2026 | 2025 | ||||||
| Exceptional | Exceptional | ||||||
| Underlying | items * | Total | Underlying | items * | Total | ||
| Note | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Accoya wood revenue | |||||||
Tricoya panel revenue | |||||||
Royalties and licence revenue ** | |||||||
Other revenue | |||||||
Total revenue | 3 | ||||||
Cost of sales | ( | ( | ( | ( | |||
Gross profit | |||||||
Other operating costs | 4 | ( | ( | ( | ( | ( | |
Operating profit/(loss) | 8 | ( | ( | ||||
Finance income | 9 | ||||||
Finance expense | 10 | ( | ( | ( | ( | ||
Share of net loss from joint venture | 25 | ( | ( | ( | ( | ||
Loss before taxation | ( | ( | ( | ( | ( | ||
Tax credit/(expense) | 11 | ( | ( | ||||
Profit/(loss) from continuing operations | ( | ( | ( | ||||
| Items that may be reclassified to profit or loss | |||||||
Loss arising on translation of foreign operations | ( | ( | ( | ( | |||
Gain arising on foreign currency cash flow hedges | |||||||
Total other comprehensive gain/(loss) | ( | ( | |||||
Total comprehensive profit/(loss) for the year | ( | ( | ( | ||||
| Total comprehensive profit/(loss) for the year is attributable to: | |||||||
Owners of Accsys Technologies PLC | ( | ( | ( | ||||
Total comprehensive profit/(loss) for the year | ( | ( | ( | ||||
Basic earnings/(loss) per Ordinary share (cents) | 12 | ( | ( | ||||
Diluted earnings per Ordinary share (cents) | 12 |
| 2026 | 2025 | ||
| Note | €’000 | €’000 | |
| Non-current assets | |||
Intangible assets | 14 | ||
Investment in joint venture | 25 | ||
Property, plant and equipment | 15 | ||
Right of use assets | 16 | ||
Deferred tax asset | 11 | ||
Financial asset at fair value through profit or loss | 17 | ||
| Current assets | |||
Inventories | 20 | ||
Trade and other receivables | 21 | ||
Cash and cash equivalents | 26 | ||
| Current liabilities | |||
Trade and other payables | 22 | ( | ( |
Obligations under lease liabilities | 16 | ( | ( |
Short term borrowings | 26 | ( | ( |
Corporation tax payable | ( | ( | |
( | ( | ||
Net current assets | |||
| Non-current liabilities | |||
Obligations under lease liabilities | 16 | ( | ( |
Other long term borrowings | 26 | ( | ( |
Financial guarantee | 28 | ||
( | ( | ||
Net assets |
| 2026 | 2025 | ||
| Note | €’000 | €’000 | |
| Equity | |||
Share capital | 23 | ||
Share premium account | |||
Other reserves | 24 | ||
Accumulated loss | ( | ( | |
Own shares | ( | ( | |
Foreign currency translation reserve | |||
Equity attributable to owners of Accsys Technologies PLC | |||
Total equity |
| Total equity | |||||||
| attributable to equity | |||||||
| Share capital | Share | Other | Own | Foreign currency | Accumulated | shareholders of the | |
| Ordinary | premium account | reserves | Shares | translation reserve | Loss | Company | |
| €000 | €000 | €000 | €000 | €000 | €000 | €000 | |
Balance at 1 April 2024 | ( | ( | |||||
Loss for the year | ( | ( | |||||
Other comprehensive gain/(loss) for the year | ( | ( | |||||
Share based payments | |||||||
Shares issued | ( | ||||||
Premium on shares issued | ( | ||||||
Share issue costs | |||||||
Foreign exchange hedge movement | ( | ( | |||||
Balance at 31 March 2025 | ( | ( | |||||
Profit for the year | |||||||
