Accsys Technologies, which owns a process that hardens softwood, said third-quarter revenues from its core product rose 40 per cent against the same period last year, raising hopes that the lossmaking company was nearing a turnround.

Analysts expect Accsys to make a loss of €10.5m in the year ending March 30.

But management has urged investors to focus on the potential of its patented technology, which turns softwood into hardwood through a pickling process called acetylation.

Since joining the company three years ago Paul Clegg, chief executive, has expanded the business model to include selling its hardened wood through 34 distribution and supply agreements around the world, after its license agreements with two companies failed to generate revenues.

Accsys hopes this new strategy will convince timber manufacturers that its technology is economically viable.

The shares closed up 3 per cent to €0.17 on Friday.

Get alerts on Accsys Technologies PLC when a new story is published

Copyright The Financial Times Limited 2019. All rights reserved.
Reuse this content (opens in new window)

Follow the topics in this article