REG - Accsys Technologies - Interim results for six months ended 30 Sep 2025
25/11/2025 07:00
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RNS Number : 8169I Accsys Technologies PLC 25 November 2025
AIM: AXS
Euronext Amsterdam: AXS
25 November 2025
Accsys Technologies PLC
("Accsys", the "Group" or the "Company")
Interim results for the six months ended 30 September 2025
Strong trading performance with significant improvement in profitability
Unaudited Unaudited
H1 FY26 H1 FY25 % Change
Revenue
Group €76.1m €72.2m +5.4%
Aggregated: Group + 60% Joint Venture (JV)(1) €89.9m €74.1m +21.3%²
Gross profit €23.2m €22.2m +4.5%
Gross margin 30.5% 30.7% -20bps
Adjusted EBITDA³ €10.4m €4.0m +160%
Period end net debt(4) (€39.8)m (€40.2)m -€0.4m
Sales volumes (m³)
Group 30,575 30,372⁵ +0.7%
JV 8,043 1,181
Total(6) 38,618 31,553 +22.4%
Notes
(1) Accsys has a 60% shareholding in Accoya USA LLC, a joint venture
(JV), with Eastman Chemical Company. Whilst the JV is equity accounted for
financial reporting purposes; the aggregated revenue figure includes Group
revenue plus 60% of the JV revenue
² At constant exchange rates, aggregated revenue growth would be +23.0%
³( )Adjusted EBITDA is defined as operating profit/(loss) before exceptional
items and other adjustments, depreciation and amortisation, and includes the
Group's 60% share of the JV's EBITDA.
(4 )Period end net debt is calculated as amounts payable under borrowings,
before any fair value adjustments, and amounts payable under lease liabilities
less cash and cash equivalents
(5) Includes 3,802m(3) of sales to North America (NA), prior to NA sales
being transferred to the JV
(6) Total Accoya® sales volumes include all Group sales
and 100% of JV
Dr Jelena Arsic van Os, CEO Accsys Technologies PLC said:
"Accsys has delivered an excellent first half, with strong global Accoya sales
volume growth and a significant improvement in profitability against a
challenging macroeconomic backdrop. Our Accoya USA joint venture is showing
rapid growth and positive momentum, demonstrating the strength of our
technology, brand, and customer relationships in the sizeable North American
market.
Our results reflect disciplined execution with a clear commercial focus. We
remain firmly on track with Phase 1 of our FOCUS growth strategy, driving
higher utilisation of our existing assets, delivering sustainable margin
progression and deleveraging the balance sheet. The Group enters the second
half from a position of strength and confidence in delivering on our targets."
Operational and Financial Overview
· 22% growth in total Accoya sales volumes as we
continue to gain market share, despite continued challenging macroeconomic
conditions
o Significant Accoya growth across all regions: 61% growth in North America,
14% growth UK&I, 22% in Rest of Europe and 28% for Rest of World
o 6% growth in Accoya for Tricoya.
· Group revenues increased by 5% driven by a
strong trading performance across all regions
o Group revenues increased by 23% on a like-for-like basis¹ when excluding
prior period North American sales volumes, which have now transferred to the
JV
· Significant improvement in profitability with
160% increase in adjusted EBITDA to €10.4m driven in particular by:
o Robust Accoya product demand with increase in
average selling price;
o Continued cost control discipline with €2.3m benefit from FY24 business
transformation programme retained
o €4.0m improvement in JV EBITDA to a €0.3m loss;
o €2.1m in licence fees and royalties from
the JV (H1 FY25: €0.5m)
· Substantial increase in adjusted EBITDA
margin at 11.6% (H1 FY25: 5.4%) close to our phase 1 FOCUS target of
12%
· Excellent performance from Accoya USA JV:
o 61% growth in North America sales volumes driven by strong Accoya demand
with sales accelerating throughout the period;
o The JV is close to break-even for H1 with a small EBITDA loss of €0.3m
as operations continue to scale up;
o Distribution coverage strengthened by the addition of three new North
American distributors;
o With effect from 14 October 2025 a 10% tariff has been introduced on
imported lumber into the USA. Management have proactively taken actions to
manage the impact and continue to monitor developments
· Solid progress on deleveraging the balance sheet
with reduction in net debt to
€39.8m (as at 31 March 2025: €42.6m) and an improvement in our leverage
ratio from 2.5x to 2.1x as at 30 September 2025
o Operating cash flow of €8.0m (H1 FY25: €8.7m) reflecting increased
inventory levels to support growth with operating cash flow conversion of 75%
in line with our FOCUS Phase I target
o In October 2025 Accsys agreed new debt financing facilities of €55m,
provided on an equal basis by ABN AMRO Bank N.V. and HSBC UK Bank PLC. The
refinancing replaces the previous ABN AMRO facility,
providing additional liquidity for the Group and strengthening the Group's
financial position on improved financial terms.
¹ The comparative period, H1 FY25, included 3,802m³ of Accoya Group sales
to North America. Since the start-up of Accoya USA all North America sales are
served by the JV.
Current Trading & Outlook
Accsys has delivered a strong performance in H1 FY26 despite the ongoing
challenging macroeconomic conditions. We are growing global market share and
trading remains robust, supported by sustained global demand for our premium,
differentiated products. Sales are accelerating in North America and,
notwithstanding the impact of the recently announced tariffs, we expect the JV
to be EBITDA positive for the financial year.
Our recent successful debt refinancing with ABN AMRO and HSBC strengthens our
capital structure, enhances financial flexibility and further de-risks our
profile.
The Board remains confident that the continued implementation of our FOCUS
strategy will deliver further growth and profitability improvement for the
year ending 31 March 2026. The Board expects full year adjusted EBITDA to be
in line with its expectations and to show further progress towards its
strategic targets.
Results presentation
There will be a presentation relating to these results at 9.00am UK time on 25
November 2025. The presentation will take the form of a webcast and conference
call, details of which are below:
Webcast link (for audio and visual presentation): Click on the link below or
copy and paste ALL of the following text into your browser:
https://edge.media-server.com/mmc/p/ftgemw4f
(https://edge.media-server.com/mmc/p/ftgemw4f)
Phone participants: for those participants who would like to ask a question
live over the phone lines, please register on the following link. You will
then be sent a confirmation email with a link to dial-in numbers.
https://register-conf.media-server.com/register/BI300d801a3aa64be3a799d5e44344bf14
(https://register-conf.media-server.com/register/BI300d801a3aa64be3a799d5e44344bf14)
Ends
Enquiries:
Accsys Investor Relations
ir@accsysplc.com
(mailto:ir@accsysplc.com)
Panmure Liberum (London) - Nomad and Broker
Nicholas How (NOMAD), Will King, Gaya Bhatt
+44 (0) 20 3100 2000
ABN Amro (Amsterdam) - Broker
Richard van Etten, Dennis van Helmond
+31 (0) 20 344 2000
Media:
Camarco (UK)
accsys@camarco.co.uk
(mailto:accsys@camarco.co.uk)
Ginny Pulbrook, Tom Huddart, Tilly Butcher
+44 (0)20 3757
4980
Huijskens Sassen Communications (NL)
Clemens Sassen, Tessa
Nelissen
+31 (0) 20 68 55 955
Notes to editors:
Accsys (Accsys Technologies PLC) is disrupting the building materials
industry with its high-performance wood products and proprietary technology.
Driven by its purpose of "changing wood to change the world", Accsys takes
fast-growing, certified sustainable wood and turns it into long lasting,
eco-friendly building materials - backed by warranties of up to 50 years.
Operating in the rapidly growing global wood construction market, Accsys has
an established manufacturing footprint in Europe and North America with active
product distribution in more than 25 countries. Accsys is listed on the
London Stock Exchange AIM market and on Euronext Amsterdam, under
the symbols 'AXS'.
Accsys is a Participant of the United Nations Global Compact and adheres to
its principles-based approach to responsible business.
Visit www.accsysplc.com (http://www.accsysplc.com/)
Accoya(®) is the global leader for high-performance wood. Created through a
proprietary acetylation process developed by Accsys, Accoya delivers superior
durability and stability, backed by an industry-leading warranty of up to 50
years. It holds Cradle to Cradle Certified(®) Gold (Full Scope - V3.1)
status for its circular economy benefits. Combining the natural beauty of wood
with exceptional performance, Accoya is the preferred choice for windows,
doors, cladding, and decking - outperforming
hardwoods and manmade materials in durability, stability, and
sustainability.
