TIDMAXS
RNS Number : 3542R
Accsys Technologies PLC
21 September 2017
AIM: AXS
Euronext Amsterdam: AXS
21 September 2017
ACCSYS TECHNOLOGIES PLC
("Accsys" or "the Company")
Annual General Meeting Statement
Accsys, the chemical technology group, focused on the highly
sustainable acetylation of wood, today announces that in advance of
its Annual General Meeting, to be held at 2.30 p.m. (UK time) this
afternoon, its Chief Executive, Paul Clegg, has made the following
comments:
"I am pleased to report sales of Accoya increased by 20% in the
five months to 31 August 2017 compared to the same period last
year, with Accoya revenue of EUR22.5m (2016: EUR18.7m) (unaudited).
This represented 16,970 cubic metres of Accoya sold (2016: 14,187
cubic metres).
Demand continues to be strong, however as previously stated we
are now operating at full capacity. Further growth will therefore
be constrained until the third reactor is complete and we are
working with our customers in order to minimise the impact of this
temporary capacity limitation.
Work in respect of the first phase of the expansion of the
Arnhem plant is progressing well. Full commissioning of the third
reactor is expected later this financial year and the benefit of
the new capacity continues to be expected to be available from the
start of the new financial year enabling further significant growth
in sales and production.
This will increase our Accoya production capacity to
approximately 60,000 cubic metres, representing a significant
increase compared to the 31,532 cubic metres of Accoya sold in the
last financial year (excluding material sold to Medite for Tricoya,
which will be supplied by the Tricoya plant in Hull following its
completion in 2019).
Production of Accoya decreased marginally to 16,124 cubic metres
for the five months to 31 August 2017 (2016: 16,220 cubic metres).
Production was impacted in May by a one-off shut down relating to
the expansion project with some associated costs and which was
slightly longer than expected. Raw material costs have increased in
the four months to 31 August 2017 compared to last year and we are
currently reviewing the implementation of a price increase.
Next week we look forward to hosting the majority of our
customers in Arnhem for our global Accoya sales conference where we
will be focussing on the continued growth of Accoya given the
imminent completion of the capacity expansion and the increasing
demand for our products.
Following the formation of the Tricoya consortium with BP,
Medite and our financial partners BGF and Volantis, I am also
pleased to report excellent progress with construction of the
world's first dedicated chip acetylation plant in Hull for the
manufacture of Tricoya. Extensive ground works including piling,
have commenced on site together with detailed engineering being
undertaken by Engie Fabricom and a focus on procurement of key
items of equipment."
Our interim financial statements for the six months ended 30
September 2017 are expected to be released on 22 November 2017.
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via MHP Communications
PLC Will Rudge, FD
Hans Pauli, Executive Director,
Corporate
Development
Nominated Adviser: Oliver
Cardigan
Jamie Lillywhite
Corporate Broking: Christopher
Wilkinson +44 (0) 20 7260
Numis Securities Ben Stoop 1000
Tim Rowntree +44 (0) 20 3128
MHP Communications Kelsey Traynor 8100
Frank Neervoort +31 681 734 236
Off the Grid (The Netherlands) Yvonne Derske +31 222 379 666
Notes to editors:
Accsys Technologies PLC (www.accsysplc.com) is a chemical
technology group whose primary focus is on the production of
Accoya(R) wood and technology licensing via its subsidiary, Titan
Wood Limited, which has manufacturing operations in Arnhem, the
Netherlands (through its subsidiary Titan Wood B.V.), a European
office in London, United Kingdom, an American office in Dallas,
Texas (via its subsidiary Titan Wood, Inc) and technology licencing
associated with the acetylation of wood elements via its subsidiary
Tricoya Technologies Limited. Any references in this announcement
to agreements with Accsys shall mean agreements with either Accsys
or its subsidiary entities unless otherwise specified. Accsys
Technologies PLC is listed on the London Stock Exchange AIM market
and on Euronext Amsterdam, under the symbols 'AXS'. Accsys'
operations comprise three principal business units: (i) Accoya(R)
wood production; (ii) technology development, focused on a
programme of continuous development of and improvements to the
process engineering and operating protocols for the acetylation of
solid wood and the development of technology for the acetylation of
wood elements; and (iii) the licensing of technology for the
production of Accoya(R) wood and Tricoya(R) wood elements across
the globe.
Accoya(R) wood (www.accoya.com) is produced using Accsys'
proprietary patented acetylation technology that effectively
converts sustainably grown softwoods and non-durable hardwoods into
what is best described as a "high technology wood". Distinguished
by its durability, dimensional stability and, perhaps most
importantly of all, its reliability (in terms of consistency of
both supply and quality), Accoya(R) wood is particularly suited to
exterior applications where performance and appearance are valued.
Unlike most tropical and European hardwoods, its colour does not
degrade when exposed to ultraviolet light. Moreover, the Accoya(R)
wood production process does not compromise the wood's strength or
machinability. The combination of UV resistance, dimensional
stability, durability and retained strength means that Accoya(R)
wood offers a wealth of new opportunities to architects, designers
and specifiers. These benefits result in lower maintenance and
total cost of ownership while using a higher sustainable and
environmental responsible building material. For a full archive of
Accoya(R) news, visit www.accoya.com/news.asp.
Tricoya(R) Wood Elements (www.tricoya.com) are produced using
Accsys' proprietary technology for the acetylation of wood chips,
and particles for use in the fabrication of panel products such as
medium density fibreboard and particle-board. These products
demonstrate enhanced durability and dimensional stability which
allow them to be used in a variety of applications that were once
limited to solid wood or man-made products. Exploitation of Accsys'
proprietary technology relating to Tricoya(R) Wood Elements is
carried out through Tricoya Technologies Limited. Tricoya(R) Wood
Elements are lauded as the first major innovation in the wood
composites industry in more than 30 years.
Wood Acetylation is a process which increases the amount of
'acetyl' molecules in wood, thereby changing its physical
properties. When carried out to a sufficient level throughout the
wood, this process protects wood from rot by making it "inedible"
to most micro-organisms and fungi, without - unlike conventional
treatments - making it toxic. It also greatly reduces the wood's
tendency to swell and shrink, making it less prone to cracking and
ensuring that, when painted, it requires dramatically reduced
maintenance.
Accsys Technologies is the trading name of Titan Wood Limited.
ACCOYA(R) , TRICOYA(R) and the Trimarque Device are registered
trademarks owned by Titan Wood Limited ("TWL"), a wholly owned
subsidiary of Accsys Technologies PLC, and may not be used or
reproduced without written permission from TWL, or in the case of
the Tricoya(R) registered trademark, from Tricoya Technologies
Limited, a subsidiary of TWL with exclusive rights to exploit the
Tricoya(R) brand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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