Business
Preliminary Results for year ended 31 March 2016
Preliminary Results for year ended 31 March 2016.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 2046B Accsys Technologies PLC 15 June 2016 \n\n\n\n\n\nRegulatory Announcement\n\n\n\n\n\n\n\n\nCompany\n\n\nAccsys Technologies PLC \n\n\n \n \n\n\n\n\nTIDM\n\n\nAXS \n\n\n\n\nHeadline\n\n\nPreliminary Results\n\n\n\n\nReleased \n\n\n15 June 2016\n\n\n\n\nNumber\n\n\n\n\n\n\n\n\n\n\n\n\n \n \nAIM: AXS\nNYSE Euronext Amsterdam: AXS\n15 June 2016\n \nACCSYS TECHNOLOGIES PLC(\"Accsys\" or \"the Company\")\n \nPreliminary Results for the year ended 31 March 2016\n \nAccsys, the chemical technology group, focused on the acetylation of wood, today announces preliminary results for the twelve months ended 31 March 2016.\n \n\n\n\n\n\n\n\nYear to \n31 March\n\n\nYear to \n31 March\n\n\n\n\n\n\n\n\n\n\n2016\n\n\n2015\n\n\nChange\n\n\n\n\nTotal Group Revenue\n\n\n€52.8m\n\n\n€46.1m\n\n\n+15%\n\n\n\n\nGross profit\n\n\n€18.2m\n\n\n€12.2m\n\n\n+49%\n\n\n\n\nUnderlying EBITDA\n\n\n€2.4m\n\n\n(€2.4m)\n\n\n\n\n\n\n\nUnderlying loss before tax\n\n\n(€0.5m)\n\n\n(€5.0m)\n\n\n\n\n\n\n\nLoss before tax \n\n\n(€0.5m)\n\n\n(€7.7m)\n\n\n\n\n\n\n\nPeriod end cash balance\n\n\n€8.2m\n\n\n€10.8m\n\n\n\n\n\n\n\n \nFinancial highlights:\n \n· Total revenue increased by 15% to €52.8m (2015: €46.1m), driven by higher prices and increased licensing income;\n· Significant gross margin growth, up 700bps to 34% as a result of higher revenue;\n· First full year of positive EBITDA since restructuring in 2010 and 2011;\n· Loss before tax improved to almost break-even, to €0.5m from €7.7m in 2015;\n· Manufacturing segment profitability continues to improve, recording EBITDA of €8.3m (2015: €6.9m); gross manufacturing profit margin increased from 25% to 27%; \nStrategic and Operational Highlights:\n \n· Significant steps taken to increase manufacturing capacity;\n· Capacity utilisation successfully managed through process optimisation and pricing; expect to be operating at full capacity in run up to expanded plant being completed;\n· 50% increase in capacity of Accoya plant in Arnhem on track for production in 2017 with pre-constructio...