TIDMAXS
RNS Number : 1859Y
Accsys Technologies PLC
03 May 2023
Accsys Technologies PLC ( AIM: AXS, Euronext Amsterdam: AXS)
("Accsys" or the "Company")
Trading update
Accsys, the fast-growing and eco-friendly company that combines
chemistry and technology to create high performance, sustainable
wood building products, today provides an update on end-of-year
guidance (for the year ended 31 March 2023 (FY 2023)) and progress
on key strategic projects. All numbers in this announcement are
unaudited.
FY 2023 guidance update
-- Growth in Accoya(R) sales volumes of 6% on prior year at 63,344m(3)
-- H2 sales volumes of 39,387m(3) (H1: 23,957m(3) ),
representing growth of 64% on H1, and in excess of our targeted 50%
increase
-- The Company now expects it will deliver EBITDA moderately
ahead of its previous guidance of doubling underlying EBITDA year
on year
-- Net debt of EUR44m at 31 March 2023 represents a reduction of
EUR8m compared to 31 December 2022, driven by growing EBITDA and a
focus on working capital management, including a reduction in
inventory levels
Update on strategic growth projects:
-- Tricoya(R) (Hull) plant - the Board of Accsys continues to
conduct its review of the Tricoya(R) plant in Hull, assessing its
economics and capabilities. All funding options remain under
evaluation, as outlined in previous Company announcements, which
include discussions with potential third-party partners. The Board
continues to believe that the market potential of Tricoya(R) is
significant and will consider all relevant commercial factors in
deciding whether or not to proceed with the Hull plant and if so,
on what basis. A further update will be provided in due course. The
maintenance costs at the plant remain within the Board's
expectations and are funded by internally generated cash flow.
-- Accoya(R) USA JV - we continue to make good progress with the
construction of the 43,000m(3) Accoya(R) plant in Kingsport,
Tennessee with our JV partner, Eastman. However, mechanical
completion has experienced some delay and cost inflation and as a
result, commercial operations are now expected to commence in
mid-2024. Progress to date includes the completion of ground works,
ongoing steelwork and main warehouse construction, installation of
the reactors on site, placement of multiple large sub-contracts and
procurement of more than 80% of major equipment. Both joint venture
partners continue to be fully engaged in delivering this
strategically important project.
-- Accoya(R) (Arnhem) plant - growth in sales volumes reflects
increased capacity from Reactors 1-3 after returning to full
production following the completion of Reactor 4 (R4) in September,
new production from R4 and some unwinding of higher inventory
levels. Fourth quarter production was the highest ever delivered at
the plant.
The Company will announce its Preliminary results for FY 2023 on
27 June 2023.
---ends---
For further information, please contact:
Accsys Technologies PLC ir@accsysplc.com
Katharine Rycroft, Investor Relations
======================================== ======================
Numis Securities (London)
Oliver Hardy (NOMAD), Ben Stoop +44 (0) 20 7260 1000
======================================== ======================
Investec Bank plc (London)
Carlton Nelson, Alex Wright +44 (0) 20 7597 5970
ABN Amro (Amsterdam)
Richard van Etten, Dennis van Helmond +31 20 344 2000
======================================== ======================
FTI Consulting (UK)
Matthew O'Keeffe, Alex Le May +44 (0) 20 3727 1340
======================================== ======================
Off the Grid (The Netherlands)
Frank Neervoort, Yvonne Derske +31 681 734 236
======================================== ======================
Notes to editors:
Accsys (Accsys Technologies PLC) is a fast-growing business with
a purpose: changing wood to change the world. The company combines
chemistry, technology and ingenuity to make Accoya(R) wood and
Tricoya(R) wood elements: high performance wood products that are
extremely durable and stable, opening new opportunities for the
built environment and giving the world a choice to build
sustainably. Accsys transforms fast-growing, certified sustainable
wood into building materials with an up to 50-year warranty,
locking carbon stored in the wood into useful products for decades,
with performance characteristics that match or better those of
non-renewable, resource-depleting and polluting alternatives.
Accsys is listed on the London Stock Exchange AIM market and on
Euronext Amsterdam, under the symbols 'AXS'. Visit
www.accsysplc.com
Accoya(R) solid wood is sustainable, durable, and stable with
exceptional performance, finish and sustainability. Accsys'
proprietary acetylation process makes the wood more dimensionally
stable and because it is no longer easily digestible, extremely
durable. It is one of very few building materials to be Cradle to
Cradle Certified(TM) at the Gold level, with a Platinum rating for
Material Health, confirming that no harmful or toxic additives or
chemicals are present to leach out into the environment. Primary
applications for Accoya(R) wood include windows, doors, cladding
and decking, where the combination of performance and
sustainability benefits compete favorably against hardwoods,
plastics, metals and concrete. Visit www.accoya.com
Tricoya(R) acetylated wood elements are produced for use in the
fabrication of panel products such as medium density fibreboard
(MDF). Panel products made with Tricoya(R) wood elements are truly
durable and stable enough for use outdoors and in wet environments,
unlocking new possibilities for design and construction. They have
been lauded as the first major innovation in the wood composites
industry in more than 30 years and bring the flexibility of
traditional panel products and sustainability benefits of wood to a
whole new range of applications. Visit www.tricoya.com
Any references in this announcement to agreements with Accsys
shall mean agreements with either Accsys or its subsidiary entities
unless otherwise specified. 'Accsys' and 'Accsys Technologies' are
trading names of Titan Wood Limited ("TWL"), a wholly-owned
subsidiary of Accsys Technologies PLC. Accoya(R) , Tricoya(R) and
the Trimarque Device are registered trademarks owned by TWL, and
may not be used or reproduced without written permission from TWL,
or in the case of the Tricoya(R) registered brand trademark, from
Tricoya Technologies Limited, a subsidiary of TWL with exclusive
rights to exploit the Tricoya(R) brand.
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END
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