Business
Preliminary results for the year ended March 2014
Preliminary results for the year ended March 2014.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 2956L Accsys Technologies PLC 03 July 2014 \n \n\n \n \n \nAIM: AXS\nNYSE Euronext Amsterdam: AXS\n3 July 2014\n \n \nACCSYS TECHNOLOGIES PLC ('Accsys', the 'Company' or the 'Group')\n \nPreliminary results for the year ended 31 March 2014\n \nAccsys, the chemical technology group focussed on the development and commercialisation of a range of transformational technologies based upon the acetylation of solid wood (Accoya®) and wood elements (Tricoya®) for use as class leading, environmentally sustainable construction materials, today announces preliminary results for the year ended 31 March 2014.\n \n\n\n\n\n\n\n\n2014\n\n\n2013\n \n\n\nChange\n\n\n\n\nTotal Group Revenue\n\n\n€33.5m\n\n\n€18.8m\n\n\n+78%\n\n\n\n\nGross profit\n\n\n€7.8m\n\n\n€3.3m\n\n\n+132%\n\n\n\n\nLoss before tax \n\n\n(€8.2m)\n\n\n(€10.7m)\n\n\nImproved 23%\n\n\n\n\nUnderlying loss before tax1\n\n\n(€7.5m)\n\n\n(€10.7m)\n\n\nImproved 30%\n\n\n\n\nPeriod end cash balance\n\n\n€15.2m\n\n\n€20.5m\n\n\n-26%\n\n\n\n\n \n1 Underlying loss excludes €726,000 of legal costs associated with the Diamond Wood arbitration.\n \nHighlights\n· Highly encouraging performance, marginally ahead of market expectations;\n· Very strong revenue growth of 78%, with increases recorded across all geographic territories;\n· Gross profit more than doubled, with Group gross operating margin improved to 23% (2013: 18%), driven by higher sales volumes, price increases and improved operating efficiency;\n· Increased awareness and market acceptance for Accoya® through further enhancement of global distribution network; 19 new Accoya® distribution and agency agreements signed in the period, bringing the total to 61 (2013: 42); extensive coverage now in place across Europe, the Americas and Asia-Pacific;\n· Arnhem manufacturing facility reported inaugural annual profit, delivering EBITDA of €2.4 million (2013: loss of €0.9 million); gross manufacturing margin improved to 20% (2013: 15%);\n· Significant licensing progress achieved:\n- Accoya® licence agreement with Solvay became fully effective in December 2013; Solvay's...