Accsys Technologies (AIM:AXS) doubled adjusted EBITDA to €21.2m in the year to 31 March, a 96% increase that lifted the adjusted EBITDA margin to 11.6% and brought the group close to its Phase I FY27 target.
Group revenue rose 20% on a like-for-like basis to €153m while statutory loss before taxation narrowed to €0.6m from €20.8m in FY25.
Total Accoya sales volumes grew 21% and the year-end run rate reached 97,248m3 (FY25: 82,288m3), approaching the Phase I run-rate target of 100,000m3.
Accoya USA, the joint venture, delivered a standout first full year with revenue up 178% to €30.3m and an EBITDA profit of €0.1m, a €6.1m swing year-on-year.
Net debt reduced slightly to €41.4m (FY25: €42.6m), operating cash conversion was 75%, free cash flow was €10.2m after €5.6m of capex, and leverage fell to 1.96x (0.74x excluding convertible loan notes).
Gross profit margin improved 130 basis points to 30.9% and premium Accoya Color volumes increased 51%, supported by pricing discipline and a favourable sales mix.
The company mitigated the impact of US lumber tariffs introduced in October 2025, added ten distributors, and launched a Decking Collection to broaden finished-product access.
"We are delivering on the commitments set out in Phase One of our FOCUS strategy, while remaining focused on innovation, increasing capacity utilisation and driving further sustainable improvements in profitability," said Dr Jelena Arsic van Os.
Trading is in line with the Board's expectations for FY27 and a full year results presentation will be webcast at 9.00am BST on 16 June.