Tricoya(®) acetylated wood chips redefine panel products, creating
next-generation panels that thrive outdoors and in wet environments.
Recognised as the biggest leap in wood composites in over 30 years, Tricoya
panels combine the strength and versatility of traditional products with
unmatched durability and eco-friendliness - backed by a warranty of up to 50
years - expanding design and construction possibilities like never before.
To find out more visit: www.accoya.com (http://www.accoya.com/)
Any references in this announcement to agreements with Accsys shall mean
agreements with either Accsys or its subsidiary entities unless otherwise
specified. 'Accsys' and 'Accsys Technologies' are trading names of Titan Wood
Limited ("TWL"), a wholly-owned subsidiary of Accsys Technologies PLC.
Accoya(®), Tricoya(®) and the Trimarque Device are registered trademarks
owned by TWL, and may not be used or reproduced without written permission
from TWL, or in the case of the Tricoya(®) registered brand trademark, from
Tricoya Technologies Limited, a subsidiary of TWL with exclusive rights to
exploit the Tricoya(®) brand.
CEO Review
Accsys delivered an excellent first half, executing with focus and discipline
and gaining market share with our world-leading products. We are advancing key
strategic priorities and building clear momentum towards our FOCUS targets.
It has been a period of continued positive progress for Accsys. The commitment
and resilience of our team has been instrumental in achieving these results,
and I am deeply appreciative of their dedication. With this momentum we are
entering H2 from a position of strength.
We are proud to have achieved a significant improvement in profitability with
a 160% year-on-year increase in adjusted EBITDA to €10.4m. This was driven
by robust Accoya product demand, resilient premium pricing, improved JV
profitability and increased license fees & royalties. Adjusted EBITDA
margin has increased to 11.6%, from 5.4% in the prior period, bringing us
close to our Phase I FOCUS target of 12%.
Group revenues increased by 23% on a like-for-like basis¹ with the prior
period, driven by strong trading across all regions. We have quickly been
able to fill the gap created by the transition of North America sales from the
Group to the JV.
The JV has had a standout performance in the period. Sales growth accelerated
throughout H1 and we are close to break-even, with a small EBITDA loss of
€0.3m (€4.3m H1 FY25) as operations continue to scale up.
We are pleased to have made solid progress on deleveraging the balance sheet,
a key strategic priority for the company. Net debt has decreased by €2.8m
since 31 March 2025, driven by improved operating cash flow, and we have
improved our leverage ratio from 2.5x to 2.1x as at 30 September 2025. During
the period, we achieved operating cash flow of €8.0m and cash flow
conversion of 75% in line with our FOCUS strategy target. Furthermore, in
October 2025, we successfully negotiated new improved terms for financing our
debt with ABN AMRO and HSBC. This refinancing strengthens our capital
structure and further de-risks our profile, positioning us to execute our
strategy with greater confidence.
¹ The comparative period, H1 FY25, included 3,802m³ of Accoya Group sales
to North America. Since the start-up of Accoya USA all North America sales are
served by the JV.
Product and sales review
Global demand for Accoya remains strong, with a 22% year-on-year increase
in total Accoya sales volumes at 38,618m³. With continued challenging
conditions in the global construction industry, H1 sales volumes
grew well ahead of the broader building materials market.
We are excited to see Accoya volumes grow significantly in all
of our geographic regions.
Sales volumes
Sales volume by end market H1 FY26 (m(3)) H1 FY25 (m(3)) Change %
UK & Ireland 8,676 7,622 13.8%
Rest of Europe 8,892 7,274 22.2%
Rest of World 3,453 2,692 28.3%
Total 21,021 17,588
Accoya for Tricoya 9,554 8,982 6.4%
Group Total 30,575 26,570
North America 8,043 4,983 61.4%
Total 38,618 31,553 22.4%
North American sales accelerated throughout the period, with volumes up a
fantastic 61% year-on-year, predominantly driven by strong growth with
existing distributors and enhanced product availability. We have added three
additional distributors in the period, including our first Mexican direct
distributor and expect to see these new channels contribute strongly in H2.
Furthermore, increased CITES (Convention on International Trade in Endangered
Species of Wild Fauna and Flora) regulation on the import of hardwoods ipê
and cumaru from Brazil has had a positive benefit for Accoya in the USA as it
has limited the supply of these woods.
In Europe, Accoya continues to gain share in our largest and most established
market, the UK&I. This can be attributed to customers feeling more
confident in supply availability. In mainland Europe, after some challenging
periods, we saw good growth in Germany, driven primarily by strong demand in
the outdoor living market, despite continued market headwinds. European growth
was also supported by a good performance in Benelux, where we had positive
momentum in Belgium after onboarding a recent distributor. The French market
was slower, and we are looking to counter prevailing market headwinds through
bolstering our presence in the country.
We maintained a high average selling price, with price increases implemented
during the reporting period in the US and UK, demonstrating our continued
premium pricing power. We continue to monitor US tariff developments and have
taken proactive steps to manage the impact of the 10% tariff on lumber imports
from 14th October.
We had a positive impact from product mix with a higher proportion of sales of
Accoya and Accoya Color. Accoya for Tricoya, grew at a more moderate pace,
with customer demand front ended in the reporting period.
Operations
Our group sites, Arnhem (Netherlands) and Barry (UK), are performing well. In
response to strong global demand for Accoya Color, we have more than doubled
capacity at our Barry production facility, adding an additional shift,
expanding our storage capacity on site and outsourcing additional drying. At
Arnhem, ahead of our annual maintenance break in October this year, we have
been more proactive in building the optimal stock levels to support Q3
sales.
As our business scales, we remain committed to responsible and sustainable
growth. Today, we are proud to launch our sustainability plan, 'Accsys Cares'
(https://www.accsysplc.com/app/uploads/2025/11/Accsys-Cares_Sustainability-Plan-and-Material-Issues.pdf)
(https://www.accsysplc.com/app/uploads/2025/11/Accsys-Cares_Sustainability-Plan-and-Material-Issues.pdf)
. This plan sets out how we will deliver long term value for all our
stakeholders. We are pleased to include our first decarbonisation targets,
further enhancing the already strong sustainability credentials of our product
and our business.
Outlook
Accsys has delivered a strong performance in H1 FY26 despite the ongoing
challenging macroeconomic conditions. We are growing global market share and
trading remains robust, supported by sustained global demand for our premium,
differentiated products. Sales are accelerating in North America and,
notwithstanding the impact of the recently announced tariffs, we expect the JV
to be EBITDA positive for the financial year.
Our recent successful debt refinancing with ABN AMRO and HSBC strengthens our
capital structure, enhances financial flexibility and further de-risks our
profile.
The Board remains confident that the continued implementation of our FOCUS
strategy will deliver further growth and profitability improvement for the
year ending 31 March 2026. The Board expects full year adjusted EBITDA to be
in line with its expectations and to show further progress towards its
strategic targets.
Dr Jelena Arsic van Os
Chief Executive Officer
24 November 2025
CFO Review
Statement of comprehensive income
Total Accoya sales volumes, including sales volumes of the JV, increased by
22% to 38,618m(3) (H1 FY25: 31,553m(3)). Group sales volumes increased by 1%
to 30,575m(3) (H1 FY25: 30,372m(3)). North American sales previously sold by
the Group in H1 FY25 wood revenue, are now being sold by the JV, which is
equity accounted for in the financial statements. Excluding the 3,802m(3)
of Group sales to North America in H1 FY25, prior to the commercial start-up
of the JV, Group sales volumes have increased by 15%.
Group revenue for the period increased by €3.9m to €76.1m (H1 FY25:
€72.2m). Accoya revenue increased by 3.8% (€2.5m) to €68.1m, primarily
due to the increased demand for Accoya Color. Royalties and licence fee
revenue increased by €1.6m following the successful completion of the final
Kingsport plant performance test, and increased royalties revenue as the plant
is now in commercial operation. Tricoya panel revenue decreased by €0.3m
to €1.9m (H1 FY25: €2.2m), representing Accsys purchasing and selling of
Tricoya panels produced by our Accoya for Tricoya customers. Other
revenue, which predominantly relates to the sale of acetic acid by-product
into the acetyls market, was in line with the previous period at €3.9m (H1
FY25: €4.0m).
