Accsys, the fast-growing and eco-friendly company that combines chemistry and technology to create high performance, sustainable wood building products, announces its preliminary results for the year ended 31 March 2022 (“FY 22”).
The Group has delivered good revenue growth, on a broadly stable sales volume while remaining capacity constrained. Total revenue for the 2022 financial year increased by 21% to Euro 120.9 million (FY21: Euro 99.8 million).
Accoya sales volume of 59,649 m3 represents a 1% reduction compared to the prior year. Revenue growth was driven by an increase in average selling prices for our high-performance wood products, and in our acetic acid by-product, while the volume result primarily reflects that our production is at capacity, and disruption to production at Arnhem in the 4Q, as reported in early March 2022 and as further set out below.
Group underlying EBITDA increased by 3% against the prior year to Euro 10.4 million. This reflects our higher revenue being partially offset by higher Group operating costs year-on-year with increased investment in Group organisational capabilities with increased headcount to support our future growth and operate our new capacity.
18% growth in underlying profit before tax to Euro 1.3 million (FY21 Euro 1.1 million) includes the benefit of lower finance expenses after the Group’s refinance and simplification of Group debt in H2 FY22.
