Research on Accsys Technologies PLC (AXS:LON) from Progressive Equity Research
Ahead of Friday’s AGM, Accsys Technologies has released a trading update confirming FY27E underlying group EBITDA will be ‘broadly in line with market expectations’, on lower revenue but improved margins. However, it guides that destocking by distributors, especially in its US JV, prompted by fears over inflation from the Middle East conflict, means that adjusted EBITDA, which proportionately includes the JV contribution, will be lower than expected. We have reduced our estimates for FY27E and FY28E, but maintain them for the rest of the period, in the expectation that the pioneering timber product group’s strong growth trajectory will recover.
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