TIDMAXS

RNS Number : 0587D

Accsys Technologies PLC

24 April 2017

AIM: AXS

Euronext Amsterdam: AXS

24 April 2017

ACCSYS TECHNOLOGIES PLC

("Accsys" or "the Company")

Trading update

Accsys, the chemical technology group, focused on the acetylation of wood, today announced a trading update for the year ended 31 March 2017.

-- Accoya(R) sales volumes(*) have grown by 18% to 39,790m(3) in the year to 31 March 2017 with a 31% increase in the second half of the financial year compared to the same period last year. This also represents a 27% increase compared to the first half of the financial year, in part helped by the resolution of the unexpected supply chain bottleneck in the first half of the year;

-- Total revenue* for the Company up 7% to EUR56.5m for the year to 31 March 2017, noting the previous year benefited from material one-off licensing income;

-- Expansion of Arnhem Accoya(R) plant continues to progress with completion of the fully funded first stage of expansion to 60,000m(3) of annual capacity expected by the end of 2017;

-- EUR82m of funding now completed: EUR68m of equity and debt from Medite Smartply, BP, Business Growth Fund, Henderson Volantis and RBS to build world's first Tricoya(R) wood chip acetylation plant in Hull; and EUR14m (before expenses) from Firm Placing and Open Offer providing additional working capital and to strengthen balance sheet in the context of the two significant capital projects.

(*) All figures are unaudited.

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)      Giedo Van Der Zwan                  +31 624 212 238

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

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