Accsys Technologies


£135.4m market cap

114.75p last close

Accsys Technologies is a chemical technology company focused on the development and commercialisation of a range of transformational technologies based on the acetylation of solid wood and wood elements for use as high performance, environmentally sustainable construction materials.

Investment summary

Increased revenue, Arnhem profitability and a halved group EBITDA loss were the financial highlights in H119. Behind this, Accsys achieved a c 8% uplift in Accoya volumes or c 21,400m3 sold in the period (25% of which went to Tricoya customers), which included the third reactor at Arnhem coming on stream. The new Tricoya facility at Hull is expected to have completed its construction phase around mid-2019, with a commissioning phase to follow. Encouragingly, with new capacity coming on stream, demand indicators remain positive and management expects the group to become EBITDA positive in H219. On 9 January, Accsys announced that it had entered into an agreement with Petronas Chemicals to undertake a feasibility study into establishing an integrated acetic anhydride and Tricoya® wood elements production plant in Malaysia.

Y/E Mar
Revenue (€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 172.1
2020E 94.9 7.8 (4.0) (4.27) N/A 21.0
Last updated on 22/03/2019
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 22/03/2019
Share price graph
Balance sheet
Forecast net debt (€m) 49.9
Forecast gearing ratio (%) 68
Price performance
Actual 0.7 8.8 54.0
Relative* 0.5 1.2 50.3
52-week high/low 123.0p/73.4p
*% relative to local index
Key management
Paul Clegg CEO
Hans Pauli Executive Director, Corporate Development
Sarah Harding Head of Corporate Marketing & Communications
William Rudge Executive Finance Director