Accsys Technologies PLC AGM Statement (0420B)

TIDMAXS

RNS Number : 0420B

Accsys Technologies PLC

18 September 2018

AIM: AXS

Euronext Amsterdam: AXS

18 September 2018

ACCSYS TECHNOLOGIES PLC

("Accsys" or "the Company")

Annual General Meeting Statement

Accsys, the fast growing and sustainable chemical technology group, today announces that in advance of its Annual General Meeting, to be held at 2.30 p.m. (UK time) this afternoon, its Chief Executive, Paul Clegg, has made the following comments:

"I am pleased to report that total revenue for the five months to 31 August 2018 increased by 10% to EUR26.7m (2017: EUR24.3m) (unaudited). Accoya(R) production volumes increased to 16,918 cubic metres in the same period (2017:16,124 cubic metres), reflecting the continued constraint on the current existing capacity in Arnhem.

In the period we successfully commissioned the third Accoya(R) reactor in Arnhem and have been carrying out planned gradual production volume increases since July. Demand continues to exceed our current production levels and we therefore expect production and sales volumes to increase substantially over the remainder of the financial year.

We continue to make good progress in respect of the construction of the Tricoya(R) plant in Hull, with significant construction work having been undertaken on site. The key equipment is starting to be delivered to the site and we expect completion of construction in mid-2019 calendar year.

In July we announced additional funding which will allow us to develop key new growth markets more quickly including USA and Asia, where we are in discussions with potential partners who are interested in developing new production capacity for both Accoya(R) and Tricoya(R) . It will also enable us to accelerate certain projects to further increase the capacity and efficiency of the Arnhem plant beyond 60,000 cubic metres.

Our interim financial statements for the six months ended 30 September 2018 are expected to be released on 20 November 2018."

ACCSYS TECHNOLOGIES PLC

("Accsys" of "de Vennootschap")

Verklaring jaarlijkse algemene vergadering

Accsys, de snelgroeiende en duurzame chemische technologiegroep, kondigt vandaag aan dat in de aanloop naar haar jaarlijkse algemene vergadering, die om 14.30 uur (Engelse tijd) zal worden gehouden vanmiddag de Chief Executive, Paul Clegg, de volgende opmerkingen heeft gemaakt:

"Ik ben verheugd te kunnen melden dat de totale omzet in de vijf maanden tot 31 augustus 2018 met 10% is gestegen ten opzichte van dezelfde periode vorig jaar tot EUR26,7 miljoen (2017: EUR24,3 miljoen) (niet gecontroleerd). Het productievolume van Accoya is in dezelfde periode gestegen tot 16.918 kubieke meter (2017: 16.124 kubieke meter) ondanks de beperking in die periode van de bestaande capaciteit van Arnhem.

In deze periode hebben we de derde Accoya(R) -reactor in bedrijf genomen en hebben we sinds juli volgens plan het productievolume geleidelijk opgevoerd. De vraag blijft ons huidige productieniveau overstijgen en we verwachten derhalve dat productie- en verkoopvolume in de rest van het boekjaar aanzienlijk zullen stijgen.

Zoals aangekondigd in onze financiële resultaten in juni, boeken we opnieuw goede vooruitgang met de bouw van de Tricoya(R) -fabriek in Hull, waar aanzienlijke bouwwerkzaamheden op de locatie zijn uitgevoerd. Met de levering van de belangrijkste apparatuur wordt begonnen vóór de voltooiing van de bouw, die medio 2019 wordt verwacht.

In juli kondigden we aanvullende financiering aan waarmee we belangrijke nieuwe groeimarkten sneller kunnen ontwikkelen, waaronder de Verenigde Staten en Azië, waar we in gesprek zijn met potentiële partners die geïnteresseerd zijn in het ontwikkelen van nieuwe productiecapaciteit voor zowel Accoya(R) als Tricoya(R) . Het zal ons ook in staat stellen om bepaalde projecten te versnellen om de capaciteit en efficiëntie van de fabriek in Arnhem verder te verhogen tot boven de 60.000 kubieke meter.

Onze tussentijdse financiële staten voor de zes maanden eindigend op 30 september 2018 zullen naar verwachting worden vrijgegeven op 20 november 2018."

