TIDMAXS
RNS Number : 0466O
Accsys Technologies PLC
30 September 2019
AIM: AXS
Euronext Amsterdam: AXS
30 September 2019
Accsys Technologies PLC
("Accsys")
Annual General Meeting Statement
Accsys, the fast-growing and eco-friendly company that combines
chemistry and technology to create high performance, sustainable
wood building products, announces the following trading update in
advance of its Annual General Meeting, to be held at 11.45 a.m. (UK
time) today.
For the five months to 31 August 2019, Accsys is pleased to
report a 40% increase in total revenue compared to the same period
last year to EUR35.8m (2018: EUR25.6m). The increase has been
driven by Accoya(R) sales volumes which increased by 33% to 22,916
cubic meters in the period, together with an improved product mix
and the effect of price increases from January 2019 which resulted
in a 43% increase in Accoya(R) revenue to EUR32.6m (2018:
EUR22.8m). This significant year-on-year growth for the period has
benefited from the contribution of the third Accoya(R) reactor
which only commenced operations during the second quarter of the
previous financial year but which has operated at full capacity in
the current financial period.
Our increased sales volumes have driven further gross profit
growth in the period. We are targeting further gross profit growth
in the short to medium term given anticipated beneficial changes to
our product and related sales price mix. Demand for Accoya(R) wood
remains strong with all customers remaining on allocation as
production is constrained by our current capacity levels.
The preliminary design and planning in respect of the fourth
Accoya(R) reactor in Arnhem is progressing well. Once operational,
the fourth reactor will provide much needed additional capacity to
satisfy the growing demand for Accoya(R) . We expect to provide a
further update later this financial year as to the anticipated
costs, funding arrangements and the timing for the construction of
the new reactor.
During the period, demand for Tricoya(R) panels has remained
strong, with sales limited by Accoya(R) production capacity ahead
of the Hull plant being completed. We now expect the Tricoya(R)
plant in Hull to be operational in the second half of the 2020
calendar year with construction progressing and the previously
reported issues concerning civil engineering works being addressed.
The delay is expected to result in overall project costs for the
project being significantly higher than initially expected and we
are discussing the associated funding arrangements with our project
partners noting that a portion of this is likely to be paid by
Accsys. A further update on the Hull Tricoya(R) project will be
made in due course when discussions are at a more advanced
stage.
Notwithstanding the overall increase in project costs, there is
no impact on the expected long-term profitability of the Tricoya(R)
plant, with gross margins of approximately 40% achievable once the
plant reaches near capacity levels over the next few years.
We are pleased by the continuing discussions with a potential
partner concerning the construction of a new Accoya(R) plant in the
USA. We are also progressing through the feasibility study being
undertaken with PETRONAS Chemicals Group Berhad concerning the
possible construction of a Tricoya(R) plant in Malaysia, with a
conclusion likely to come after the Hull Tricoya(R) plant becomes
operational.
A search for a new CEO is progressing well and we look forward
to making a further announcement in that regard shortly.
Accsys Technologies PLC
("Accsys")
Jaarlijkse Algemene Vergadering van Aandeelhouders
Accsys, de snelgroeiende en duurzame chemische technologiegroep
die hoogwaardige en duurzame houtbouwproducten maakt, geeft een
trading update. Deze gaat vooraf aan de jaarlijks algemene
vergadering van aandeelhouders die Accsys vandaag om 11.45 uur
(Engelse tijd) wordt gehouden.
Accsys is verheugd te kunnen melden dat de totale omzet in de
vijf maanden tot 31 augustus 2019 met 40% is gestegen ten opzichte
van dezelfde periode vorig jaar tot EUR 35,8 mln. (2018: EUR 25,6
mln). De stijging is te danken aan de verkoopvolumes van Accoya(R)
die in deze periode met 33% stegen tot 22.916 kubieke meter, samen
met een verbeterde productmix en het effect van prijsverhogingen
vanaf januari 2019, wat resulteerde in een toename van de Accoya(R)
-omzet met 43% tot EUR 32,6 mln. (2018: EUR 22,8 mln.). Deze
significante jaar-tot-jaar groei voor deze periode is het gevolg
van de bijdrage van de derde Accoya(R) -reactor, die pas in het
tweede kwartaal van het vorige boekjaar in bedrijf is gegaan, maar
die in de huidige financiële periode op volle capaciteit heeft
gewerkt.
Onze toegenomen verkoopvolumes hebben geleid tot verdere groei
van de brutowinst in deze periode. We richten ons op verdere groei
van de brutowinst op korte tot middellange termijn, gezien de
verwachte gunstige wijzigingen in ons product- en de bijbehorende
verkoopprijsmix. De vraag naar Accoya(R) hout blijft sterk. Alle
klanten blijven op allocate omdat de productie wordt beperkt door
onze huidige capaciteitsniveaus.