Other comprehensive gain/(loss) for the year | ( | ||||||
Share based payments | |||||||
Shares issued | ( | ||||||
Premium on shares issued | ( | ||||||
Share issue costs | |||||||
Balance at 31 March 2026 | ( | ( |
| 2026 | 2025 | ||
| Note | €’000 | €’000 | |
Loss before taxation | ( | ( | |
| Adjustments for: | |||
Amortisation of intangible assets | 8 | ||
Depreciation of property, plant and equipment, and right of use assets | 8 | ||
Loss from liquidation of Tricoya UK Ltd | 5 | ||
Net finance expense | 9/10 | ||
Equity-settled share-based payment expenses | 13 | ||
Accsys portion of Licence fee received from joint venture | 25 | ||
Share of net loss of joint venture | 25 | ||
Currency translation (gain)/loss | ( | ||
Cash inflows from operating activities before changes in working capital | |||
(Increase) in trade and other receivables | 21 | ( | ( |
(Increase) in inventories | 20 | ( | ( |
Increase/(decrease) in trade and other payables | 22 | ( | |
Net cash generated from operating activities before tax | |||
Tax received/(paid) | 11 | ( | |
Net cash generated from operating activities | |||
| Cash flows from investing activities | |||
Proceeds from disposal of property, plant and equipment | |||
Investment in property, plant and equipment | 15 | ( | ( |
Cash disposed of from liquidation of Tricoya UK Ltd | ( | ||
Investment in intangible assets | 14 | ( | ( |
Investment in joint venture | 25 | ( | ( |
Net cash used in investing activities | ( | ( |
| 2026 | 2025 | ||
| Note | €’000 | €’000 | |
| Cash flows from financing activities | |||
Proceeds from loans | |||
Other finance costs | ( | ( | |
Interest paid | ( | ( | |
Interest received | |||
Repayment of lease liabilities | 16 | ( | ( |
Repayment of loans/rolled up interest | ( | ||
Proceeds from issue of share capital and share schemes | |||
Share issue costs | ( | ||
Net cash used in financing activities | ( | ( | |
Net increase/(decrease) in cash and cash equivalents | ( | ||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |
Opening cash and cash equivalents | |||
Closing cash and cash equivalents |
| Accoya Segment | ||||||
2026 | 2025 | |||||
| Exceptional | Exceptional | |||||
| Underlying | items | TOTAL | Underlying | items | TOTAL | |
| €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Accoya wood revenue | 138,947 | – | 138,947 | 124,047 | – | 124,047 |
Tricoya panel revenue | 3,447 | – | 3,447 | 3,698 | – | 3,698 |
| Royalties and licence | ||||||
revenue * | 3,981 | – | 3,981 | 1,372 | – | 1,372 |
Other revenue | 6,901 | – | 6,901 | 7,515 | – | 7,515 |
Total Revenue | 153,276 | – | 153,276 | 136,632 | – | 136,632 |
Cost of sales | (105,909) | – | (105,909) | (95,205) | – | (95,205) |
Gross profit | 47,367 | – | 47,367 | 41,427 | – | 41,427 |
Other operating costs | (31,481) | 1,300 | (30,181) | (30,084) | (12,030) | (42,114) |
Operating profit/(loss) | 15,886 | 1,300 | 17,186 | 11,343 | (12,030) | (687) |
Operating profit/(loss) | 15,886 | 1,300 | 17,186 | 11,343 | (12,030) | (687) |
Depreciation and amortisation | 8,826 | – | 8,826 | 9,219 | – | 9,219 |
Profit on disposal of assets | – | – | – | – | (12) | (12) |
Impairment | – | – | – | – | 18,320 | 18,320 |
Gain on disposal of investment | – | – | – | – | (10,382) | (10,382) |
