Business
COVID-19 Update
COVID-19 Update.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n \n \n RNS Number : 8990H\n Accsys Technologies PLC\n 27 March 2020\n \n \n \n \n AIM: AXS\n \n \n Euronext Amsterdam: AXS\n \n \n \n \n \n 27 March 2020\n \n \n Accsys Technologies PLC\n (\"Accsys\", the \"Group\" or the \"Company\")\n \n COVID-19 Update\n \n \n Accsys, the fast-growing and eco-friendly company that combines chemistry and technology to create high performance, sustainable wood building products, today announces a trading update in light of COVID-19.\n \n \n \n \n \n People\n \n \n · \n During these unprecedented times, the Board of the Company remains committed to the health and well-being of the Group's staff and the wider communities in which it operates. The Company is following government guidelines, has altered working protocols in line with local guidelines, and is continuing to keep these under close review.\n \n \n \n \n \n Operations and cash management\n \n \n · \n As a result of initial feedback received concerning the impact of the various government imposed restrictions on our customers and end users, the Company is now expecting a significant reduction in demand in the first quarter of its new financial year. Accordingly, and with a view to optimising cash resources in these uncertain times, the Company is implementing plans to temporarily reduce Accoya® production. However, the impact on expected demand continues to be uncertain and so the Company will retain flexibility to increase production as required and will continue to monitor the situation very closely.\n \n \n · \n Tricoya® Hull plant construction progress - some elements of work on site have temporarily stopped due to COVID-19 working guidance issued by the UK government. It remains possible that work will slow further or temporarily be suspended. It is not yet possible to determine the extent of any delay to the project relative to the Company's previous guidance of the plant being operational in the second half of calendar year 2020, however, the Company remains committed to completing the construction project and commencing operations as soon as practically possible.\n \n \n · \n Whilst the Company has always maintained a prudent approach to costs, due to the level of heightened uncertainty caused by COVID-19, the Company has identified and is implementing, or considering as necessary...