhoudend sterke verkopen van Tricoya-panels en de nieuwe
licentieovereenkomst met FINSA, die in maart werd aangekondigd.
In zijn commentaar merkte Paul Clegg, CEO van Accsys, hierbij op
"Het was een sterke afsluiting van het jaar, en ondanks het feit
dat wij levering aan al onze klanten moesten limiteren in verband
met de beperkte productiecapaciteit, waren onze inkomsten,
verkoopvolumes en marges allemaal hoger in het tweede halfjaar. Wij
hebben ook goede vooruitgang geboekt met onze twee belangrijke
bouwprojecten, die goed op weg zijn om onze productiecapaciteit van
zowel Accoya(R) in Arnhem als Tricoya(R) in Hull te vergroten.
Goede vraag naar zowel Accoya(R) als Tricoya(R) blijft het
verkoopmomentum stimuleren.
Ik ben ook bemoedigd door de aanhoudend grote belangstelling uit
de hele wereld voor mogelijke partnerschappen met zowel Accoya(R)
als Tricoya(R) , hetgeen benadrukt wordt door de recente
licentieovereenkomst met FINSA, die ons het vertrouwen geeft dat
wij de verkoop van gefabriceerde producten kunnen verhogen om
voordeel te trekken van onze nieuwe capaciteit en ons intellectuele
eigendom ten behoeve van aandeelhouders en klanten in het huidige
jaar."
Op 1 mei hebben we de koop van de grond en gebouwen van de
Accoya(R) -fabriek in Arnhem aangekondigd, onder voorbehoud van
afronding van de financiering. Eigendom van de grond en gebouwen
verschaft ons, tegen vergelijkbare financiële verplichtingen dan
huur, meer flexibiliteit voor de toekomst en mogelijke
waardevermeerdering.
Onze preliminaire aankondiging van de financiële resultaten voor
het jaar eindigend op 31 maart 2018 zal naar verwachting
plaatsvinden op 19 juni 2018.
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via MHP Communications
PLC Will Rudge, FD
Hans Pauli, Executive Director,
Corporate Development
Nominated Adviser: Oliver Cardigan
Jamie Lillywhite
Corporate Broking: Christopher
Wilkinson +44 (0) 20 7260
Numis Securities Ben Stoop 1000
Tim Rowntree +44 (0) 20 3128
MHP Communications Kelsey Traynor 8100
+31 681 734
236
Off the Grid Frank Neervoort +31 222 379
(The Netherlands) Yvonne Derske 666
Notes to editors:
Tricoya(R) Consortium In March 2017, Accsys announced the
formation of the Tricoya(R) Consortium to fund, build and operate
the Tricoya(R) plant in Hull, UK. Members of the consortium include
BP and the leading manufacturer of sustainable wood-based panels,
Medite Europe DAC. Tricoya Ventures UK Ltd (TVUK), a subsidiary of
Accsys, owns and will operate the Tricoya(R) plant. TTL exploits
all Tricoya(R) related intellectual property and benefits from any
Tricoya(R) related revenues other than those generated by the
Tricoya(R) plant. The Tricoya(R) plant is expected to have an
initial capacity of 30,000 metric tonnes of Tricoya(R) chips per
annum, enough to produce approximately 40,000m(3) of Tricoya(R)
panel products per annum. The Tricoya(R) plant is expected to reach
EBITDA breakeven at approximately 40% design capacity and to take
approximately four years to reach full capacity following
completion. The location of the Tricoya(R) plant at Saltend
Chemicals Park in Hull allows for expansion when market conditions
dictate.
Accsys Technologies PLC (www.accsysplc.com) is a chemical
technology group whose primary focus is on the production of
Accoya(R) wood and Tricoya(R) wood elements, 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 London, United Kingdom, an
American office in Dallas, Texas (via its subsidiary Titan Wood,
Inc.) and technology licensing associated with the acetylation of
wood elements via its subsidiary Tricoya Technologies Limited. 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,
under the symbols 'AXS'. Accsys' operations comprise four principal
business units: (i) Accoya(R) wood production; (ii) building and
operating of Tricoya(R) wood chip acetylation plant in Hull; (iii)
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
(iv) 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.
Moreover, the Accoya(R) wood production process does not compromise
the wood's strength or machinability. The combination of
dimensional stability, durability and retained strength means that
Accoya(R) wood offers a wealth of new opportunities to architects,
designers and specifiers. These benefits result in lower
maintenance and total cost of ownership while using a higher
sustainable and environmental responsible building material. For a
full archive of Accoya(R) news, visit www.accoya.com/news.
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 panel products such as
medium density fibreboard and particle-board. These products
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. 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.
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 subsidiary of TWL 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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