EBITDA | 24,712 | 1,300 | 26,012 | 20,562 | (4,104) | 16,458 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Operating profit | 15,886 | 11,343 |
Share of Accoya USA EBIT | (4,953) | (9,621) |
Adjusted EBIT | 10,933 | 1,722 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Underlying EBITDA | 24,712 | 20,562 |
Share of Accoya USA EBITDA | 90 | (6,045) |
Adjusted EBITDA | 24,802 | 14,517 |
| Corporate Segment | ||||||
2026 | 2025 | |||||
| Exceptional | Exceptional | |||||
| Underlying | items | TOTAL | Underlying | items | TOTAL | |
| €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Accoya wood revenue | – | – | – | – | – | – |
Tricoya panel revenue | – | – | – | – | – | – |
| Royalties and licence | ||||||
revenue | – | – | – | – | – | – |
Other revenue | – | – | – | – | – | – |
Total Revenue | – | – | – | – | – | – |
Cost of sales | – | – | – | – | – | – |
Gross result | – | – | – | – | – | – |
Other operating costs | (3,597) | – | (3,597) | (3,694) | – | (3,694) |
Operating profit/(loss) | (3,597) | – | (3,597) | (3,694) | – | (3,694) |
Operating profit/(loss) | (3,597) | – | (3,597) | (3,694) | – | (3,694) |
Depreciation and amortisation | – | – | – | – | – | – |
EBITDA | (3,597) | – | (3,597) | (3,694) | – | (3,694) |
| Total | ||||||
2026 | 2025 | |||||
| Exceptional | Exceptional | |||||
| Underlying | items | TOTAL | Underlying | items | TOTAL | |
| €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Accoya wood revenue | 138,947 | – | 138,947 | 124,047 | – | 124,047 |
Tricoya panel revenue | 3,447 | – | 3,447 | 3,698 | – | 3,698 |
| Royalties and licence | ||||||
revenue | 3,981 | – | 3,981 | 1,372 | – | 1,372 |
Other revenue | 6,901 | – | 6,901 | 7,515 | – | 7,515 |
Total Revenue | 153,276 | – | 153,276 | 136,632 | – | 136,632 |
Cost of sales | (105,909) | – | (105,909) | (95,205) | – | (95,205) |
Gross profit | 47,367 | – | 47,367 | 41,427 | – | 41,427 |
Other operating costs | (35,077) | 1,300 | (33,777) | (33,778) | (12,030) | (45,808) |
Operating profit/(loss) | 12,290 | 1,300 | 13,590 | 7,649 | (12,030) | (4,381) |
Finance income | 69 | – | 69 | 304 | – | 304 |
Finance expense | (6,509) | – | (6,509) | (5,960) | 1,102 | (4,858) |
Share of net loss from joint venture | (7,720) | – | (7,720) | (11,871) | – | (11,871) |
Loss before taxation | (1,870) | 1,300 | (570) | (9,878) | (10,928) | (20,806) |
2026 | 2025 | |||||
| Exceptional | Exceptional | |||||
| items | TOTAL | items | TOTAL | |||
| €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Operating profit/(loss) | 12,290 | 1,300 | 13,590 | 7,649 | (12,030) | (4,381) |
Depreciation and amortisation | 8,826 | – | 8,826 | 9,219 | – | 9,219 |
Profit on disposal of assets | – | – | – | – | (12) | (12) |
Impairment | – | – | – | – | 18,320 | 18,320 |
Gain on disposal of investment | – | – | – | – | (10,382) | (10,382) |
EBITDA | 21,116 | 1,300 | 22,416 | 16,868 | (4,104) | 12,764 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Operating profit | 12,290 | 7,649 |
Share of Accoya USA EBIT | (4,953) | (9,621) |
Adjusted EBIT | 7,337 | (1,972) |
| 2026 | 2025 | |
| €’000 | €’000 | |
Underlying EBITDA | 21,116 | 16,868 |
Share of Accoya USA EBITDA | 90 | (6,045) |
Adjusted EBITDA | 21,206 | 10,823 |
