Accsys Technologies PLC

Reported group revenue increased 5% to EUR 76.1 million; like-for-like revenue increased 23% year over year. Total sales volumes increased 22% to 38,618 cubic meters, while group sales volumes were 30,575 cubic meters, up 1% reported and 15% excluding pre-JV North America sales. Gross profit was EUR 23.2 million, with gross margin at 30.5% (described as above target and, on a like-for-like basis, up 110 basis points). Underlying EBITDA increased 29% to EUR 10.7 million; adjusted EBITDA increased 160% to EUR 10.4 million, with margin at 11.6%. The Accoya USA JV was close to breakeven, with Accsys equity-accounted EBITDA loss of EUR 0.3 million versus EUR 4.3 million last year. Net debt was EUR 39.8 million, down EUR 2.8 million since 31 March 2025, and leverage improved to 2.1x from 2.5x. Operating cash flow was EUR 8 million and cash conversion was 75%. Capex was EUR 2.9 million. Management said the JV should be EBITDA positive for the full year and confirmed no more than EUR 4 million of equity injections are expected, tied to growth working capital.

Jelena Arsic van Os framed the half as evidence that the FOCUS strategy is working, emphasizing that Accsys is growing faster than underlying markets and gaining share. She highlighted the stronger North American launch, broader distributor expansion, and continued investment in capacity, commercial headcount, and product availability. Her tone was confident and constructive, repeatedly noting that the business is more derisked, more efficient, and better funded than a year ago.

Sameet Vohra focused on the bridge from volume growth to profitability: gross margin of 30.5%, underlying EBITDA of EUR 10.7 million, and adjusted EBITDA of EUR 10.4 million, with operating costs tightly controlled. He pointed to EUR 2.3 million of transformation benefits retained, EUR 4.2 million of working capital build mainly for inventory, EUR 2.9 million of capex, and EUR 2.3 million of interest paid and accrued. He also said the company completed a new EUR 55 million facility with ABN AMRO and HSBC on improved terms, improving flexibility and reducing risk.

Analysts focused mainly on North America, asking how much further distributor expansion is needed, how much of the JV funding might change, and when more capacity would be needed. Management said the U.S. distributor base is already broad enough for now, that existing partners are driving most of the growth, and that they want to let the newer distributors prove themselves before adding many more. On the JV funding question, management said capital injections would be for working capital tied to growth and should not exceed the EUR 4 million already modeled; on tariffs, they said they have largely responded through price increases and do not currently see a major issue at the 10% level.