22nd Nov 2016 10:46
LONDON (Alliance News) - Chemical technology company Accsys Technologies PLC said Tuesday it is confident in its full-year results despite a drastic widening in its loss for the first half of its financial year.
Accsys, which is dual-listed on AIM in London and in Amsterdam, reported a pretax loss of EUR2.9 million for the six months to September 30, widened dramatically from EUR100,000 the prior financial year. Revenue for the period declined to EUR25.1 million from EUR26.3 million.
Accsys said it received lower licence-related income in the period, as the prior year included EUR1.8 million in one-off income.
The company said it has begun work on expanding its manufacturing plant in Arnhem and has made "significant progress" in completing a proposed consortium to build a Tricoya wood elements acetylation plant, using its proprietary technology.
"In this financial period we have made further significant strategic and operational progress to increase our Accoya and Tricoya manufacturing capacity which will be transformational for the group. The expansion of the Accoya plant in Arnhem and the formation of the Tricoya consortium are both fundamental for the future of the company. Despite results being down on the previous half year, we remain confident of the results for the full year and beyond," said Paul Clegg, chief executive.
Shares in Accsys were down 7.6% at 62.81 pence Tuesday.
By Adam Clark; [email protected]
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