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Annual Results

Accsys losses narrow

15 June 2016 07:51

Accsys Technologies posts a pre-tax loss of €0.5m for the year to the end of March - down from €7.7m last time.

Total revenue increased by 15% to €52.8m (2015: €46.1m), driven by higher prices and increased licensing income and the group reports underlying EBITDA of €2.4m against a loss of €2.4m a year ago.

Chief executive Paul Clegg said: "I am pleased to report further progress, with improved profitability and significant steps towards our objectives of increasing manufacturing capacity in order to meet demand for our products.

"Our collaboration with Solvay has allowed us to commence work in respect of the expansion of our Accoya plant in Arnhem and we have made significant progress in forming the proposed consortium with BP and Medite in respect of the first Tricoya wood chip acetylation plant in Hull. All together, I believe the company is in a stronger and more exciting position than at any time in our history."

Story provided by StockMarketWire.com

Related Company: AXS

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