| 2026 | 2025 | |
| €’000 | €’000 | |
UK and Ireland | 58,085 | 54,103 |
Rest of Europe | 63,030 | 51,276 |
Americas | 16,802 | 15,921 |
Rest of World | 15,359 | 15,332 |
153,276 | 136,632 |
| Accoya | Corporate | TOTAL | Accoya | Corporate | TOTAL | |
| 2026 | 2026 | 2026 | 2025 | 2025 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Non-current assets | 108,375 | 1,766 | 110,141 | 115,505 | 1,661 | 117,166 |
Current assets | 77,329 | 6,573 | 83,902 | 52,142 | 11,645 | 63,787 |
Current liabilities | (8,023) | (29,315) | (37,338) | (20,455) | (9,779) | (30,234) |
Net current assets | 69,306 | (22,742) | 46,564 | 31,687 | 1,866 | 33,553 |
Non-current liabilities | (2,066) | (49,492) | (51,558) | (2,663) | (50,734) | (53,397) |
Net assets/(liabilities) | 175,615 | (70,468) | 105,147 | 144,529 | (47,207) | 97,322 |
| 2026 | 2025 | |
| €’000 | €’000 | |
UK | 4,002 | 4,169 |
USA | 28,358 | 33,854 |
Mainland Europe | 73,550 | 74,912 |
Un-allocated – Goodwill | 4,231 | 4,231 |
110,141 | 117,166 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Sales and marketing | 5,640 | 4,805 |
Research and development | 1,227 | 1,190 |
Other operating costs | 3,217 | 4,392 |
Administration costs | 16,167 | 14,172 |
Exceptional items * | (1,300) | 4,092 |
Other operating costs excluding depreciation, amortisation, impairment and gains on disposals | 24,951 | 28,651 |
Depreciation and amortisation | 8,826 | 9,219 |
Impairment loss – exceptional items * | – | 18,320 |
Gain on disposal of investment * | – | (10,382) |
Total other operating costs | 33,777 | 45,808 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Impairment of the Tricoya segment assets | – | (18,320) |
Hull closure costs | 1,300 | (4,092) |
Gain on disposal of investment | – | 10,382 |
Total exceptional operating cost | 1,300 | (12,030) |
Revaluation/recognition of Valuation Recovery Instrument ‘VRI’ liability | – | 1,102 |
Total exceptional financing costs | – | 1,102 |
Total exceptional items | 1,300 | (10,928) |
| 2026 | 2025 | |
| €’000 | €’000 | |
| Staff costs (including Directors) consist of: | ||
Wages and salaries | 18,691 | 15,402 |
Social security costs | 2,753 | 2,407 |
Other pension costs | 1,378 | 1,101 |
Share based payments | 720 | 1,734 |
23,542 | 20,644 |
2026 | 2025 | |
Sales and marketing, administration, research and engineering | 133 | 120 |
Operating | 102 | 95 |
235 | 215 |
| 2026 | 2025 | |
| €’000 | €’000 | |
| Directors’ remuneration consists of: | ||
Directors’ emoluments | 1,750 | 1,867 |
Company contributions to money purchase pension schemes | 61 | 57 |
1,811 | 1,924 |
| 2026 | ||||||||
| Salary, | 2026 | 2025 | 2025 | |||||
| bonus | Share | Salary, | Share | |||||
| and short | based | and short | based | |||||
| term | 2026 | payments | 2026 | term | 2025 | payments | 2025 | |
| benefits | Pension | charge | Total | benefits | Pension | charge | Total | |
| €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Jelena Arsic van Os | 866 | 36 | 180 | 1,082 | 916 | 37 | 129 | 1,082 |
Steven Salo | – | – | – | – | 196 | 3 | 22 | 221 |
Sameet Vohra | 554 | 25 | 71 | 650 | 309 | 13 | 44 | 366 |
Hans Pauli | – | – | – | – | 130 | 4 | 4 | 138 |
1,420 | 61 | 251 | 1,732 | 1, 551 | 57 | 199 | 1,807 |
| 2026 | 2025 | ||
| €’000 | €’000 | ||
| This has been arrived at after charging/(crediting): | |||
Staff costs (note 6) | 23,542 | 20,644 | |
Depreciation of property, plant and equipment, and right of use assets | 8,131 | 8,171 | |
Impairment | – | 18,320 | |
Amortisation of intangible assets | 695 | 1,048 | |
Short term lease rentals | 155 | 91 | |
Foreign exchange (gain)/losses | (48) | 129 | |
Research & development (excluding staff costs) | 458 | 452 | |
| Fees payable to the Company’s auditors for the audit of the Group’s annual | |||
financial statements | 272 | 295 | |
| Fees payable to the Company’s auditors for other services: | |||
• | audit of the Company’s subsidiaries pursuant to legislation | 85 | 104 |
• | other assurance services | 109 | 53 |
Fees payable to Component auditors for audit of subsidiaries | 209 | 201 | |
Fees payable to Component auditors for audit of joint venture | 111 | 134 | |
Total audit and audit related services: | 786 | 787 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Interest receivable on bank and other deposits | 69 | 304 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Interest on loans | 5,180 | 4,667 |
Interest on lease liabilities | 173 | 356 |
Other finance expenses | 618 | 937 |
Total finance expenses | 5,971 | 5,960 |
Fair value loss on revaluation of embedded derivative | 538 | – |
Total underlying finance expenses | 6,509 | 5,960 |
| Exceptional items | ||
Revaluation/recognition of Valuation Recovery Instrument ‘VRI’ | – | (1,102) |
Total Finance expense | 6,509 | 4,858 |
| 2026 | 2025 | |
| €’000 | €’000 | |
(a) Tax recognised in the statement of comprehensive income comprises: | ||
| Current tax charge | ||
UK Corporation tax on profit for the year | (6,612) | 653 |
(6,612) | 653 | |
Overseas tax at rate of 15% | 6 | 8 |
Overseas tax at rate of 25.8% | 1,456 | 1,383 |
| Deferred Tax | ||
Original and reversal of temporary differences | (1,896) | – |
Total tax (credit)/charge reported in the statement of comprehensive income | (7,046) | 2,044 |
| 2026 | 2025 | |
| €’000 | €’000 | |
| (b) The standard rate of corporation tax applied to the UK reported | ||
profit is 25%. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. The tax charge for the period is higher than the standard rate of corporation tax in the UK (2026: 25%, 2025: 25%) due to: | ||
Loss before tax | (570) | (20,806) |
Expected tax credit at 25% (2025: 25%) | (142) | (5,201) |
Expenses not deductible in determining taxable profit | 467 | 699 |
ECL impairment (not deductible for tax purposes) | – | 7,295 |
Irrecoverable losses due to deconsolidation | – | 1,035 |
Tricoya segment assets impairment | – | 878 |
Income not taxable from gain on investment disposal | – | (2,595) |
| Tax (income)/losses for which no deferred income tax asset was (utilised)/ | ||
recognised | (9,445) | (1,197) |
Corporate interest restriction | – | 481 |
Adjustments in relation to prior periods | 2,068 | 641 |
Effects of overseas taxation | 6 | 8 |
Total tax (credit)/charge reported in the statement of comprehensive income | (7,046) | 2,044 |
Deferred tax assets | Deferred tax liabilities | |||
€ ‘000 | 2026 | 2025 | 2026 | 2025 |
At 1 April | 411 | 509 | (411) | (509) |
