AGM comments point to operational progress at Arnhem and an on-track construction schedule for the new Tricoya facility at Hull. Accsys Technologies (LON:ACCS) has set out a clear development plan for the group; while we are not placing undue weight on a short trading period, we are encouraged to see that growing revenues and production volumes have been achieved in the year to date.
Progress to date in FY19
In the first five months of FY19, Accoya’s solid wood production volume was 4.9% ahead of the prior year at 16,918m3. The first two reactors at Arnhem have been effectively running at capacity since H217; the third came on stream in July and has made a modest (unspecified) contribution to this outturn. It adds a further 20,000m3 annual capacity, a 50% increase on what was previously available. With revenue c 5.3% up y-o-y and taking production volume as a proxy for sales suggests average pricing is slightly up. No new profit information was included in the statement. Otherwise, references to the expected Hull Tricoya facility construction phase and aspirations for new overseas partnerships were consistent with previous comments.
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