Cost of sales increased by €2.7m to €52.8m (H1 FY25: €50.1m). Higher
costs driven by higher sales volumes, which were offset by lower acetic
anhydride costs, with raw wood costs remaining in line with the previous
period. Acetyls costs remain in line with the prior period, as increased usage
efficiencies offset against greater production volumes.
Gross profit of €23.2m was €1.0m higher than the prior period (H1 FY25:
€22.2m) with the gross profit margin 20bps lower at 30.5%. This reduction in
gross margin was due to the transfer of sales volumes to the JV in H1 FY25, as
North American sales command a higher average sales price than other
regions. The gross margin remains above our strategy target of 30%.
Underlying other operating costs (excluding depreciation and amortisation)
decreased from €13.8m to €12.5m. This is primarily due to year-on-year
savings resulting from the closure of the Hull plant. The depreciation
and amortisation expense for the period was €4.3m compared to €4.6m in the
prior period.
Underlying net finance expenses increased by €0.4m to €3.4m as a result of
a reduced net debt position, currency rate fluctuations and the revaluation of
the embedded derivative within the convertible loan notes.
There are no exceptional items in the period, compared to the €20.8m
recognised within H1 FY25 resulting from the decision to discontinue the
Tricoya plant in Hull.
The Group's share of the Accoya USA JV's (Accoya USA LLC) net loss, which is
accounted for using the equity method, decreased by €1.7m to €4.4m (H1
FY25: net loss €6.1m) as the JV continues to ramp up after it commenced
commercial operations in September 2024. The Group's share of the JV's EBITDA
was a loss of €0.3m, an improvement of €4.0m, compared to a loss of
€4.3m for the prior period.
Underlying EBITDA, excluding the share of the loss from the JV and exceptional
costs, increased by 28.9% from €8.3m to €10.7m, a margin of 14.1% showing
the continuing strengthening of the underlying profitability of the Group.
Excluding the profit associated with the 3,802m(3) of sales made by the Group
into the North American market in H1 FY25, and costs associated with Hull,
underlying EBITDA increased by €3.6m from €7.1m to €10.7m, an increase
of 50.7%. Adjusted EBITDA increased significantly to €10.4m compared to
€4.0m in the prior period. Accordingly, the adjusted EBITDA margin increased
by 620bps from 5.4% to 11.6%.
The underlying loss before tax decreased significantly to €1.4m (H1 FY25:
loss of €5.4m). After considering exceptional items (including the
impairment loss and restructuring cost), the loss before tax amounted to
€1.4m (H1 FY25: €26.2m) there being no exceptional items in H1 FY26.
There is no tax charge in the period, as a result of receiving a tax refund of
€0.7m in relation to previous periods, that offsets the expected charge for
the year to date. There was a tax charge of €1.3m in the prior period.
The underlying loss per share decreased to €0.01 per share (H1 FY25: loss of
€0.03 per share). A statutory loss per share was recognised of €0.01 per
share (H1 FY25: loss of €0.12 per share).
Cash flow
Net cash flows from operating activities decreased slightly to €8.0m (H1
FY25: €8.7m). The higher underlying EBITDA during the period was offset by
increased inventory levels to support higher levels of demand, ensuring
improved customer availability and to build up finished goods ahead of the
planned annual maintenance stop in the Arnhem plant in October 2025.
Operating cash flow conversion rate was 75% (H1 FY25: 105%) in line with our
FOCUS Phase 1 target. The net working capital cash outflow amounted to
€4.2m compared to a cash inflow of €0.1m in H1 FY25.
Plant and machinery additions of €2.7m (H1 FY25: €0.6m) consisted
primarily of expansionary growth capital expenditure in the Arnhem plant to
provide further acetyls storage, thereby increasing future production
efficiency, and improvements in the stacker hall.
Free cash flow (net cash flow from operating activities less capital
expenditure) decreased to €5.1m compared to €8.1m in H1 FY25 mainly due to
the increase in working capital and higher capital expenditure.
Financial position
At 30 September 2025, the Group held cash of €17.2m, the same as at the
year-ended 31 March 2025; an €8.8m decrease since the previous half year
results. Major cash outflow items this reporting period were €3.4m of loan
repayments made, capital expenditure spend of €2.9m and interest payments of
€1.2m.
Net debt has reduced by €0.4m to €39.8m (H1 FY25: €40.2m) as the cash
generated from operating activities was offset by a €4.2m increase in
working capital, €2.9m spent on capital expenditure and interest of
€1.2m. The leverage ratio (net debt to underlying EBITDA) improved to
2.1x compared to 2.8x at the prior period and 2.5x at 31 March 2025.
Excluding the convertible loan notes, the leverage ratio was 0.8x. The
deleveraging of the balance sheet is in line with our FOCUS strategy target.
On 27 October 2025, the Group successfully completed new debt financing
facilities of €55m, provided on an equal basis by ABN AMRO Bank N.V and HSBC
UK Bank PLC. The facilities comprise of €20m term loan and a €35m
revolving credit facility and are committed for a three-year term, maturing in
October 2028. The facilities include an option, at the Banks' discretion, to
extend for a further year to October 2029.
Going concern
The condensed consolidated financial statements are prepared on a going
concern basis, which assumes that the Group will continue in operational
existence for the foreseeable future, and at least for the 12 months from the
date these financial statements are approved (the 'going concern period'). As
part of the Group's going concern review, the Directors have assessed the
Group's trading forecasts, working capital and liquidity requirements, and
bank facility covenant compliance for the going concern period under a base
case scenario and a reverse stress test scenario. For more information
on this matter, please see note 1 to the financial statements below.
Sameet Vohra
Chief Financial Officer
24 November 2025
Note Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Audited Audited Audited
6 months 6 months 6 months 6 months 6 months 6 months Year Year Year
ended ended ended ended ended ended ended ended ended
30 Sept 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept 31 March 31 March 31 March
2025 2025 2025 2024 2024 2024 2025 2025 2025
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Underlying Total Underlying Total Underlying Exceptional Total
items*
Exceptional items* Exceptional items*
Accoya wood revenue 68,107 - 68,107 65,581 - 65,581 124,047 - 124,047
Tricoya panel revenue 1,877 - 1,877 2,159 - 2,159 3,698 - 3,698
Royalties & licence revenue 2,143 - 2,143 496 - 496 1,372 - 1,372
Other revenue 3,939 - 3,939 3,982 - 3,982 7,515 - 7,515
Total revenue 2 76,066 - 76,066 72,218 - 72,218 136,632 - 136,632
Cost of sales (52,846) - (52,846) (50,066) - (50,066) (95,205) - (95,205)
Gross profit 23,220 - 23,220 22,152 - 22,152 41,427 - 41,427
Other operating costs 3 (16,803) - (16,803) (18,449) (21,871) (40,320) (33,778) (12,030) (45,808)
Operating profit/(loss) 6,417 - 6,417 3,703 (21,871) (18,168) 7,649 (12,030) (4,381)
Finance income 46 - 46 197 1,102 1,299 304 - 304
Finance expense 5 (2,330) - (2,330) (3,196) - (3,196) (5,960) 1,102 (4,858)
Fair value loss on revaluation of embedded derivative 12 (1,134) - (1,134) - - - - - -
Share of net loss from joint venture 13 (4,371) - (4,371) (6,098) - (6,098) (11,871) - (11,871)
Loss before taxation (1,372) - (1,372) (5,394) (20,769) (26,163) (9,878) (10,928) (20,806)
Tax expense 6 (10) - (10) (1,330) - (1,330) (2,044) - (2,044)
Loss for the period (1,382) - (1,382) (6,724) (20,769) (27,493) (11,922) (10,928) (22,850)
Items that may be reclassified to profit or loss
(Loss)/ gain arising on translation of foreign operations (15) - (15) (23) - (23) (62) - (62)
Total other comprehensive expense (15) - (15) (23) - (23) (62) - (62)
Total comprehensive (1,397) - (1,397) (6,747) (20,769) (27,516) (11,984) (10,928) (22,912)
loss for the period
Basic loss per ordinary share 7 €(0.01) - €(0.01) €(0.03) - €(0.12) €(0.05) - €(0.10)
Diluted loss per ordinary share 7 - - - - - - - - -
Condensed consolidated statement of comprehensive income for the six months
ended 30 September 2025
The notes form an integral part of these condensed financial statements.
* See note 4 for details of exceptional items.
