Accsys Technologies' total revenue for the six months ended 30 September 2020 reduced by 3% to Euro 42.9 million, compared to Euro 44 million in the 1H 2020. Accoya® sales volumes of 26,422 cubic metres represent a 6% reduction compared to last year due to COVID-19 impacting sales in April when customer supply chains were initially disrupted. Sales volumes recovered strongly since then with demand exceeding our production capacity in the latter part of the period, a trend which has continued into the second half of the year.
As a result, and with an on-going focus on operating costs, which remained relatively stable in the period, group underlying EBITDA increased by 72% to Euro 4.3 million (1H 2020: Euro 2.5 million). Gross contribution continues to be impacted by the proportion of sales used towards the production of Tricoya® ahead of the Hull plant being completed, with the proportion increasing from 23.5% to 27.5% of the total volume sold in the period. This increase in part reflected the ability to redirect production volumes during the start of the period which was most impacted by COVID-19.
Robert Harris, CEO, commented: “Accsys has delivered an excellent first half year, underpinned by continued strong demand for our products and supported by our operational agility which allowed us to adapt quickly in the face of the pandemic. Sales of our sustainable, high-performance Accoya® and Tricoya ® wood products bounced back rapidly as the initial disruptions from lockdown measures eased, and as we adapted to better manage these challenges. We have built on this with continued good progression in our profitability.”
Accsys is the fast-growing and eco-friendly company that combines chemistry and technology to create high performance, sustainable wood building products.
