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Annual Results

Accsys losses widen

20 June 2017 08:12

Pre-tax losses at Accsys Technologies - chemical technology group focused on the highly sustainable acetylation of wood - rose to €4.4m in the year to the end of March - up from €0.5m last time.

Revenues increased to €56.5m from €52.8m but gross profits of €14.4m were down from €18.2m a year ago.

The group reported an underlying loss before interest, tax, depreciation and amortisation of €1.2m against earnings of €2.4m last time.

Chief executive Paul Clegg said it had been a transformational year for the group and it had received great support from existing and new industry and financial partners, including shareholders to increase manufacturing capacity to meet demand from the growing markets for Accoya and Tricoya.

Clegg said: "We have seen encouraging underlying revenue and sales trends, which have continued beyond the year end.

"We look forward to updating shareholders with progress, both on sales and our building projects and we are excited about our prospects for the future."

At 8:12am: (LON:AXS) Accsys Technologies PLC share price was +0.25p at 77p

Story provided by StockMarketWire.com

Related Company: AXS

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