Condensed consolidated statement of financial position at 30 September 2025
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
Note 2025 2024 2025
€'000 €'000 €'000
Non-current assets
Intangible assets 8 6,119 6,652 6,158
Investment in joint venture 13 28,877 32,347 33,854
Property, plant and equipment 9 72,762 76,254 73,593
Right of use assets 2,991 2,976 3,561
110,749 118,229 117,166
Current assets
Inventories 35,342 23,984 30,763
Trade and other receivables 22,231 19,886 15,601
Cash and cash equivalents 17,200 26,000 17,423
Corporation tax receivable - 203 -
74,773 70,073 63,787
Current liabilities
Trade and other payables (23,324) (19,010) (16,590)
Obligation under lease liabilities (852) (860) (961)
Short term borrowings 12 (7,024) (2,250) (5,625)
Corporation tax payable (7,767) (7,996) (7,058)
Provisions - (4,382) -
(38,967) (34,498) (30,234)
Net current assets 35,806 35,575 33,553
Non-current liabilities
Obligation under lease liabilities (2,868) (3,672) (3,322)
Other long term borrowings 12 (47,402) (59,402) (50,075)
(50,270) (63,074) (53,397)
Total net assets 96,285 90,730 97,322
Equity
Share capital 10 12,135 12,022 12,022
Share premium account 264,475 262,903 262,938
Other reserves 11 114,406 114,406 114,406
Accumulated loss (294,777) (298,675) (292,105)
Own shares (8) (34) (8)
Foreign currency translation reserve 54 108 69
Total equity attributable to owners of Accsys Technologies PLC 96,285 90,730 97,322
The notes form an integral part of these condensed financial statements.
Condensed consolidated statement of changes in equity for the six months ended
30 September 2025
Share capital Ordinary Share premium Other reserves Own Shares Foreign currency trans- Accumulated loss Total equity
lation reserve
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Balance at 11,976 262,394 114,743 (8) 131 (270,421) 118,815
31 March 2024
(audited)
Loss for the period - - - - - (27,493) (27,493)
Other comprehensive loss for the year - - - - (23) - (23)
Share based payments - - - - - (232) (232)
Shares issued 46 - - (26) - (20) -
Premium on shares issued - 509 - - - (509) -
Foreign exchange hedge movement - - (337) - - - (337)
Balance at 12,022 262,903 114,406 (34) 108 (298,675) 90,730
30 Sept 2024
(unaudited)
Profit for the period - - - - - 4,644 4,644
Other comprehensive loss for the year - - - - (39) - (39)
Share based payments - - - - - 1,979 1,979
Shares issued - - - 26 - (26) -
Premium on shares issued - 26 - - - (26) -
Share issue costs - 9 - - - - 9
Balance at 12,022 262,938 114,406 (8) 69 (292,105) 97,322
31 March 2025
(audited)
Loss for the period - - - - - (1,382) (1,382)
Other comprehensive loss for the year - - - - (15) - (15)
Share based payments - - - - - 360 360
Shares issued 113 - - - - (113) -
Premium on shares issued - 1,537 - - - (1,537) -
Balance at 12,135 264,475 114,406 (8) 54 (294,777) 96,285
30 Sept 2025
(unaudited)
Ordinary share capital is the amount subscribed for shares at nominal value
(note 10).
Share premium represents the excess of the amount subscribed for ordinary
share capital over the nominal value of these shares, net of share issue
expenses.
See note 11 for details on Other reserves.
Foreign currency translation reserve arises on the re-translation of the
Group's USA subsidiary's net assets which are denominated in a different
functional currency, being US dollars.
Retained loss represents the cumulative losses of the Group attributable to
the owners of the parent.
The notes form an integral part of these condensed financial statements.
Condensed consolidated statement of cash flow for the six months ended 30
September 2025
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2025 2024 2025
€'000 €'000 €'000
Loss before taxation (1,372) (26,163) (20,806)
Adjustments for:
Amortisation of intangible assets 243 671 1,048
Depreciation of property, plant and equipment and right of use assets 4,066 3,967 8,171
Loss from liquidation of Tricoya UK Ltd - 21,871 12,030
Net finance expense 3,418 1,897 4,554
Equity-settled share-based payment expense/(credit) 360 (232) 1,747
Accsys portion of Licence fee received from joint venture 602 450 450
Share of net loss of joint venture 4,371 6,098 11,871
Currency translation (gains)/losses (153) 93 129
Cash inflows from operating activities before changes in working capital 11,535 8,652 19,194
(Increase) / decrease in trade and other receivables (6,450) (2,344) (903)
(Increase) / decrease in inventories (4,579) 1,759 (5,020)
Increase / (decrease) in trade and other payables 6,788 650 (1,108)
Net cash generated from operating activities before tax 7,294 8,717 12,163
Tax received/(paid) 704 - (1,443)
Net cash generated from operating activities 7,998 8,717 10,720
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment - - 14
Investment in property, plant and equipment (2,656) (602) (1,755)
Cash disposed of from liquidation of Tricoya UK Ltd - - (268)
Investment in intangible assets (204) (59) (134)
Investment in joint venture - (7,210) (14,490)
Net cash used in investing activities (2,860) (7,871) (16,633)
Cash flows from financing activities
Other finance costs (197) (439) (964)
Interest paid (1,232) (771) (1,976)
Interest received 46 197 304
Repayment of lease liabilities (513) (444) (864)
Repayment of borrowings (3,375) - -
Share issue costs - (476) (467)
Net cash used in financing activities (5,271) (1,933) (3,967)
Net decrease in cash and cash equivalents (133) (1,087) (9,880)
Effect of exchange gain on cash and cash equivalents (90) (340) (124)
Opening cash and cash equivalents 17,423 27,427 27,427
Closing cash and cash equivalents 17,200 26,000 17,423
The notes form an integral part of these condensed financial statements
Notes to the financial statements for the six months ended 30 September 2025
1. Accounting policies
General Information
The principal activity of the Group is the production and sale of Accoya solid
wood and exploitation of technology for the production and sale of Accoya
wood. Manufactured through the Group's proprietary acetylation processes,
Accoya wood exhibits superior dimensional stability and durability compared
with alternative natural, treated and modified woods as well as more resource
intensive man-made materials.
The Company is a public limited company, which is listed on AIM in the United
Kingdom and Euronext in the Netherlands, and is domiciled in the United
Kingdom. The registered office is 4(th) Floor, 3 Moorgate Place, London EC2R
6EA.
The unaudited condensed consolidated financial statements were approved on 24
November 2025.
Basis of
accounting
The Group's condensed consolidated financial statements in these interim
results have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting' as adopted by the European Union
and UK adopted International Accounting Standard 34, 'Interim Financial
Reporting' and the AIM Rules for Companies and the Dutch Financial Markets
Supervision Act.
The financial information for the six months ended 30 September 2025 and the
six months ended 30 September 2024 is unaudited. The comparative financial
information for the full year ended 31 March 2025 does not constitute the
Group's statutory financial statements for that period although it has been
derived from the statutory financial statements for the year then ended. A
copy of those statutory financial statements has been delivered to the
Registrar of Companies and which were approved by the Board of Directors on 23
June 2025. The auditors' report on those accounts was unqualified and did not
contain a statement under 498(2) or 498(3) of the Companies Act 2006. This
financial information is to be read in conjunction with the annual report for
the year ended 31 March 2025, which has been prepared in accordance with both
International Accounting Standards in conformity with the requirements of the
Companies Act 2006 and International Financial Reporting Standards adopted
pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union.
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
In preparing these interim financial statements, the significant judgements
made by management in applying the Group's accounting policies and the key
sources of estimation uncertainty were the same as those that applied to the
consolidated financial statements for the year ended 31 March 2025.
Accounting policies
No new accounting standards, amendments or interpretations have been adopted
in the period which have any impact on these condensed financial statements or
are expected to affect the Group's annual report for the year ended 31 March
2026. The accounting policies applied for preparation of condensed
consolidated financial statements are consistent with those of the annual
financial statements for the year ended 31 March 2025, as described in those
financial statements.
Going concern
The condensed consolidated financial statements are prepared on a going
concern basis, which assumes that the Group will continue in operational
existence for the foreseeable future, and at least for the 12 months from the
date these financial statements are approved (the 'going concern period'). As
part of the Group's going concern review, the Directors have assessed the
Group's trading forecasts, working capital and liquidity requirements, and
bank facility covenant compliance for the going concern period under a base
case scenario and a reverse stress test scenario.
