- €20mn placing undertaken in May to plug funding gap
- Loan for Tricoya plant needs refinancing
Accsys (AXS) continues to have the happy problem of demand for its product far outstripping supply. The manufacturer of treated wood products grew sales by a fifth and managed to increase prices enough to largely offset higher timber and acetyl prices – the margin on manufacturing its Accoya solid wood dropped by 3 percentage points but remained robust at 30 per cent.
The problem has been in delivering growth, with the company suffering further delays to its plans to boost capacity. The opening of a fourth reactor at its sole operating site in Arnhem, which was due in April, has been pushed back to the third quarter as damage to some equipment was discovered during the installation process. Commissioning should take place “within about six weeks”, chief executive Rob Harris said.