Het voorlopige ontwerp en de planning met betrekking tot de
realisatie van een vierde Accoya(R) -reactor in Arnhem verlopen
vlot. Eenmaal operationeel zal de vierde reactor de nodige extra
capaciteit leveren om aan de groeiende vraag naar Accoya(R) te
kunnen voldoen. We verwachten later dit boekjaar een verdere update
te geven over de verwachte kosten, de financieringsregelingen en de
timing voor de bouw van de nieuwe reactor.
Gedurende deze periode bleef de vraag naar Tricoya(R) -panelen
groot met een verkoop die werd beperkt door de productiecapaciteit
van Accoya(R) voorafgaand aan de voltooiing van de Hull-fabriek. We
verwachten nu dat de Tricoya(R) -fabriek in Hull in het tweede
helft van het kalenderjaar 2020 operationeel zal zijn. De bouw van
de fabriek vordert en de eerder gemelde problemen met
civieltechnische werkzaamheden worden aangepakt. Verwacht wordt dat
de vertraging ertoe zal leiden dat de totale projectkosten
significant hoger zullen zijn dan aanvankelijk verwacht. We
bespreken de gerelateerde financieringsregelingen met onze
projectpartners en merken op dat een deel hiervan waarschijnlijk
door Accsys zal moeten worden betaald. Een verdere update van het
Tricoya(R) -project in Hull zal te zijner tijd worden gedaan
wanneer de besprekingen in een meer gevorderd stadium zijn.
Ondanks de algemene toename van de projectkosten heeft dit geen
invloed op de verwachte winstgevendheid op lange termijn van de
Tricoya(R) -fabriek, met brutomarges van ongeveer 40% die haalbaar
zijn, zodra de fabriek de komende jaren de maximale
capaciteitsniveaus bereikt.
We zijn verheugd over het vervolg van de discussies met een
potentiële partner betreffende de bouw van een nieuwe Accoya(R)
-fabriek in de VS. We boeken ook voortgang met de
haalbaarheidsstudie, die samen met de PETRONAS Chemicals Group
Berhad wordt uitgevoerd, over de mogelijke bouw van een Tricoya(R)
-fabriek in Maleisië, waarvan de conclusie wordt verwacht nadat de
Tricoya(R) -fabriek in Hull in werking is getreden.
De werving van een nieuwe CEO vordert goed en we kijken ernaar
uit om binnenkort hierover een aankondiging te doen.
For further information, please contact:
Accsys Technologies PLC via FTI Consulting
Paul Clegg, CEO
Will Rudge, FD
Numis Securities - NOMAD and Joint Broker
Oliver Hardy (NOMAD) +44 (0) 20 7260
Christopher Wilkinson / Ben Stoop 1000
Investec Bank plc - Joint Broker
Carlton Nelson
James Rudd +44 (0) 20 7597
Alex Wright 5970
FTI Consulting
Matthew O'Keeffe +44 (0) 20 3727
Alex Le May 1340
Off the Grid (The Netherlands)
Frank Neervoort +31 681 734 236
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 Tricoya(R) wood elements, 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 licensing 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 four principal
business units: (i) Accoya(R) wood production; (ii) building and
operating of Tricoya(R) wood chip acetylation plant in Hull; (iii)
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
(iv) the licensing of technology for the production of Accoya(R)
wood and Tricoya(R) wood elements across the globe.
Tricoya(R) Consortium In March 2017, Accsys announced the
formation of the Tricoya(R) Consortium to fund, build and operate
the Tricoya(R) plant in Hull, UK. Members of the consortium include
BP and the leading manufacturer of sustainable wood-based panels,
MEDITE Europe DAC. Tricoya Ventures UK Ltd (TVUK), a subsidiary of
Accsys, owns and will operate the Tricoya(R) plant. TTL exploits
all Tricoya(R) related intellectual property and benefits from any
Tricoya(R) related revenues other than those generated by the
Tricoya(R) plant. The Tricoya(R) plant is expected to have an
initial capacity of 30,000 metric tonnes of Tricoya(R) chips per
annum, enough to produce approximately 40,000m(3) of Tricoya(R)
panel products per annum. The Tricoya(R) plant is expected to reach
EBITDA breakeven at approximately 40% design capacity and to take
approximately four years to reach full capacity following
completion. The location of the Tricoya(R) plant at Saltend
Chemicals Park in Hull allows for expansion when market conditions
dictate.
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.
Moreover, the Accoya(R) wood production process does not compromise
the wood's strength or machinability. The combination of
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.
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' and 'Accsys Technologies' are trading names 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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