The cash flow forecasts used for the going concern assessment represent the
Directors' best estimate of trading performance and cost implications in the
market based on current agreements, market experience and consumer demand
expectations. These forecasts indicate that, in order to continue as a going
concern, the Group is dependent on achieving a certain level of performance
relating to the production and sale of Accoya, and the management of its
working capital.
The Directors' have also considered the possible quantum and timing of funding
required to fund Accoya USA's operations. Accsys has a contractual obligation
to fund its 60% share of Accoya USA LLC on a pro rata basis with its joint
venture partner (Eastman Chemical Company). This funding has been considered
in both scenarios.
The Group is also dependent on the Group's financial resources including its
existing cash position, banking and finance facilities (see note 12 for
details).
Going concern (continued)
The Directors considered a reverse stress test to determine the decrease in
Accoya sales volume from both the Arnhem plant and Kingsport required to
breach Group banking covenants or reduce liquidity levels below a sustainable
amount. The Directors do not expect the reverse stress test scenario to
materialise, but should it unfold, the Group has several mitigating actions it
can implement to manage its going concern risk, such as deferring
discretionary capital expenditure and implementing further cost reductions to
maintain a sufficient level of liquidity and covenant headroom during the
going concern period. The impact of the reverse stress test required a
doubling of the planned funding commitment to Accoya USA LLC as a result of a
12% reduction in its sales volumes, and a decrease of approximately 4% on
Group sales volume compared to an equivalent prior year period, or a decrease
of approximately 16% compared to the equivalent base scenario period was
required to reach the first covenant breach point.
The Directors believe that while some uncertainty always inherently remains in
achieving the forecasts, in particular in relation to market conditions
outside of the Group's control, after carefully considering all the factors
explained in this statement, there is sufficient liquidity and covenant
headroom such that there is no material uncertainty with respect to going
concern and have prepared the financial statements on this basis.
2. Segmental reporting
The Group's business is the manufacturing of and development,
commercialisation and licensing of the associated proprietary technology for
the manufacture of Accoya wood, Tricoya wood elements and related acetylation
technologies. Segmental reporting is divided between corporate activities and
activities directly attributable to Accoya (30 September 2024, Accoya,
Tricoya, Corporate and R&D). In the prior year, following the voluntary
liquidation of Tricoya UK Limited in December 2024, the Group changed its
basis of segmental reporting.
Following the change in way the business is viewed, the prior year 6 month
comparatives have been restated to reflect this change. The segmental
reporting change was already implemented within the year ended 31 March 2025
results.
Accoya
Accoya Segment
Unaudited Unaudited Audited
6 months ended 30 September 2025 6 months ended 30 September 2025 6 months ended 30 September 2025 6 months ended 30 September 2024 6 months ended 30 September 2024 6 months ended 30 September 2024 12 months ended 31 March 12 months ended 31 March 12 months ended 31 March
2025
2025
2025
Underlying
Exceptional items
Total
Underlying
Exceptional items
Total
Underlying
Exceptional items
Total
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Accoya wood revenue 68,107 - 68,107 65,581 - 65,581 124,047 - 124,047
Tricoya panel revenue 1,877 - 1,877 2,159 - 2,159 3,698 - 3,698
Royalties & licence revenue 2,143 - 2,143 496 - 496 1,372 - 1,372
Other revenue 3,939 - 3,939 3,982 - 3,982 7,515 - 7,515
Total Revenue 76,066 - 76,066 72,218 - 72,218 136,632 - 136,632
Cost of sales (52,846) - (52,846) (50,066) - (50,066) (95,205) - (95,205)
Gross profit 23,220 - 23,220 22,152 - 22,152 41,427 - 41,427
Other operating costs (14,863) - (14,863) (16,094) (21,871) (37,965) (30,084) (12,030) (42,114)
Profit/(loss) from operations 8,357 - 8,357 6,058 (21,871) (15,813) 11,343 (12,030) (687)
Operating profit/(loss) 8,357 - 8,357 6,058 (21,871) (15,813) 11,343 (12,030) (687)
Depreciation and amortisation 4,310 - 4,310 4,638 - 4,638 9,219 - 9,219
Profit on disposal of assets - - - - - - - (12) (12)
Impairment - - - - 17,956 17,956 - 18,320 18,320
Gain on disposal of investment - - - - - - - (10,382) (10,382)
EBITDA 12,667 - 12,667 10,696 (3,915) 6,781 20,562 (4,104) 16,458
Included within Accoya wood revenue is €2,598,000 (30 September 2024:
€nil, 31 March 2025: €166,000) which relates to tolling services provided
to the joint venture.
Included within Accoya wood revenue is €518,000 (30 September 2024:
€302,000, 31 March 2025: €1,894,000) which relates to the sale of
irregular lengths of Accoya to the joint venture.
Included within other operating costs is €nil (30 September 2024:
€1,593,000, 31 March 2025 €2,053,000) relating to the Tricoya UK Ltd Hull
plant.
2. Segmental reporting (continued)
All revenue disclosed above is derived solely from external sales.
See note 4 for explanation of Exceptional Items.
Corporate
Corporate Segment
Unaudited Unaudited Audited
6 months ended 30 September 2025 6 months ended 30 September 2025 6 months ended 30 September 2025 6 months ended 30 September 2024 6 months ended 30 September 2024 6 months ended 30 September 2024 12 months ended 31 March 12 months ended 31 March 12 months ended 31 March
2025
2025
2025
Underlying
Exceptional items
Total
Underlying
Exceptional items
Total
Underlying
Exceptional items
Total
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Total Revenue - - - - - - - - -
Cost of sales - - - - - - - - -
Gross profit - - - - - - - - -
Other operating costs (1,940) - (1,940) (2,355) - (2,355) (3,694) - (3,694)
Operating loss (1,940) - (1,940) (2,355) - (2,355) (3,694) - (3,694)
Operating loss (1,940) - (1,940) (2,355) - (2,355) (3,694) - (3,694)
Depreciation and amortisation - - - - - - - - -
EBITDA (1,940) - (1,940) (2,355) - (2,355) (3,694) - (3,694)
See note 4 for explanation of Exceptional items.
Total
TOTAL
Unaudited Unaudited Audited
6 months ended 30 September 2025 6 months ended 30 September 2025 6 months ended 30 September 2025 6 months ended 30 September 2024 6 months ended 30 September 2024 6 months ended 30 September 2024 12 months ended 31 March 12 months ended 31 March 12 months ended 31 March
2025
2025
2025
Underlying
Exceptional items
Total
Underlying
Exceptional items
Total
Underlying
Exceptional items
Total
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Accoya wood revenue 68,107 - 68,107 65,581 - 65,581 124,047 - 124,047
Tricoya panel revenue 1,877 - 1,877 2,159 - 2,159 3,698 - 3,698
Royalties & licence revenue 2,143 - 2,143 496 - 496 1,372 - 1,372
Other revenue 3,939 - 3,939 3,982 - 3,982 7,515 - 7,515
Total Revenue 76,066 - 76,066 72,218 - 72,218 136,632 - 136,632
Cost of sales (52,846) - (52,846) (50,066) - (50,066) (95,205) - (95,205)
Gross profit 23,220 - 23,220 22,152 - 22,152 41,427 - 41,427
Other operating costs (16,803) - (16,803) (18,449) (21,871) (40,320) (33,778) (12,030) (45,808)
Operating profit/(loss) 6,417 - 6,417 3,703 (21,871) (18,168) 7,649 (12,030) (4,381)
Finance income 46 - 46 197 1,102 1,299 304 - 304
Finance expense (2,330) - (2,330) (3,196) - (3,196) (5,960) 1,102 (4,858)
Fair value loss on revaluation of embedded derivative (1,134) - (1,134) - - - - - -
Share of net loss from joint venture (4,371) - (4,371) (6,098) - (6,098) (11,871) - (11,871)
Loss before taxation (1,372) - (1,372) (5,394) (20,769) (26,163) (9,878) (10,928) (20,806)
2. Segmental reporting (continued)
Included within other operating costs is €nil (30 September 2024:
€1,593,000, 31 March 2025 €2,053,000) relating to the Tricoya UK Ltd Hull
plant.
See note 4 for explanation of Exceptional Items.
