Accsys H2 sales and revenues grow following 'rapid recovery'

Building products company Accsys said on Friday that it had seen strong sales and revenue growth in the second-half following a "rapid recovery" after the initial impact of Covid-19 in the first quarter.

Accsys recorded full-year revenues of approximately €91.0m from sales of its Accoya acetylated solid wood, up around 10%, with the second half of the year up around 23% on the prior year comparative, while overall group revenues exceeded €98.0m.

Sales volumes of approximately 60,466m3 were also up around 4% year-on-year, with the AIM-listed firm stating it had also made further progression on profitability due to an improved manufacturing margin through a combination of initiatives.

At the end of the year, Accsys highlighted that it was focussing on rebuilding inventory stock levels, which were lower than usual due to reductions during Covid-19 disruptions in the first half of the 2021 trading year and certain consequent supply chain disruptions.

Accsys added that its balance sheet remained "robust" following "careful cash management" during the past year, while net debt was down at approximately €12.5m, compared to €16.3m as of 30 September.

Chief executive Rob Harris said: "We have delivered a strong 12 months during which we have grown revenues, profits and preserved cash by successfully managing the revenue, margin and cost challenges presented by Covid-19. This strong performance reflects the agility of our business and the underlying demand for our sustainable products as the world further focuses on decarbonisation."

As of 0925 BST, Accsys shares were up 4.90% at 150.0p.