Accsys Technologies PLC
- Market Cap (£m) 174.4
- Listing AIM
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Company Descriptions
Accsys Technologies was formed in August 2005 and admitted to AIM later that year with the objective of advancing the acetylation process that effectively converts softwood into hardwood. The main product, Accoya combines the aesthetic of wood, while reversing its main problem - attraction to water. Acetylation makes it water-repellent, improving durability and dimensional stability - ideal for external cladding, decking, windows and doors. This gives Accoya and further product innovations a claimed lifespan double that of softwood. This and lower maintenance costs allow it to command a price premium. Currently around half of sales are in Europe. Accoya USA owns and operates an Accoya plant in Kingsport, Tennessee to serve the North American market. The plant, which commenced commercial operations in September 2024, has a current capacity to initially produce approximately 43,000 m3 of Accoya pa, and the factory has space to allow for further cost-effective expansion. Despite significant growth, the group had become overgeared and in 2023 new CEO Jelena Arsic van Os set out the FOCUS turnaround programme to improve efficiency, cut gearing and maximise returns in phases one and two of the programme, lasting until FY30E.
Investment Summary
After a period of significant losses, earnings and cashflow are expected to grow rapidly, due to volume growth as the product increases market share and benefiting from operational gearing and financial de-leveraging, with our estimates assuming the group moves into net cash by FY30E. The FOCUS strategy should accelerate this process. The JV, which is now fully operational, is expected to deliver positive EBITDA during the current financial year and we expect faster growth in the North American market. The group recently successfully completed a refinancing with ABN AMRO and HSBC, improving financial terms and, in our view, a strong signal of confidence in the group’s prospects.
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Company Management Team
Dr Jelena Arsic van Os
CEO
Dr Jelena Arsic van Os, who joined the Accsys Board on 27 June 2023, has over 20 years’ experience in senior executive leadership roles in large-cap multinational companies. She has a proven track record in transforming and driving complex businesses, delivering on profitable growth targets, as well as leading successful operational turnarounds in both global and regional business in EMEA, APAC and South America. Prior to joining Accsys Jelena was VP Plastics, Coatings, Adhesives and Rubber Performance Minerals EMEA and APAC at Imerys SA, a global leader in mineral-based specialty solutions. Before that Jelena held a number of senior executive positions across the globe during her 17 years tenure at AkzoNobel, the large-cap, chemicals and coatings company. During her time at the company, Jelena was a member of AkzoNobel’s Executive Leadership Team.
Jelena has a PhD in Solid State Chemistry from Radboud University Nijmegen, Netherlands.
Sameet Vohra
CFO
Sameet Vohra most recently served as CFO of Sureserve Group PLC and has previously held positions including CFO of Science Group PLC, Group Director of Finance at Spectris PLC and Group Financial Controller at TT Electronics PLC.
He has more than 25 years’ experience in finance, with over 20 years’ experience working in UK-listed PLC’s primarily across manufacturing, engineering, and natural resources. He qualified as a chartered accountant with KPMG and is a member of the Institute of Chartered Accountants in England and Wales.
