AIM-listed sustainable building products firm Accsys Technologies (LON:AXS) reported strong FY26 results with growth across the board. The company also confirmed it was on track to meet ts FY27 financial targets.
‘Disciplined execution’
For the year to March, Accsys posted a 12% increase in group revenue to €153 million and a 26% increase in underlying EBITDA to €21.1 million. Including joint ventures, sales rose 24% to €183 million while JVs added €0.1 million of EBITDA.
Group sales volumes increased 6% to 60,384 cubic metres while JV volumes jumped 149% to 16,853 cubic metres. Accsys has a 60% shareholding in Accoya USA, a JV with Eastman Chemical (NYSE:EMN) which started operations during H1 of FY25.
CEO Dr Jelena Arsic van Os said the results reflected ‘disciplined execution of our strategy in a challenging macroeconomic environment. Accsys has transformed into a leaner and more effective organisation, driving record global Accoya sales volumes, significant revenue and profitability growth and market share gains.’
Accsys looks to be on track to meet the targets it set out at its Capital Markets Day last year. The swing from EBITDA losses of €10 million to a small profit at Accoya USA is a big step in the right direction.
Volume growth is much more healthy than we’ve seen from other construction materials firms. That suggests that, despite the premium nature of the product, customers appreciate the long-term sustainability benefits.
Analysts at Panmure Liberum believe the existing manufacturing platform has the capacity to more than double volumes without major additional spending. On that basis, they see the group adding another €50 million of EBITDA within five years.
Beyond 2030, the firm says volumes could be ‘considerably higher’ than the 120,000 cubic metres targeted under the current strategy. Panmure Liberum has a short-term price target of 100p and a longer-term target of 159p per share.
Read the press release here:
