Accsys Technologies Plc, the producer of Accoya modified wood, has recorded improved interim financial results and confirmed the closure of the Hull Tricoya plant.
Accsys reported adjusted EBITDA of €4m for the six-month period ended September 30, 2024 – up €2.4m on the same period a year ago. The revenue of €72.2m was up 1% on a year ago.
The total sales volume for the period was 31,553m3, a 10% increase on a year ago.
North America sales volumes grew 18% year-on-year, while volumes in regions outside the US are up +8%, driven by robust performances in the UK, France, Benelux and the rest of the world. Tricoya sales volumes were up 7%.
Dr Jelena Arsic van Os, Accsys CEO, said the results showed strong progress and that the company’s transformation programme was working.
“Accsys is continuing its growth momentum, delivering double digit growth in a relatively soft building materials market,” she said.
“Accsys has moved beyond its peak investment period. In H1, we have simplified and derisked the group through the successful start-up of the Kingsport plant and the decision to discontinue the project in Hull.”
The company’s medium-term ambition is to deliver 100,000m3 annual sales volume.
Tricoya UK has resolved to enter creditors voluntary liquidation with an exceptional restructuring cost of €3.9m and a final non-cash impairment charge of €18m.
Annual operating cost savings of €3m are expected from the Hull closure.
As the Accoya US production site ramps up, underlying profitability is expected to improve in the second half of Accsys’ financial year.