| Credited/(charged) to the consolidated | ||||
income statement | 1,815 | (98) | 81 | 98 |
At 31 March | 2,226 | 411 | (330) | (411) |
| 2026 | 2026 | 2025 | 2025 | |
| Underlying | Total | Underlying | Total | |
| Basic earnings per share | ||||
| Weighted average number of Ordinary shares | ||||
in issue (‘000) | 242,304 | 242,304 | 240,086 | 240,086 |
| Profit/(loss) for the year attributable to owners | ||||
of Accsys Technologies PLC (€’000) | 5,176 | 6,476 | (11,922) | (22,850) |
Basic earnings/(loss) per share (cents) | 2.14 | 2.67 | (4.97) | (9.52) |
| Diluted earnings per share | ||||
| Weighted average number of Ordinary shares | ||||
in issue (‘000) | 242,304 | 242,304 | – | – |
| Number of equity options attributable to BGF | ||||
(see note 27) | 8,449 | 8,449 | – | – * |
Number of LTIP options expected to vest (see note 13) | 2,727 | 2,727 | – | – * |
| Number of equity options attributable to convertible | ||||
loan note issued (see note 26) | – | – | – | – |
| Weighted average number of Ordinary shares | ||||
in issue and potential Ordinary shares (‘000) | 253,480 | 253,480 | – | – |
| Profit for the year attributable to owners of Accsys | ||||
Technologies PLC (€’000) | 5,176 | 6,476 | – | – |
Diluted earnings/(loss) per share (cents) | 2.04 | 2.55 | – | – * |
| Number of outstanding | Weighted average remaining | |||
| options at 31 March | contractual life, in years | |||
Date of grant | 2026 | 2025 | 2026 | 2025 |
24 June 2016 (LTIP) | 93,188 | 93,188 | 0.3 | 1.3 |
20 June 2017 (LTIP) | 72,999 | 72,999 | 1.3 | 2.3 |
18 June 2018 (LTIP) | 45,154 | 45,154 | 2.3 | 3.3 |
23 June 2021 (LTIP) | 42,914 | 42,914 | 5.3 | 6.3 |
12 July 2022 (LTIP) 1 | 56,868 | 180,530 | 6.3 | 7.3 |
28 July 2023 (LTIP) | 701,827 | 776,192 | 7.3 | 8.3 |
18 July 2024 (LTIP) | 1,265,716 | 1,265,716 | 8.3 | 9.3 |
27 November 2024 (LTIP) | 401,516 | 401,516 | 8.3 | 9.3 |
27 June 2025 (LTIP) | 3,055,073 | – | 9.3 | – |
Total | 5,735,255 | 2,878,209 | 8.3 | 8.3 |
| Weighted | ||
| average | ||
exercise price | Number | |
Outstanding at 1 April 2023 | €0.00 | 2,574,403 |
Granted during the year | €0.00 | 1,438,216 |
Forfeited during the year | €0.00 | (1,134,898) |
Exercised during the year | €0.00 | (568,109) |
Expired during the year | €0.00 | – |
Outstanding at 31 March 2024 | €0.00 | 2,309,612 |
Granted during the year | €0.00 | 1,963,768 |
Forfeited during the year | €0.00 | (1,257,161) |
Exercised during the year | €0.00 | (80,816) |
Expired during the year | €0.00 | – |
Outstanding at 31 March 2025 | €0.00 | 2,935,403 |
Granted during the year | €0.00 | 3,055,073 |
Forfeited during the year | €0.00 | (123,664) |
Exercised during the year | €0.00 | (131,557) |
Expired during the year | €0.00 | – |
Outstanding at 31 March 2026 | €0.00 | 5,735,255 |
| Weighting | ||||
| Metric | (% of award) | Threshold | Maximum | |
Vesting (% of maximum) | 25% | 100% | ||
| Cumulative Sales Volume | 25% | 206,000 | 232,000 | |
| (FY23 to FY25) (m | 3 ) | |||
Average Gross contribution (%) | 25% | 49.60% | 55% | |
Share performance compared to AIM Index | 40% | Median | Upper quartile | |
| ESG – improvement in reporting | 10% | 15% improvement in | 20% improvement in | |
