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Chemistry and technology company Accsys swung to profit in the first half of the year as higher margins offset a slip in revenue.
For the six months ended 30 September 2020, the company reported a pre-tax profit of €1 million, compared with a loss of €1.6 million year-on-year, while revenue fell 3% to €42.9 million.
Underlying gross margin improved to 33% from 29% last year driven by higher average selling prices.
'Sales of our sustainable, high-performance Accoya and Tricoya wood products bounced back rapidly as the initial disruptions from lockdown measures eased, and as we adapted to better manage these challenges,' the company said.
'Looking ahead, Looking at our profitability, following our tight control and temporary reductions in costs in H1 FY21 around COVID-19, we expect our cost base to increase marginally in H2 FY21 as we resume some initiatives and spending to support growth,' it added.
At 8:32am: (LON:AXS) Accsys Technologies PLC share price was 0p at 92.4p