Accsys Technologies - Accoya USA off to a good start
Accsys positively surprised the market by raising its guidance for FY25 after a strong H125 despite challenging market conditions. Volume growth was better than expected and volumes should maintain momentum due to increasing sales and marketing efforts, which should also benefit margins. Manufacturing performance at the new plant in the US is progressing well, with rapidly improving results expected after the first year of start-up costs. Accsys has simplified and de-risked its business with the decision to discontinue the project in Hull. On higher margin estimates, our discounted cash flow (DCF) rises to €0.95 per share (was €0.92 previously).Accsys Technologies is a holding company. Through its subsidiaries, Co. is a chemical technology group focused on the development and commercialization of a range of transformational technologies based upon the acetylation of solid wood and wood elements (wood chips, fibres and particles) for use as construction materials. Co.'s business consists of the following: commercial scale Accoya® wood production and sales facility in Arnhem; building and operating of Tricoya® wood chip acetylation plant in Hull; Accoya and Tricoya technology licensing and business development; and technology and product development.
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