No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Sustainable wood products supplier Accsys Technologies traded lower early on Wednesday after it posted a modest rise in group revenue but failed to impress investors with its latest trading update.
Accsys said revenue for the five months ended 31 August rose 4% year-on-year to 60.4m, while aggregated revenue including its 60%-owned Accoya USA joint venture climbed 22% to 71.6m. Total sales volumes increased 28% to 31,376m, supported by strong demand across all regions and a softer prior-year comparator.
The AIM-listed group highlighted robust growth in North America, where sales volumes surged 55% following the start-up of its JV with Eastman Chemical. Elsewhere, volumes rose 12% in the UK and Ireland, 24% in the rest of Europe, and 36% across other international markets. Sales of Accoya for Tricoya also grew by 25%.
Despite the upbeat volume figures, shares were down on the relatively muted top-line growth at the group level and the lack of updated guidance ahead of the firm's interim results in November.
As of 0930 BST, Accsys shares were down 3.07% at 67.86p.
Reporting by Iain Gilbert at Sharecast.com
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.