Highlights
? Strong performance, in line with market expectations;
? Highly encouraging trend of revenue growth, with increases across all key global territories; total revenue increased 74% compared to the corresponding period last year, and by 62% compared to the preceding six month period;
? Revenue from the sale of Accoya® increased by 80% to €13.9m in the first half of the year compared to the corresponding period last year;
? Group level gross operating margin increased to 22% (Year to 31 March 2013: 18%) as a result of economies of scale benefits and sales price increases;
? Arnhem plant is now profitable, recording a positive EBITDA of €0.9m (2012: loss of €0.5m) as a result of record production levels; gross manufacturing profit margin increased from 15% to 19%;
? 56% reduction in cash out-flow from operating activities (before changes in working capital) to €1.7m (2012: €3.9m);
? Strong balance sheet maintained with cash balance of €16.9m at 30 September 2013;
? Continued close working relationship with Solvay ahead of their formal approval of the Accoya® wood licence agreement which is expected by the end of this year;
? Tricoya Technologies Ltd, our JV with Ineos formed in order to exploit Tricoya® wood elements globally, entered into a joint development, production and distribution licence agreement in July with Medite, to build and run a Tricoya plant with an initial capacity of 30,000 metric tonnes with exclusive rights to sell in UK, Ireland and the Netherlands;
? Total of 50 distribution or agency agreements now in place, an increase of eight since 31 March 2013, covering most of Europe, Australia, Canada, Chile, India, Israel, Morocco, North America, New Zealand and parts of East and South East Asia; and
? TRADA extended the service life of Accoya® windows to at least 70 years, demonstrating Accoya performs significantly better than even the most durable hardwood timbers.
als ze dit jaar weer zo'n verbetering laten zien, dan komt het allemaal goed