Ends

For further information, please contact:

 
 Accsys Technologies               Paul Clegg, CEO                     via MHP Communications 
  PLC                               Will Rudge, FD 
                                    Hans Pauli, Executive Director, 
                                    Corporate Development 
                                   Nominated Adviser: 
                                    Jamie Lillywhite 
 
                                    Corporate Broking: 
                                    Christopher Wilkinson              [phone] 
 Numis Securities                   Ben Stoop                           1000 
                                   Tim Rowntree                        [phone] 
 MHP Communications                 Kelsey Traynor                      8100 
                                   Frank Neervoort                     [phone] 
 Off the Grid (The Netherlands)     Yvonne Derkse                       [phone] 
 

Notes to editors:

Accsys Technologies PLC (www.accsysplc.com) is a chemical technology group whose primary focus is on the production of Accoya(R) wood and Tricoya(R) wood elements, technology licensing via its subsidiary, Titan Wood Limited, which has manufacturing operations in Arnhem, the Netherlands (through its subsidiary Titan Wood B.V.), a European office in London, United Kingdom, an American office in Dallas, Texas (via its subsidiary Titan Wood, Inc.) and technology licensing associated with the acetylation of wood elements via its subsidiary Tricoya Technologies Limited. Any references in this announcement to agreements with Accsys shall mean agreements with either Accsys or its subsidiary entities unless otherwise specified. Accsys Technologies PLC is listed on the London Stock Exchange AIM market and on Euronext Amsterdam, under the symbols 'AXS'. Accsys' operations comprise four principal business units: (i) Accoya(R) wood production; (ii) building and operating of Tricoya(R) wood chip acetylation plant in Hull; (iii) technology development, focused on a programme of continuous development of and improvements to the process engineering and operating protocols for the acetylation of solid wood and the development of technology for the acetylation of wood elements; and (iv) the licensing of technology for the production of Accoya(R) wood and Tricoya(R) wood elements across the globe.

Accoya(R) Wood (www.accoya.com) is produced using Accsys' proprietary patented acetylation technology that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a "high technology wood". Distinguished by its durability, dimensional stability and, perhaps most importantly of all, its reliability (in terms of consistency of both supply and quality), Accoya(R) wood is particularly suited to exterior applications where performance and appearance are valued. Moreover, the Accoya(R) wood production process does not compromise the wood's strength or machinability. The combination of dimensional stability, durability and retained strength means that Accoya(R) wood offers a wealth of new opportunities to architects, designers and specifiers. These benefits result in lower maintenance and total cost of ownership while using a highly sustainable and environmentally responsible building material. For a full archive of Accoya(R) news, visit www.accoya.com/news.

Tricoya(R) Wood Elements (www.tricoya.com) are produced using Accsys' proprietary technology for the acetylation of wood chips and particles for use in the fabrication of panel products such as medium density fibreboard and particle-board. These products demonstrate enhanced durability and dimensional stability which allow them to be used in a variety of applications that were once limited to solid wood or man-made products. Exploitation of Accsys' proprietary technology relating to Tricoya(R) Wood Elements is carried out through Tricoya Technologies Limited. Tricoya(R) Wood Elements are lauded as the first major innovation in the wood composites industry in more than 30 years.

Wood Acetylation is a process which increases the amount of naturally occurring 'acetyl' molecules in wood, thereby changing its physical properties. When carried out to a sufficient level throughout the wood, this process protects wood from rot by making it "inedible" to most micro-organisms and fungi, without - unlike conventional treatments - making it toxic. It also greatly reduces the wood's tendency to swell and shrink, making it less prone to cracking and ensuring that, when painted, it requires dramatically reduced maintenance.

Accsys Technologies is the trading name of Titan Wood Limited. Accoya(R) , Tricoya(R) and the Trimarque Device are registered trademarks owned by Titan Wood Limited ("TWL"), a wholly owned subsidiary of Accsys Technologies PLC, and may not be used or reproduced without written permission from TWL, or in the case of the Tricoya(R) registered trademark, from Tricoya Technologies Limited, a subsidiary of TWL with exclusive rights to exploit the Tricoya(R) brand.

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September 18, 2018 02:01 ET (06:01 GMT)