Accsys Technologies (AIM:AXS) said trading in the first five months of its 2027 financial year started slower than expected, with challenging macroeconomic conditions and the Middle East conflict driving significant distributor destocking across all regions.
The London and Amsterdam-listed group, the world's leading supplier of premium acetylated wood building materials including Accoya and Tricoya, said North America was hit hardest by the destocking, though it believes that period is now over and customer inventory is stabilising.
The Board expects full-year underlying EBITDA, excluding its Accoya USA joint venture, to be broadly in line with market expectations on lower revenues, reflecting margin improvement from price increases and cost control.
Factoring in weaker US growth, now expected at single-digit levels for the year, adjusted EBITDA is guided at €21m to €23m, ahead of the prior year but below the €28.8m market consensus flagged as of 18 September.
"We believe that the period of destocking is over and customer inventory is now stabilising," the company said, adding that sales trends improved through the five-month period and trading has strengthened further in September.
Accsys expects a stronger second-half weighting to revenue and profit, supported by new sub-distributor programmes and closer collaboration with original equipment manufacturers, and says it remains on track to meet Phase 1 targets under its FOCUS strategy for FY27.
The company will report interim results on 24 November.
News Intelligence what this means for the company
Accsys warned of a slower-than-expected start to FY27, driven by distributor destocking in North America and macroeconomic headwinds tied to the Middle East conflict. The company has cut its full-year EBITDA guidance to €21–23m, below the €28.8m consensus as of mid-September, though it expects the destocking period to have ended and signals improving September trading. The miss reflects a sharp revenue shortfall that price increases and cost control cannot fully offset.
The guidance cut—from €28.8m consensus to a €21–23m range—signals material demand weakness in the near term, despite management's claim that destocking is over. The company reported €21.2m adjusted EBITDA in FY26, so the FY27 midpoint (€22m) implies flat year-on-year performance after a period of growth, raising questions about the durability of the recovery narrative and the timing of the promised second-half rebound.
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