Accsys announces its preliminary results for the financial year ended 31 March 2019. Group revenues increased by 23% to Euro 75.2 million. Gross profit increased by 37% driven by higher volumes, improved Accoya® gross margin and licence income, as the company said in the press release received by Lesprom Network.
Euro 2.3 million underlying EBITDA recorded in the second half of the year resulting in positive underlying EBITDA for the full year of Euro 0.9 million (2018: Euro 3.5 million loss).
Paul Clegg, Chief Executive commented: “We are delighted to report continued increasing demand for our sustainable alternatives to tropical hardwoods, man-made plastics and fossil based building materials. The strong demand for both Accoya® and Tricoya® continues to be driven by both product quality and their sustainable credentials, reflecting the increasing importance for all building and construction activities to become more environmentally responsible. The Accoya® capacity expansion at Arnhem has been a major boost to our financial performance enabling us to report positive EBITDA results for the financial year with EBITDA of Euro 2.3 million in the second half. This transformative expansion is starting to make a real difference to both margins and sales volumes. Plans for a fourth Accoya® reactor are well underway to complete the doubling of capacity at our Arnhem site. Construction issues at the new Tricoya® plant in Hull have been resolved and strong sales of Accoya® to our partners MEDITE and FINSA underline the long term potential for the Hull project. Our ambitions to extend the global footprint and reach of Accsys as a sustainably profitable business progress on several fronts.”
Accsys is the fast-growing and eco-friendly company that combines chemistry and technology to create high performance, sustainable wood building products.
