Accsys Technologies


£128.3m market cap

108.75p 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

FY19 results were broadly in line with revised guidance at the year end. Accoya profitability was more than double the prior year level, while good cost control elsewhere led to a small positive EBITDA outturn and the group operating loss more than halved overall. Significant investment was undertaken in the year both at Arnhem (capacity expansion and freehold purchase) and the new Tricoya facility at Hull which is under construction (and due to become operational in mid CY20). Market demand appears to be strong and other new business development actions including potential further expansion at Arnhem and discussions regarding geographic expansion into the US and Malaysia are ongoing. Our estimates are under review.

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 72.4 2.0 (6.0) (4.29) N/A 189.0
2020E 87.5 4.7 (4.0) (4.11) N/A 26.1
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 25/07/2019
Share price graph
Balance sheet
Forecast net debt (€m) 46
Forecast gearing ratio (%) 63
Price performance
Actual (8.2) (4.8) 16.4
Relative* (9.3) (5.3) 19.7
52-week high/low 123.0p/91.0p
*% relative to local index
Key management
Paul Clegg CEO
Hans Pauli Executive Director, Corporate Development
William Rudge Executive Finance Director