| ratings | S&P ESG score over the | S&P ESG score over the | ||
| three-year period | three-year period |
| Element A | Element B | Element C | Element D | |
| (Sales volume | (Gross | (Share price | (ESG Reporting | |
| Element | growth) | Contribution %) | growth) | Metrics) |
Grant date | 12 Jul 22 | 12 Jul 22 | 12 Jul 22 | 12 Jul 22 |
Share price at grant date (€) | 1.21 | 1.21 | 1.21 | 1.21 |
Exercise price (€) | 0.00 | 0.00 | 0.00 | 0.00 |
Expected life (years) | 3 | 3 | 3 | 3 |
Contractual life (years) | 10 | 10 | 10 | 10 |
| Vesting conditions | Sales volume | Gross | Share price | ESG reporting |
| (Details set out above) | Contribution % | metrics | ||
Risk free rate | 0.45% | 0.45% | 0.45% | 0.45% |
Expected volatility | 20% | 20% | 20% | 20% |
Expected dividend yield | 0% | 0% | 0% | 0% |
Fair value of option | € 1.21 | € 1.21 | € 0.90 | € 1.21 |
| Weighting | |||
| Metric | (% of award) | Threshold | Maximum |
Vesting (% of maximum) | 25% | 100% | |
| Cumulative Sales Revenue | 45% | €500m | €600m |
| (FY24 to FY26) (€) | |||
Underlying EBITDA per share (€) | 45% | 0.18 | 0.20 |
| ESG – improvement in reporting | 10% | 6% improvement in | 9% improvement in |
| ratings | S&P ESG score over the | S&P ESG score over the | |
| three-year period | three-year period |
| Element A | Element B | Element C | |
| (Cumulative | (Underlying | (ESG Reporting | |
| Element | sales revenue) | EBITDA per share) | Metrics) |
Grant date | 28 Jul 23 | 28 Jul 23 | 28 Jul 23 |
Share price at grant date (€) | 1.24 | 1.24 | 1.24 |
Exercise price (€) | 0.00 | 0.00 | 0.00 |
Expected life (years) | 3 | 3 | 3 |
Contractual life (years) | 10 | 10 | 10 |
| Vesting conditions | Sales revenue | EBITDA per share | ESG reporting metrics |
| (Details set out above) | |||
Risk free rate | 2.755% | 2.755% | 2.755% |
Expected volatility | 20% | 20% | 20% |
Expected dividend yield | 0% | 0% | 0% |
Fair value of option | € 1.24 | € 1.24 | € 1.24 |
| Weighting | |||
| Metric | (% of award) | Threshold | Maximum |
Vesting (% of maximum) | 25% | 100% | |
Share performance compared to AIM Index | 30% | Median | Top quartile |
EBITDA per share in FY27 | 40% | €0.07 | €0.13 |
Cumulative Cash generation | 30% | €0m cash inflow | €10m cash inflow |
| Element B | |||
| Element A | (Adjusted | Element C | |
| (Share price | EBITDA per | (Cumulative Cash | |
| Element | growth) | share) | generation) |
Grant date | 18 Jul 24 | 18 Jul 24 | 18 Jul 24 |
Share price at grant date (€) | 0.65 | 0.65 | 0.65 |
Exercise price (€) | 0.00 | 0.00 | 0.00 |
Expected life (years) | 3 | 3 | 3 |
Contractual life (years) | 10 | 10 | 10 |
Vesting conditions (Details set out above) | Share price | EBITDA | Cash |
Risk free rate | 2.53% | 2.53% | 2.53% |
Expected volatility | 20% | 20% | 20% |
Expected dividend yield | 0% | 0% | 0% |
Fair value of option | € 0.65 | € 0.65 | € 0.65 |
| Weighting | |||
| Metric | (% of award) | Threshold | Maximum |
Vesting (% of maximum) | 25% | 100% | |
Adjusted EPS | 30% | 2.7 cents | 3.6 cents |
FY28 Adjusted EBITDA | 30% | €34.0m | €54.4m |
Cumulative Free Cash Flow generation | 40% | €41.3m | €55.1m |
| Element A | Element B | Element C | |
| (Share price | (Adjusted EBITDA | (Cumulative Cash | |
| Element | growth) | per share) | generation) |
