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Trading statements

Accsys continues to see strong demand

29 March 2017 08:09

Accsys has seen continued strong demand for its Accoya and Tricoya products and announced agreements for two projects to secure new manufacturing capacity.

The group said that Accoya sales volumes had grown by 20% to 31,599 cu m in the ten months to 31 January - in part as a result of "supply chain debottlenecking" - and total revenue rose by 10% to €45.3m.

Accsys also announced that it had entered into agreements to build, operate and finance the world's first Tricoya wood chip manufacturing plant, progress with the expansion of its Accoya plant in the Netherlands and a firm placing and open offer to raise up to €14m, gross, at €0.69 per new ordinary share.

It said: "The Tricoya project agreements follow Accsys's strategy which includes increasing its manufacturing capacity and commercialising its proprietary intellectual property in order to generate significantly higher revenue and maximise returns for shareholders

"The significant increase in manufacturing capacity will allow Accsys to meet demand from the substantial and growing markets for Accoya and Tricoya globally

"Comprehensive financing arrangements fully fund the building of a new Tricoya chip plant in Hull, including a combination of debt and equity from BP, Medite, BGF and Volantis and debt from RBS

"Partnerships with BP, Medite and Solvay Acetow, together with funding, endorse Accsys's patented Accoya and Tricoya technology and prospects for the future."

Chief executive Paul Clegg said: "We are delighted to update our shareholders on these two transformational projects to secure new manufacturing capacity for Tricoya wood elements and additional capacity for Accoya solid wood.

"These developments will allow us to take advantage of the growing market opportunity for both Tricoya and Accoya which we believe to be substantial with demand continuing to grow for both products.

"Our ongoing relationship with industry leaders, BP, Medite and Solvay Acetow, and new financial backing from BGF, Volantis and RBS, are a strong endorsement of Accsys' unique expertise and technologies.

"As a result, we are extremely well placed to capitalise on the significant growth potential for the benefit of our shareholders.

"These strategic initiatives are underpinned by strong revenue and demand growth, announced in this morning's trading update and we are excited about the transformational developments reflected in today's announcements."

At 8:09am: (LON:AXS) Accsys Technologies PLC share price was +0.13p at 59.13p

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