Reconciliation of underlying EBIT and EBITDA
Unaudited Unaudited Audited
Reconciliation of Underlying EBIT and EBITDA 6 months ended 30 September 2025 6 months ended 30 September 2025 6 months ended 30 September 2025 6 months ended 30 September 2024 6 months ended 30 September 2024 6 months ended 30 September 2024 Year ended 31 March 2025 Year ended 31 March 2025 Year ended 31 March 2025
Exceptional items
Exceptional items
TOTAL
TOTAL
Exceptional items
TOTAL
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Operating profit/(loss) / EBIT 6,417 - 6,417 3,703 (21,871) (18,168) 7,649 (12,030) (4,381)
Depreciation and amortisation 4,310 - 4,310 4,638 - 4,638 9,219 - 9,219
Profit on disposal of assets - - - - - - - (12) (12)
Impairment - - - - 17,956 17,956 - 18,320 18,320
Gain on disposal of investment - - - - - - - (10,382) (10,382)
EBITDA 10,727 - 10,727 8,341 (3,915) 4,426 16,868 (4,104) 12,764
Reconciliation of adjusted EBIT and EBITDA
Unaudited Unaudited Audited
6 months ended 30 September 2025
6 months ended 30 September 2024
Year ended 31 March 2025
€'000 €'000 €'000
Operating profit/(loss) / Underlying EBIT 6,417 3,703 7,649
Share of joint venture EBIT (2,911) (5,420) (9,621)
Adjusted EBIT 3,506 (1,717) (1,972)
Unaudited Unaudited Audited
6 months ended 30 September 2025
6 months ended 30 September 2024
Year ended 31 March 2025
€'000 €'000 €'000
Underlying EBITDA 10,727 8,341 16,868
Share of joint venture EBITDA (327) (4,312) (6,045)
Adjusted EBITDA 10,400 4,029 10,823
2. Segmental reporting (continued)
Analysis of Revenue by geographical area of customers
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2025 2024 2025
€'000 €'000 €'000
UK & Ireland 28,810 27,834 54,103
Rest of Europe 31,833 26,421 51,276
North America 6,953 11,756 15,921
Rest of World 8,470 6,207 15,332
76,066 72,218 136,632
Included within North America revenue is €3,116,000 (30 September 2024:
€302,000, 31 March 2025: €2,060,000) which relates to sales made by the
Group to the joint venture.
The revenue by geographical area of customers table excludes North American
sales through the US joint venture (Accoya USA LLC), which is equity accounted
for in these financial statements. See note 13.
2. Segmental reporting (continued)
Assets and liabilities on a segmental basis:
Accoya Corporate Total
Sept 2025 Sept 2025 Sept 2025
€'000 €'000 €'000
Non-current assets 109,175 1,574 110,749
Current assets 62,127 12,646 74,773
Current liabilities (25,071) (13,896) (38,967)
Net current assets/(liabilities) 37,056 (1,250) 35,806
Non-current liabilities (2,361) (47,909) (50,270)
Net assets/(liabilities) 143,870 (47,585) 96,285
Accoya Corporate Total
Sept 2024 Sept 2024 Sept 2024
€'000 €'000 €'000
Non-current assets 117,377 852 118,229
Current assets 50,391 19,682 70,073
Current liabilities (26,126) (8,372) (34,498)
Net current assets/(liabilities) 24,265 11,310 35,575
Non-current liabilities (10,202) (52,872) (63,074)
Net assets/(liabilities) 131,440 (40,710) 90,730
Accoya Corporate Total
March 2025 March 2025 March 2025
€'000 €'000 €'000
Non-current assets 115,505 1,661 117,166
Current assets 52,142 11,645 63,787
Current liabilities (20,455) (9,779) (30,234)
Net current assets/(liabilities) 31,687 1,866 33,553
Non-current liabilities (2,663) (50,734) (53,397)
Net assets/(liabilities) 144,529 (47,207) 97,322
The Investment accounted for using the equity method (Investment into Accoya
USA LLC) is included in the Accoya segment. See note 13.
3. Other operating costs
Other operating costs consist of the operating costs, other than the cost of
sales, associated with the operation of the plant in Arnhem, Barry, and the
London office. Certain pre-operating costs of €1,593,000 in 30 September
2024 and €2,053,000 in 31 March 2025 associated with the plant in Hull were
included.
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2025 2024 2025
€'000 €'000 €'000
Sales and marketing 2,481 2,856 4,805
Research and development 658 733 1,190
Other operating costs 2,175 3,309 4,392
Administration costs 7,179 6,913 14,172
Exceptional Items - 3,915 4,092
Other operating costs excluding depreciation, amortisation, impairment and 12,493 17,726 28,651
gains on disposals
Depreciation and amortisation 4,310 4,638 9,219
Impairment loss - 17,956 18,320
Gain on disposal of investment - - (10,382)
Total other operating costs 16,803 40,320 45,808
Administrative costs include costs associated with Intellectual Property as
well as Human Resources, IT, Finance, Management, Legal and General Office and
includes the costs of the Group's head office in London.
Group average employee headcount increased to 229 in the period to 30
September 2025 (212 in the period to 30 September 2024).
4. Exceptional Items
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2025 2024 2025
€'000 €'000 €'000
Impairment of the Tricoya segment assets - (17,956) (18,320)
Hull closure costs - (3,915) (4,092)
Gain on disposal of investment - - 10,382
Total exceptional operating costs - (21,871) (12,030)
Revaluation of Valuation Recovery Instrument 'VRI' liability - 1,102 1,102
Total exceptional items - (20,769) (10,928)
No exceptional costs have been incurred in the period ended 30 September 2025.
4. Exceptional Items (continued)
In the prior period:
- An impairment loss (exceptional expense) of €18.0m was recognised in the
first half reflecting the full remaining impairment of the Tricoya segment
assets related to the Hull plant.
- A restructuring cost of €3.9m has been recognised for the costs related to
discontinuing and winding-up the Hull plant.
- The financial liability previously raised to account for the Value Recovery
Instrument ('VRI') of €1.1m has been released.
In the prior year:
- An impairment loss (non-cash item) of €18.3m has been
recognised in the year reflecting the full remaining impairment of the Tricoya
segment assets related to the Hull plant (2024: €7.0m).
- A restructuring cost of €4.1m has been recognised for the
costs related to discontinuing and winding-up the Hull plant.
- An exceptional gain of €10.4m (non-cash item) has been
recognised in the year reflecting the deconsolidation of Tricoya UK Ltd
following the loss of control from the Group. The majority of this gain
relates to the removal of the non-recourse NatWest facility of €7.1m and the
lease liability on the land of €1.2m.
- The financial liability previously raised to account for the
Value Recovery Instrument ('VRI') of €1.1m has been released.
5. Interest expense
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2025 2024 2025
€'000 €'000 €'000
Interest on loans 1,873 2,128 4,667
Interest on lease liabilities 105 140 356
Other finance expenses 352 928 937
Total finance expenses 2,330 3,196 5,960
Fair value loss on revaluation of embedded derivative 1,134 - -
Total underlying finance expenses 3,464 3,196 5,960
6. Tax expense
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2025 2024 2025
€'000 €'000 €'000
(a) Tax recognised in the condensed consolidated statement of comprehensive
income comprises:
Current tax expense
UK Corporation tax on losses arising from prior periods - 641 653
Over provision in respect of prior years (708) - -
(708) 641 653
Overseas tax at rate of 15% 5 - 8
Overseas tax at rate of 25% 713 689 1,383
Deferred Tax
Utilisation of deferred tax asset - - -
Total tax expense reported in the condensed consolidated statement of 10 1,330 2,044
comprehensive income
The standard rate of corporation tax applied to the UK reported profit is 25%.
Taxation for other jurisdictions is calculated at the rates prevailing in the
respective jurisdictions.
On 1 July 2025, the UK and Netherlands tax authorities agreed in principle for
the Group to split Accoya segment profits equally between the two countries.
The agreement covers FY17 to FY25. The agreement of the UK tax authorities
is contingent upon the filing of all relevant tax returns, and other ancillary
reporting, in line with the agreement. If such filings are not approved by
the deadline of 31 January 2026, then the agreement will be revoked. As a
result of this uncertainty, no adjustments to reflect the outcome of the
conclusion of the agreement have been made.
