Accsys Technologies PLC - London-based wood building products manufacturer - Posts revenue of EUR162.0 million for the financial year that ended on March 31, up 34% from EUR120.9 million the year before. Underlying earnings before interest, tax, depreciation and amortisation double to EUR22.9 million from EUR10.4 million the year before. Says the rise in both revenue and underlying Ebita is driven by increased sales prices and strong ongoing demand for Accsys products. However, swings to a pretax loss of EUR67.1 million from a profit of EUR1.7 million, as operating costs rise to EUR127.3 million from EUR31.7 million the year before. Explains that an impairment loss of EUR86.0 million is recognised in the recent year. The impairment relates to the company's purchase of full ownership of its Tricoya Hull plant from partners.
Looking ahead, Accsys says it has made a good start to financial 2024, with performance in line with management's expectations.
Executive Chair Stephen Odell says: "Overall, I am pleased with our performance in [financial 2023] In the coming year we expect to leverage the benefits from greater economies of scale associated with higher production volumes at our plants. [Financial 2024] will be a year during which we will implement actions to ensure the future sustainable growth of the business and to drive value creation for our shareholders."
Current stock price: 80.97 pence each, up 5.6% on Tuesday morning in London
12-month change: down 31%
By Xindi Wei, Alliance News reporter
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Accsys Tech (AXS)