13th Aug 2014 09:52
LONDON (Alliance News) - Accsys Technologies PLC said Wednesday it saw revenue rise 29% in its fiscal first quarter to end-June, as sales and orders for its Accoya wood product grew.
The company said revenue rose to EUR10.1 million in the quarter, from EUR7.9 million a year earlier, as Accoya revenue rose 37% to EUR9.2 million, from EUR6.7 million.
It said it is confident that Accoya revenue will continue to grow for the remainder of the year after it received a significant increase in orders for the product.
Total Accoya production volumes rose 46% during the quarter to 7,618 cubic meters, from 5,224 cubic meters a year earlier.
Accsys said its cash balance was EUR13.5 million as at June 30, down from EUR15.2 million a year earlier.
Shares in Accsys were trading up 6.7% at 0.200 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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