7. Basic and diluted loss per ordinary share
Unaudited Unaudited Unaudited Unaudited Audited Audited
6 months 6 months 6 months 6 months Year Year
ended ended ended ended ended ended
30 Sept 30 Sept 30 Sept 30 Sept 31 March 31 March
2025
2025
2024
2024
2025
2025
Basic earnings per share Underlying Total Underlying Total Underlying Total
Weighted average number of 241,008 241,008 237,955 237,955 240,086 240,086
Ordinary shares in issue ('000)
Loss for the period attributable to owners of Accsys Technologies PLC (1,382) (1,382) (6,724) (27,493) (11,922) (22,850)
(€'000)
Basic loss per share € (0.006) € (0.006) € (0.03) € (0.12) € (0.05) € (0.10)
Diluted earnings per share
Weighted average number of Ordinary shares in issue ('000) - - - - - -
Equity options attributable to BGF -* -* -* -* - -*
Weighted average number of Ordinary shares in issue and potential ordinary - - - - - -
shares ('000)
Loss for the year attributable to owners of Accsys Technologies PLC (€'000) - - - - - -
Diluted loss per share -* -* -* -* - -*
* Diluted loss per share is not disclosed. IAS 33 "Earning per share" defines
Dilutive share options as share options which would decrease profit per share
or increase loss per share. 8,449,172 equity options held by BGF, and
convertible loan notes disclosed in note 12, which if exercised would decrease
the Loss per share. As a result, these are anti-dilutive and therefore shown
as nil.
8. Intangible assets
Internal Intellectual
development property
costs rights Goodwill Total
€'000 €'000 €'000 €'000
Cost
At 31 March 2024 7,749 75,707 4,231 87,687
Additions - 59 - 59
At 30 September 2024 7,749 75,766 4,231 87,746
Additions - 75 - 75
At 31 March 2025 7,749 75,841 4,231 87,821
Additions 129 75 - 204
At 30 September 2025 7,878 75,916 4,231 88,025
Accumulated amortisation
At 31 March 2024 3,678 73,961 - 77,639
Amortisation 198 473 - 671
Impairment loss 2,246 538 - 2,784
At 30 September 2024 6,122 74,972 - 81,094
Amortisation 177 200 - 377
Impairment loss 192 - - 192
At 31 March 2025 6,491 75,172 - 81,663
Amortisation 110 133 - 243
At 30 September 2025 6,601 75,305 - 81,906
Net book value
At 30 September 2025 1,277 611 4,231 6,119
At 31 March 2025 1,258 669 4,231 6,158
At 30 September 2024 1,627 794 4,231 6,652
At 31 March 2024 4,071 1,746 4,231 10,048
Refer to note 9 for the recoverability assessment of these intangible assets.
9. Property, plant and equipment
Land and buildings Plant and machinery Office equipment Total
€'000 €'000 €'000 €'000
Cost
Opening balance at 31 March 2024 17,976 206,931 4,579 229,486
Additions - 558 44 602
At 30 September 2024 17,976 207,489 4,623 230,088
Additions - 767 386 1,153
Disposals - (109,254) (340) (109,594)
At 31 March 2025 17,976 99,002 4,669 121,647
Additions - 2,253 403 2,656
At 30 September 2025 17,976 101,255 5,072 124,303
Depreciation
Opening balance at 31 March 2024 2,069 131,070 2,873 136,012
Charge for the period 179 3,124 227 3,530
Impairment loss - 13,955 - 13,955
Foreign exchange hedge movement - 337 - 337
At 30 September 2024 2,248 148,486 3,100 153,834
Charge for the period 200 3,079 124 3,403
Depreciation on disposals - (109,184) (340) (109,524)
Foreign currency translation gain - - 3 3
Impairment loss - 291 47 338
At 31 March 2025 2,448 42,672 2,934 48,054
Charge for the period 179 3,108 209 3,496
Foreign currency translation loss - - (9) (9)
At 30 September 2025 2,627 45,780 3,134 51,541
Net book value
At 30 September 2025 15,349 55,475 1,938 72,762
At 31 March 2025 15,528 56,330 1,735 73,593
At 30 September 2024 15,728 59,003 1,523 76,254
At 31 March 2024 15,907 75,861 1,706 93,474
9. Property, plant and equipment (continued)
Impairment review
The carrying value of the property, plant and equipment, internal development
costs, goodwill and intellectual property rights are all within the Accoya
cash generating unit (CGU). A goodwill impairment assessment is performed
annually; however, an assessment of likely triggers was undertaken, and none
have been identified. As a result, no impairment calculation was performed.
10. Share capital
6 month period ended 30 September 2024:
In May 2024, 80,816 ordinary shares were issued following the exercise of nil
cost options, granted under the Company's LTIP.
In September 2024, 809,892 ordinary shares were issued to an Employee Benefit
Trust at nominal value, as part of the annual bonus, in connection with the
employee remuneration and incentivisation arrangements for the period from 1
April 2023 to 31 March 2024.
In September 2024, 36,487 ordinary shares were issued following the vesting of
nil cost options granted under the Company's Deferred bonus plan.
In the year ended 31 March 2025:
No share capital was issued.
6 month period ended 30 September 2025:
In July 2025, 2,248,645 ordinary shares with a par value per share of €0.05
were issued to an Employee Benefit Trust at €0.71 per share, in relation to
settlement of the annual bonus for the year ended 31 March 2025.
11. Other Reserves
Capital redemp- Merger reserve Other reserve Total Other reserves
tion reserve
€000 €000 €000 €000
Balance at 30 September 2024 148 106,707 7,551 114,406
Total Comprehensive income for the period - - - -
Balance at 31 March 2025 148 106,707 7,551 114,406
Total Comprehensive income for the period - - - -
Balance at 30 September 2025 148 106,707 7,551 114,406
The closing balance of the capital redemption reserve represents the amounts
transferred from share capital on redemption of deferred shares in a prior
period.
The merger reserve arose prior to transition to IFRS when merger accounting
was adopted.
The other reserve represents the amounts received for subsidiary share capital
from non-controlling interests net with the carrying amount of non-controlling
interests issued during the Tricoya Consortium venture with the
non-controlling interests purchased in November 2022.
12. Borrowings
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Sept 2025 30 Sept 2024 31 March 2025
Amounts payable under loan agreements:
Within one year 7,024 2,250 5,625
In the second to fifth years inclusive 47,402 30,295 50,075
In greater than five years - 29,107 -
54,426 61,652 55,700
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Sept 2025 30 Sept 2024 31 March 2025
Amounts payable under loan agreements - undiscounted cashflows:
Within one year 8,591 3,998 7,285
In the second to fifth years inclusive 57,112 31,393 64,505
After five years - 43,177 -
Less future finance charges (11,277) (16,916) (16,090)
Present value of loan obligations 54,426 61,652 55,700
12. Borrowings (continued)
ABN AMRO Debt Facilities (''ABN'')
The facilities agreement with ABN Amro compromise a
- €29.6m remaining Term Loan facility and,
- €22.5m Revolving Credit Facility ('RCF').
- The facilities' maturity date is 30 September 2027.
- The Term Loan has quarterly capital repayments of €1.125m.
- Term loan interest varies between 4.34% and 5.34%.
- RCF interest rate varies between 3.0% and 4.0% above EURIBOR.
Approximately €17.2m of the RCF has been utilised to provide a letter of
credit to FHB in support of the Accoya USA JV funding arrangements, and the
remaining €5.3m was undrawn at 30 September 2025.
The facilities are secured against the assets of the Group which are 100%
owned by the Company and include covenants for net leverage and interest cover
which are based upon the results and assets which are 100% owned by the
Company and minimum liquidity covenants.
After the period ended 30 September 2025, the Group successfully refinanced
their ABN AMRO Debt Facilities, see note 14 for further details.
First Horizon Bank facility:
In March 2022 the Company's joint venture, Accoya USA agreed an eight-year $70
million loan from First Horizon Bank ('FHB') of Tennessee, USA in respect of
the construction and operation of the Accoya USA plant. FHB are also providing
a further $15 million revolving line of credit to be utilised to fund plant
commissioning costs and working capital. The FHB term loan is secured on the
assets of Accoya USA and is supported by Accoya USA's shareholders, including
$50 million through a limited guarantee provided on a pro-rata basis, with
Accsys' 60% share representing $30 million. The interest rate varies between
1.3% to 2.1% over USD LIBOR. Principal repayments commence in January 2026 and
are calculated on a ten-year amortisation period. Accoya USA is equity
accounted for in these financial statements; therefore, this Borrowing is not
included in the Group's borrowings.
