Accsys Technologies - Additional capacity comes at additional costs
To fulfil the ongoing strong market demand for its high-performance wood products, Accsys aims to expand its total processing capacity from 60,000m3 currently to 200,000m3 by 2025, with 60,000m3 coming on stream in the next three months. Construction delays in Arnhem and working capital needs were the main reasons for the €19m capital rise on 25 May 2022. We have updated our model and raised our revenue estimates, mainly to include the effect of higher pricing, but have lowered our profitability forecast by 14–22%, partly to reflect the mix effect of significantly higher revenue from by-product acetic acid sales.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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