Interim results25 Nov 2013 09:13
NYSE Euronext Amsterdam: AXS
25 November 2013
ACCSYS TECHNOLOGIES PLC ("Accsys" or "the Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013
Accsys, the environmental science and technology company whose primary focus is on the production and technology licensing of Accoya®wood and Tricoya®wood elements, today announces interim results for the six months ended 30 September 2013.
Unaudited six months to 30 Sept 2013
Unaudited six months to 30 Sept 2012
Change
Total Group Revenue
€15.8m
€9.1m
+74%
Gross profit
€3.5m
€1.9m
+84%
Loss before tax
€3.8m
€5.4m
Improved 30%
Period end cash balance
€16.9m
€20.7m
-18%
Highlights
· Strong performance, in line with market expectations;
· Highly encouraging trend of revenue growth, with increases across all key global territories; total revenue increased 74% compared to the corresponding period last year, and by 62% compared to the preceding six month period;
· Revenue from the sale of Accoya® increased by 80% to €13.9m in the first half of the year compared to the corresponding period last year;
· Group level gross operating margin increased to 22% (Year to 31 March 2013: 18%) as a result of economies of scale benefits and sales price increases;
· Arnhem plant is now profitable, recording a positive EBITDA of €0.9m (2012: loss of €0.5m) as a result of record production levels; gross manufacturing profit margin increased from 15% to 19%;
· 56% reduction in cash out-flow from operating activities (before changes in working capital) to €1.7m (2012: €3.9m);
· Strong balance sheet maintained with cash balance of €16.9m at 30 September 2013;
· Continued close working relationship with Solvay ahead of their formal approval of the Accoya® wood licence agreement which is expected by the end of this year;
· Tricoya Technologies Ltd, our JV with Ineos formed in order to exploit Tricoya® wood elements globally, entered into a joint development, production and distribution licence agreement in July with Medite, to build and run a Tricoya plant with an initial capacity of 30,000 metric tonnes with exclusive rights to sell in UK, Ireland and the Netherlands;
· Total of 50 distribution or agency agreements now in place, an increase of eight since 31 March 2013, covering most of Europe, Australia, Canada, Chile, India, Israel, Morocco, North America, New Zealand and parts of East and South East Asia; and
· TRADA extended the service life of Accoya® windows to at least 70 years, demonstrating Accoya performs significantly better than even the most durable hardwood timbers.
Paul Clegg, Chief Executive commented: "Accsys has had a highly productive first half of the year.