Accsys Technologies PLC on Tuesday said it is confident it will deliver sales growth and execute on its strategic priorities, as its annual loss widened.
The London-based wood building products manufacturer said pretax loss widened to €20.8 million in the financial year ended March 31, from €17.1 million a year prior.
Revenue climbed up 0.3% to €136.6 million from €136.2 million.
Chief Executive Officer Jelena Arsic van Os said: ‘Accsys has delivered a year of strong execution and strategic progress; the business is now at an important inflection point. We achieved a significant step-change in profitability, successfully completed the launch of Accoya USA, and positioned the business for disciplined, high-return growth.’
Notably, share of net loss from joint venture increased to €11.9 million from €4.1 million.
Looking ahead, the company said it is confident in continuing to deliver sales growth and execute on its strategic priorities ahead, in line with its own expectations.
‘Having successfully expanded our geographic footprint, the group’s focus is on accelerating sales and capacity utilisation, further driving profitability improvements,’ it added.
Accsys shares rose 8.2% to 62.76 pence each on Tuesday morning in London.
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