25th Nov 2013 12:01
LONDON (Alliance News) - Accsys Technologies PLC Monday said it was comfortable in meeting marketing expectations for the full year as it narrowed its pretax loss and saw revenue rise in the half year ended September 30.
The renewable wood materials company posted a pretax loss of EUR3.8 million, narrowed from EUR5.4 million in the previous year.
Revenue was EUR15.8 million, up from EUR9.1 million in the previous year. Revenue from the company's Accoya wood product increased to EUR13.9 million from EUR7.7 million. Accoya wood is wood that has been enhanced to be more long lasting and stable.
Accsys said that its progress was due to significant investment in sales and marketing activities over the last two years.
"The investment made in sales and marketing over the last two years is now delivering a sustainable trend of highly encourage revenue growth across all our key global sales territories," said Chief Executive Paul Clegg in a statement.
The company terminated its license with Diamond Wood China Ltd during the half year, alleging that Diamond Wood failed to comply with contractual obligations. Diamond Wood subsequently served a notice of arbitration challenging Accsys, which Accsys said it is confident will be resolved in its favour.
Shares in Accsys were trading up 2.7% at 0.145 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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