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LSE Green Economy Mark 2019

Interim results: Continued strong product demand – Accoya capacity expanded

November 22, 2022

Accsys, the fast-growing and eco-friendly company that combines chemistry and technology to create high performance, sustainable wood building products, announces its interim results for the six months ended 30 September 2022 (“H1 FY 23”).

Key highlights:

  • Good growth in Group revenue, up 5% to €58.9m driven by increased average sales prices and product mix, despite lower volumes.
  • Customer demand for Accoya® remains strong and in excess of production capacity, with a strong customer order book over the next 3 months and beyond.
  • Accoya® sales volumes limited by production capacity, down 19% to 23,957m3 due to the previously reported and now resolved shutdown at the Arnhem plant in April/May 2022 around the installation of the fourth reactor (R4).
  • Robust Accoya® profit with gross profit per cubic metre of Accoya up 30% to €755/m3:
  • Group Gross Profit, up 5% supported by Accoya® sales price increases offsetting higher raw material costs.
  • Accoya® manufacturing margin of 30.8% remaining above target level of 30%.
  • Underlying EBITDA flat year-on-year, with higher sales prices offsetting lower sales volumes and higher raw material costs.