To support Accsys' limited guarantee, Accsys provided a $20 million (€17.1m)
Letter of Credit ('LC') to FHB. The LC is issued by ABN Amro, utilising part
of the revolving credit facility.
Convertible loan notes with embedded derivative (''CLN with ED''):
In the November 2023 capital raise, new unsecured, non-transferable
convertible loan notes were issued totalling €21 million (including the
refinancing and discharge of the existing €10 million 2022 Convertible
Loan).
The convertible loans have a six year term and carry a fixed rate coupon of
9.5%. For the first 2.5 years the coupon is rolled up and deferred and
following the 2.5 year period, the deferred interest can either be converted
into Ordinary shares of the Company or paid in cash over the remaining 3.5
years at the option of the holders of the convertible loan notes. Following
that 2.5 year period, all further interest shall be payable in cash.
The convertible loan note holders have the right to convert the convertible
loan notes they hold into Ordinary Shares of the Company at a price of 83.22
Euro cents per share, giving rise to an embedded derivative in the current
year. A Monte-Carlo valuation method has been used to calculate the fair
value of the embedded derivative. The following assumption were used when
calculating the fair value of the embedded derivative:
Metric Value used 2025 Input level
Share price €0.52 Level 1
Volatility rate 30.25% Level 2
Interest rate 9.5% per annum Level 2
Risk free rate 2.4% per annum Level 2
Discount rate 16.5% Level 3
Level 1 inputs:
Share price - the share price on each reporting date has been taken and used
in the valuation model.
Level 2 inputs:
Volatility - the rate of volatility is based upon the historical movement in
the share price.
Interest rate - the convertible loan notes have a 9.5% interest rate attached
to them and this rate has been applied in the valuation.
Risk free rate - the Euribor forward rate at the valuation date has been
applied within the model.
Level 3 inputs:
Discount rate - the Group uses its WACC of 16.5% as the discount rate.
12. Borrowings (continued)
Loan reconciliation
Unaudited 6 months ended 30 Sept 2025 Unaudited 6 months ended 30 Sept 2024 Audited Year ended 31 March 2025
ABN CLN with ED Total ABN CLN with ED Natwest facility Total ABN CLN with ED Total
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Loan balance 29,000 23,678 52,678 32,545 22,155 6,952 61,652 32,479 22,608 55,087
Fair value of embedded derivative - 1,748 1,748 - - - - - 613 613
Loan balance 29,000 25,426 54,426 32,545 22,155 6,952 61,652 32,479 23,221 55,700
Following Tricoya UK Ltd entering voluntary liquidation in December 2024, to
reflect the deconsolidation of Tricoya UK Ltd following the loss of control
from the Group, the non-recourse NatWest facility was fully disposed of.
Reconciliation to net debt:
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Sept 2025 30 Sept 2024 31 March 2025
Cash and cash equivalents 17,200 26,000 17,423
Less:
Amounts payable under borrowings (54,426) (61,652) (55,700)
Amounts payable under lease liabilities (3,720) (4,532) (4,283)
Add:
Fair value loss on revaluation of embedded derivative 1,134 - -
Net debt (39,812) (40,184) (42,560)
Free cashflow:
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Sept 2025 30 Sept 2024 31 March 2025
Net cash from operating activities 7,998 8,717 10,720
Investment in property, plant and equipment and intangible assets (2,860) (661) (1,889)
Free cashflow 5,138 8,056 8,831
13. Investment in Joint Venture
In August 2020, Accsys together with Eastman Chemical Company formed a new
Company, Accoya USA LLC, 60% owned by Accsys and 40% owned by Eastman. Accoya
USA LLC owns and operates the Accoya plant in Kingsport, Tennessee, USA to
serve the North American market. The plant has a current capacity to initially
produce approximately 43,000 cubic metres of Accoya per annum and to allow for
cost-effective expansion.
Under IFRS 11 - Joint arrangements, the two parties are assessed to jointly
control the entity, due to the operating agreement requiring both joint
venture partners to approve key business decisions. Accoya USA is accounted
for as a joint venture and equity accounted for within the financial
statements.
An eight-year term loan of $70 million has been provided by First Horizon Bank
('FHB') of Tennessee, USA. FHB are also providing a further $15 million
revolving line of credit to be utilised to fund plant commissioning costs and
working capital. The FHB term loan is secured on the assets of Accoya USA and
will be supported by Accoya USA's shareholders, including $50 million through
a limited guarantee provided on a pro-rata basis, with Accsys' 60% share
representing $30 million. The interest rate varies between 1.3% to 2.1% over
USD SOFR. Principal repayments commence in January 2026 and are calculated on
a ten-year amortisation period.
The carrying amount of the equity-accounted investment is as follows:
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 Sept 2025 30 Sept 2024 31 March 2025
€'000 €'000 €'000
Opening balance 33,854 31,685 31,685
Investment in Accoya USA - 7,210 14,490
Less: Accsys proportion (60%) of Licence Fee received to date (900) (450) (450)
Plus: Elimination adjustment 294 - -
Loss for the period (4,371) (6,098) (11,871)
Closing balance 28,877 32,347 33,854
The Group has equity accounted for the joint venture in these condensed
consolidated financial statements.
Reconciliation of investment in Accoya USA:
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 Sept 2025 30 Sept 2024 31 March 2025
€'000 €'000 €'000
Net assets of Accoya USA (USD) 56,823 62,048 65,003
60% of net assets of Accoya USA (Eur) 29,077 33,350 36,024
Less: Elimination adjustment relating to Accsys proportion (60%) of Licence (2,650) (1,950) (1,950)
fee received to date
Foreign exchange movements 2,450 947 (220)
Closing balance 28,877 32,347 33,854
13. Investment in Joint Venture (continued)
The statement of comprehensive income, statement of financial position and
statement of cashflows for Accoya USA LLC, are set out below:
Statement of comprehensive income:
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 Sept 2025 30 Sept 2024 31 March 2025
€'000 €'000 €'000
Total revenue 22,980 3,314 18,089
Cost of sales (18,578) (6,294) (17,939)
Gross profit/(loss) 4,402 (2,980) 150
Operating costs (9,255) (6,054) (16,185)
Operating loss (4,852) (9,034) (16,035)
Interest payable (2,433) (1,129) (3,750)
Loss before taxation (7,285) (10,163) (19,785)
Tax expense - - -
Total comprehensive loss for the financial year (7,285) (10,163) (19,785)
Accsys share (60%) of US JV EBITDA (327) (4,312) (6,045)
Accsys share (60%) of US JV EBIT (2,911) (5,420) (9,621)
Accsys share (60%) of US JV total loss from operations (4,371) (6,098) (11,871)
13. Investment in Joint Venture (continued)
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 Sept 2025 30 Sept 2024 31 March 2025
€'000 €'000 €'000
Non-current assets
Property, plant and equipment 114,830 124,694 126,542
Right of use assets 5,580 6,425 6,328
120,410 131,119 132,870
Current assets
Inventories 8,274 5,103 9,021
Trade and other receivables 3,573 1,950 1,162
Cash and cash equivalents 2,776 2,912 1,675
14,623 9,965 11,858
Current liabilities
Trade and other payables (11,495) (8,941) (2,879)
Obligation under lease liabilities (440) (463) (6,560)
Short term borrowings (4,713) - -
(16,648) (9,404) (9,439)
Net current assets (2,025) 561 2,419
Non-current liabilities
Obligation under lease liabilities (5,417) (6,225) -
Other long term borrowings (64,507) (69,874) (75,249)
(69,924) (76,099) (75,249)
Net assets 48,461 55,581 60,040
Value attributable to Accsys Technologies 29,077 33,350 36,024
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 Sept 2025 30 Sept 2024 31 March 2025
€'000 €'000 €'000
Cash flows from operating activities 5,441 (13,424) (26,441)
Cash flows from investing activities (1,908) (5,778) (7,978)
Cash flows from financing activities (2,431) 16,198 30,004
Net increase/(decrease) in cash and cash equivalents 1,101 (3,004) (4,415)
14. Post Balance Sheet Events
On 27 October 2025, the Group successfully completed new debt financing
facilities of €55 million, provided on an equal basis by ABN AMRO Bank N.V
and HSBC UK Bank PLC. The facilities comprise of €20 million term loan and a
€35 million revolving credit facility and are committed for a three year
term, maturing in October 2028. The facilities include an option, at the
Banks' discretion, to extend for a further year to October 2029.
No other post balance sheet events have occurred.
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