Business
Interim Results for six months ended 30 Sept 2021
Interim Results for six months ended 30 Sept 2021.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1970T\n Accsys Technologies PLC\n 23 November 2021\n \n \n \n AIM: AXSEuronext Amsterdam: AXS23 November 2021Accsys Technologies PLC(\"Accsys\", the \"Group\" or the \"Company\") Interim Results for the six months ended 30 September 2021 Strong revenue growth - delivering on expansion strategy 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 2021 (\"H1 FY 22\"). H1 FY 22H1 FY 21Change Total Group revenue €56.2m€42.9m31%Underlying gross profit €17.2m€14.3m20%Accoya® Manufacturing margin1 31.0%33.5%(250bps)Underlying EBITDA2 €4.5m€4.3m5%Underlying EBIT3 €1.5m€1.6m(6%)Underlying (loss) before tax (€0.3m)(€0.1m) (Loss)/profit before tax (€0.2m)€1.0m Period end net cash/ (debt)4 €2.4m(€16.3m) Accoya® sales volume 29,555m326,422m312% Key highlights: · Group revenue and Accoya® sales volumes up 31% and 12% respectively versus the prior year comparative period, which was impacted by COVID-19.· Maintaining good profitability with underlying gross profit up 20%:o Improvement in gross profit supported by Accoya® sales price increases substantially offsetting higher raw material costs.o 31% Accoya® manufacturing margin with 250bps decline due to changes in product sales mix.· 5% growth in underlying EBITDA2 with planned investment in group organisation capability to support growth and the expected production capacity increases in 2022.· Strategic growth projects under our '5x' production capacity expansion target by 2025 are progressing well: o World-first Tricoya® (Hull) plant - on track to commence operations by July 2022.o Accoya® (Arnhem) plant - addition of a fourth reactor (+33% new capacity to 80,000m3) on track to be complete by around the end of Q1 calendar year 2022. o Accoya® USA JV - further project work progressing; final investment expected in coming months upon completion of financing workstream. · 4% increase in operating cash flow5 with continuing good cash generation from Accoya® segment; Net cash of €2.4m includes cash of €60.9m at period-end to fund expansion projects including planned US JV investment; Recen...