{"id":6563,"date":"2023-01-27T10:43:04","date_gmt":"2023-01-27T10:43:04","guid":{"rendered":"https:\/\/www.accsysplc.com\/trading-update-for-the-nine-months-ended-31-december-2022\/"},"modified":"2023-01-27T10:43:04","modified_gmt":"2023-01-27T10:43:04","slug":"trading-update-for-the-nine-months-ended-31-december-2022","status":"publish","type":"post","link":"https:\/\/www.accsysplc.com\/nl\/trading-update-for-the-nine-months-ended-31-december-2022\/","title":{"rendered":"Trading update for the nine months ended 31 December 2022"},"content":{"rendered":"\n<p><em>Strong growth&nbsp; in the third quarter to 31 December 2022\nreflects demand for our products, greater capacity at our Arnhem plant and\npricing power for our portfolio of sustainable wood building products.<\/em><\/p>\n\n\n\n<p>Accsys, the fast-growing and\neco-friendly company that combines chemistry and technology to create high\nperformance, sustainable wood building products, today announces a trading\nupdate for the nine months ended 31 December 2022 (\u2018nine months\u2019), on an\nunaudited basis.&nbsp; Comparative percentage\nchange figures in this statement reflect comparisons with the corresponding nine\nmonths in the prior financial year. &nbsp;<\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td><\/td><td><strong>9 months to Dec 22 <\/strong>   <\/td><td>9 months to Dec 21    <\/td><td>% change    <\/td><\/tr><tr><td><strong>Total Group <\/strong><br><strong>revenue <\/strong>   <\/td><td>\n  <strong>\u20ac109m <\/strong><strong><\/strong>\n  <\/td><td>\n  \u20ac83m \n  <\/td><td>\n  32%\n  <\/td><\/tr><tr><td><strong>Accoya<sup>\u00ae<\/sup><\/strong> <strong>wood <\/strong><br><strong>revenue <\/strong>   <\/td><td>\n  <strong>\u20ac97m <\/strong><strong><\/strong>\n  <\/td><td>\n  \u20ac72m\n  <\/td><td>\n  35%\n  <\/td><\/tr><tr><td><strong>Total sales m<sup>3<\/sup> <\/strong>   <\/td><td>\n  <strong>42,972<\/strong><strong><\/strong>\n  <\/td><td>\n  42,536\n  <\/td><td>\n  1%\n  <\/td><\/tr><tr><td><strong>Net Debt<\/strong><\/td><td>\n  <strong>(\u20ac52m)<\/strong><strong><\/strong>\n  <\/td><td>\n  (\u20ac61m)<sup>1<\/sup>\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><em><sup>1<\/sup><\/em><em> Net debt as of 30 September 2022 <\/em><\/p>\n\n\n\n<p><strong>Financial\nhighlights <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Accoya<sup>\u00ae<\/sup> sales volumes in Q3 (October to end December) were 19,015m<sup>3<\/sup> versus total H1 FY23 volumes of 23,957m<sup>3<\/sup> reflecting increased capacity at Arnhem from Reactors 1-3 returning to full production following the completion of R4 in September, new production from R4 and some unwinding of higher inventory (work in progress) levels.&nbsp; <\/li><li>Customer demand for Accoya<sup>\u00ae<\/sup> remains resilient, with a visible Q4 customer order book despite some slowdown in the broader construction industry.&nbsp; The higher average sales prices reflect price increases implemented in H1, plus a further small increase in Q3.&nbsp; In addition, we have continued to successfully manage the effect of volatile chemical raw material prices through the Energy Price Premium which increased in Q3, although this is expected to reduce in Q4 as European energy market indices subside.&nbsp; &nbsp;&nbsp;<\/li><li>The combination of price increases and efficiency of operating at higher production volumes has enabled further progression in the profit per cubic metre of Accoya<sup>\u00ae<\/sup> sold in Q3.&nbsp; &nbsp;<\/li><li>Net debt of \u20ac52m, represents a reduction of \u20ac9m compared to September 2022, reflecting the reduction in the NatWest loan balance resulting from the Tricoya\u00ae restructure announced on 2 November.  Cash outflow resulting from a reduction in payables from the Hull project as it moved into the hold period in Q3 was partially offset by positive cash flow from the Accoya\u00ae business.  While inventory balances remained higher than required due to the long lead times of previous commitments and delivery timings around holiday periods, these are expected to reduce by the year-end.      <a>&nbsp;<\/a><\/li><\/ul>\n\n\n\n<p><strong>Continued good progress on strategic\ngrowth projects:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Accoya<sup>\u00ae<\/sup> (Arnhem)\nplant \u2013 R4 expansion commenced commercial operation in September 2022 and\nperforming well, with production now successfully ramping up over forecast two\nyears. <\/li><li>Accoya<sup>\u00ae<\/sup> USA JV \u2013\nConstruction of new 43,000m<sup>3 <\/sup>plant continues to progress well and\nremains on track to commence commercial operation by March 2024. &nbsp;<\/li><li>Tricoya<sup>\u00ae<\/sup> (Hull)\nplant currently in an at least six-month hold period from November 2022:<ul><li>The Board continues to assess the economics and capability of the plant\nand its potential returns on investment.&nbsp;\n<\/li><\/ul><ul><li>In parallel, the Board is also evaluating funding options, as outlined\nin previous company announcements, which include discussions with potential\nthird-party partners and contractors.<\/li><\/ul><ul><li>Verification of the final cost and time to complete the plant is\nongoing, and while it is too early to give an exact figure, there are no\nindications that this will exceed the up to \u20ac35m previously identified by the\nCompany.<\/li><\/ul><ul><li>The Board of Accsys continues to see the market potential of Tricoya<sup>\u00ae<\/sup>\nand will consider all relevant commercial factors in deciding whether or not to\nproceed with the Hull plant and if so, on what basis.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p><strong>Management update <\/strong><\/p>\n\n\n\n<p>The Company is\nmaking good progress on the recruitment for a new Chief Executive and will\nissue an update in due course.&nbsp; The\nprocess to appoint the Chief Financial Officer is ongoing.&nbsp; To ensure continuity of management while that\nprocess concludes, the Board is pleased to announce that Will Rudge (Finance\nDirector) will stay on for a further short period of time to support the\nCompany.<\/p>\n\n\n\n<p><strong>Commenting on today\u2019s\nannouncement, Rob Harris, Chief Executive of Accsys Technologies, said: &nbsp;&nbsp;&nbsp;<\/strong><\/p>\n\n\n\n<p>\u201cI am pleased with our performance over the last three months.  We have delivered strong revenue growth in our Accoya\u00ae business due to enhanced capacity from our Arnhem plant. Notwithstanding ongoing macro-economic uncertainty, our expectations for customer orders continue to provide confidence in demand and growth opportunities for both our market-leading products, Accoya\u00ae  and Tricoya\u00ae. We remain on track for sales volumes in H2 to increase by 50% compared to H1 and, as a result, we continue to target our previously stated ambition of nearly doubling underlying EBITDA for the full year.\u2019\u2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strong growth&nbsp; in the third quarter to 31 December 2022 reflects demand for our products, greater capacity at our Arnhem plant and pricing power for our portfolio of sustainable wood building products. Accsys, the fast-growing and eco-friendly company that combines &#8230;<\/p>\n","protected":false},"author":23,"featured_media":3045,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[23],"tags":[],"class_list":["post-6563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-geen-onderdeel-van-een-categorie"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Trading update for the nine months ended 31 December 2022 - Accsys Technologies PLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accsysplc.com\/trading-update-for-the-nine-months-ended-31-december-2022\/\" \/>\n<meta property=\"og:locale\" content=\"nl_NL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trading update for the nine months ended 31 December 2022 - Accsys Technologies PLC\" \/>\n<meta property=\"og:description\" content=\"Strong growth&nbsp; in the third quarter to 31 December 2022 reflects demand for our products, greater capacity at our Arnhem plant and pricing power for our portfolio of sustainable wood building products. 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