Accsys Technologies posts modest revenue growth

(Sharecast News) - Sustainable wood products supplier Accsys Technologies traded lower early on Wednesday after it posted a modest rise in group revenue but failed to impress investors with its latest trading update.

Accsys said revenue for the five months ended 31 August rose 4% year-on-year to €60.4m, while aggregated revenue including its 60%-owned Accoya USA joint venture climbed 22% to €71.6m. Total sales volumes increased 28% to 31,376m³, supported by strong demand across all regions and a softer prior-year comparator.

The AIM-listed group highlighted robust growth in North America, where sales volumes surged 55% following the start-up of its JV with Eastman Chemical. Elsewhere, volumes rose 12% in the UK and Ireland, 24% in the rest of Europe, and 36% across other international markets. Sales of Accoya for Tricoya also grew by 25%.

Despite the upbeat volume figures, shares were down on the relatively muted top-line growth at the group level and the lack of updated guidance ahead of the firm's interim results in November.

As of 0930 BST, Accsys shares were down 3.07% at 67.86p.

Reporting by Iain Gilbert at Sharecast.com

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