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Accsys Technologies (AXS)

Business description

Accsys Technologies is a chemical technology company focused on ‘sustainability’ via the development and commercialisation of a range of transformational technologies. This is based upon the acetylation of solid wood and wood elements.

Y/E Mar Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2017A 56.5 (1.5) (4.5) (5.47) N/A N/A
2018A 60.9 (3.5) (8.8) (6.78) N/A N/A
2019E 71.6 2.0 (6.0) (4.29) N/A 177.3
2020E 94.9 7.8 (4.0) (4.27) N/A 21.7

Last updated on 20/12/2018

Investment summary

Accsys continues to make positive progress and is now generating revenue from its latest investment at Arnhem. We expect the new, under-construction Tricoya facility to follow suit within the next year, at which point annual group revenue potential will be around €150m according to management. In the near term, we expect to see an EBITDA positive outturn in FY19.

Last updated on 19/12/2018

Industry outlook

Accsys has a technically proven process and wide international market acceptance for its modified wood output. As well as successful capex execution, the sales and marketing challenge is to pull through demand to absorb newly available capacity and develop licence partners. Management has previously stated long-term market potential of 1m m3 pa of Accoya wood and 1.6m+ m3 of Tricoya panel products.

Last updated on 29/11/2018

Key management

Paul Clegg, CEO
William Rudge, Executive Finance Director
Sarah Harding, Head of Corporate Marketing & Communications
Hans Pauli, Executive Director, Corporate Development

Company address

Brettenham House, 2-19 Lancaster Place
United Kingdom
+44 (0)20 742 14300
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