Last checked at 20 Aug 2009 07:00
AIM: AXS
NYSE Euronext Amsterdam: AXS
Interim Management Statement
Accsys Technologies PLC issues the following Interim Management Statement.
There have been a number of changes within the business during the period. Firstly, Paul Clegg was appointed as Chief Executive following Finlay Morrison standing down from the Board.
We have carried out a detailed review of our cost base to ensure it is appropriate for the current business environment, resulting in a significant headcount reduction.
Our Accoya® production facility in Arnhem, The Netherlands, is currently undergoing a major automation project, which will improve efficiency and reduce operating costs and headcount further.
In the 3 month period to 30 June 2009, sales revenue from Accoya®, increased by 51% compared to the same period last year. We are also pleased to announce that following the successful completion of the first heavy traffic road bridge made of Accoya® in Sneek, The Netherlands, we have recently been awarded the contract to supply Accoya® for the construction of a second bridge.
Paul Clegg commented, "Whilst the trading environment continues to be challenging, the changes we are making will ensure we have a more efficient and focused business moving forward".
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For further information, please contact:
| Accsys Technologies PLC | Paul Clegg, CEO Kevin Wood, CFO | +44 20 8150 8835 | William Paterson-Brown, Executive Chairman | +44 20 8150 8835 | |
| Matrix Corporate Capital LLP | Stephen Mischler Anu Tayal | +44 20 3206 7000
| Hugh Field | +44 20 7523 8000 | |
| Threadneedle Communications | Graham Herring Josh Royston graham.herring@threadneedlepr.co.uk josh.royston@threadneedlepr.co.uk
| +44 20 7653 9850 | Leah Kramer / Paul McManus Leah.kramer@parkgreenmedia.com Paul.mcmanus@parkgreenmedia.com | +44 20 7933 8780 +44 7793 244 055 +44 7980 541 893
| |
| Citigate First Financial B.V. | Wouter van de Putte Laurens Goverse | + 31 20 575 4080 | Wouter van de Putte / Laurens Goverse | + 31 20 575 4080 |
Notes to Editors:
Titan Wood Limited (www.titanwood.com) is a wholly owned subsidiary of the Accsys Technologies PLC (www.accsysplc.com) group of companies. Accsys Technologies PLC is listed on the London Stock Exchange AIM market, and on Euronext Amsterdam by NYSE Euronext, under the symbols 'AXS'.
Wood Acetylation is a process, which increases the amount of 'acetyl' molecules in wood, thereby changing its physical properties. The process protects wood from rot by making it "inedible" to most micro-organisms and insects, 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.
Accoya® wood (www.accoya.info) is produced using a patented process that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a "new wood species". Distinguished by its durability, dimensional stability and, perhaps most importantly of all, its reliability (in terms of consistency of both supply and quality), Accoya® 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® 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® wood offers a wealth of new opportunities to architects, designers and specifiers. For marine uses where weight is also important, Accoya® wood for the first time provides boat builders with a wood that is strong, lightweight, durable and which retains its natural beauty for far longer.
ACCOYA is a registered trademark owned by Titan Wood Limited