Environmental science and technology group Accsys Technologies (LON:AXS) has posted a net loss of €52.1m for the year to the end of March compared with a profit of 5.4m in 2009. Revenues fell to €16.7m from €31.2m with licence revenues down 71% at €6.7m and changes in the plans of its licensee Diamond Wood had resulted in a significant impairment charge. The firm posted a pre-tax loss, before impairment charges relating to Diamond Wood, of €16.7m and losses after the impairment of €52.2m (2009: profit of 1.8m).
Nevertheless, chairman Willy Paterson-Brown said he was confident that the new plans that it now expected to be carried out, together with a number of changes which it had made within Accsys, had left the firm in a stronger position. He added: "Our Accoya wood has continued to grow in terms of sales, global distribution and brand recognition and the unveiling of the first Tricoya panel has marked an important stage in expanding our technologies."
Accsys operates five subsidiaries, most of which are branded under the group's Titan Wood banner. Between them they develop, manufacture and distribute Accoya-branded wood products, which are developed using wood acetylation, where additional 'acetyl' molecules are attached to wood to increase its durability, dimensional stability and colour stability. Shares in the company fell by 3.2% to 0.3p on today's results.
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