3rd Jul 2014 10:07
LONDON (Alliance News) - Accsys Technologies PLC said it has seen a strong start to the current year and expressed confidence for future profit, after it posted a narrowed pretax loss in the year to the end of March.
Accsys develops and sells construction materials, including materials based on the acetylation of solid wood in its Accoya brand, and wood elements in its Tricoya brand.
The company posted a pretax loss of GBP8.2 million, narrowed from GBP10.7 million, as revenue rise to GBP33.5 million from GBP18.8 million boosted by increased sales of its Accoya wood, although this was offset by higher cost of sales.
Accsys sold 88% more metres squared of Accoya wood during the year, as customer numbers rose 61%, particularly in the UK. The company said the strong performance in the UK was attributable to its focussed technical sales method, and it will now roll this out in some other countries.
It also signed 19 new distribution and agency agreements with Accoya during the period, said the company.
Over the coming year its challenges will be managing increasing demand, it said, by maximising capacity at its Arnhem manufacturing facility.
The company said it was moving closer to achieving a break-even position, and expressed confidence in moving to profit, driven by an expected increase in sales and the planned raising of its prices.
Shares in Accsys Technologies were trading up 1.0% at 0.243 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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