Grant date | 27 Jun 25 | 27 Jun 25 | 27 Jun 25 |
Share price at grant date (€) | 0.75 | 0.75 | 0.75 |
Exercise price (€) | 0.00 | 0.00 | 0.00 |
Expected life (years) | 3 | 3 | 3 |
Contractual life (years) | 10 | 10 | 10 |
Vesting conditions (Details set out above) | EPS | EBITDA | Cash |
Risk free rate | 3.76% | 3.76% | 3.76% |
Expected volatility | 30% | 30% | 30% |
Expected dividend yield | 0% | 0% | 0% |
Fair value of option | € 0.75 | € 0.75 | € 0.75 |
| Internal | Intellectual | ||||
| development | property | ||||
| costs | rights | Software | Goodwill | Total | |
| €’000 | €’000 | €’000 | €’000 | €’000 | |
| Cost | |||||
At 1 April 2024 | 7,749 | 75,707 | – | 4,231 | 87,687 |
Additions | – | 134 | – | – | 134 |
At 31 March 2025 | 7,749 | 75,841 | – | 4,231 | 87,821 |
Reclassification | – | – | 421 | – | 421 |
Additions | 206 | 225 | 437 | – | 868 |
At 31 March 2026 | 7,955 | 76,066 | 858 | 4,231 | 89,110 |
| Accumulated amortisation and impairment | |||||
At 1 April 2024 | 3,678 | 73,961 | – | – | 77,639 |
Amortisation | 375 | 673 | – | – | 1,048 |
Impairment loss | 2,438 | 538 | – | – | 2,976 |
At 31 March 2025 | 6,491 | 75,172 | – | – | 81,663 |
Reclassification | – | – | 317 | – | 317 |
Amortisation | 177 | 436 | 82 | – | 695 |
At 31 March 2026 | 6,668 | 75,608 | 399 | – | 82,275 |
| Net book value | |||||
At 31 March 2026 | 1,287 | 458 | 459 | 4,231 | 6,435 |
At 31 March 2025 | 1,258 | 669 | – | 4,231 | 6,158 |
At 31 March 2024 | 4,071 | 1,746 | – | 4,231 | 10,048 |
| Leased land | ||||
| and | Plant and | Office | ||
| buildings | machinery | equipment | Total | |
| €’000 | €’000 | €’000 | €’000 | |
| Cost or valuation | ||||
At 1 April 2024 | 17,976 | 206,931 | 4,579 | 229,486 |
Additions | – | 1,325 | 430 | 1,755 |
Disposals | – | (109,254) | (340) | (109,594) |
At 31 March 2025 | 17,976 | 99,002 | 4,669 | 121,647 |
Reclassification | – | – | (421) | (421) |
Additions | – | 4,143 | 641 | 4,784 |
Disposals | – | (339) | – | (339) |
At 31 March 2026 | 17,976 | 102,806 | 4,889 | 125,671 |
Accumulated depreciation and impairment | ||||
At 1 April 2024 | 2,069 | 131,070 | 2,873 | 136,012 |
Charge for the year | 379 | 6,203 | 351 | 6,933 |
Depreciation on disposals | – | (109,184) | (340) | (109,524) |
Foreign exchange hedge movement | – | 337 | – | 337 |
Foreign currency translation loss | – | – | 3 | 3 |
Impairment loss | – | 14,246 | 47 | 14,293 |
At 31 March 2025 | 2,448 | 42,672 | 2,934 | 48,054 |
Reclassification | – | – | (317) | (317) |
Charge for the year | 372 | 6,405 | 316 | 7,093 |
Foreign currency translation loss | – | – | (8) | (8) |
At 31 March 2026 | 2,820 | 49,077 | 2,925 | 54,822 |
| Net book value | ||||
At 31 March 2026 | 15,156 | 53,729 | 1,964 | 70,849 |
At 31 March 2025 | 15,528 | 56,330 | 1,735 | 73,593 |
At 31 March 2024 | 15,907 | 75,861 | 1,706 | 93,474 |
| Right-of-use assets | ||
| 2026 | 2025 | |
| €’000 | €’000 | |
| Right-of-use assets | ||
Properties | 1,848 | 2,424 |
Plant equipment | 781 | 1,137 |
2,629 | 3,561 |
| Present value of minimum | ||
| lease payments | ||
| 2026 | 2025 | |
| €’000 | €’000 | |
| Amounts payable under lease liabilities: | ||
Within one year | 1,014 | 1,126 |
In the second to fifth years inclusive | 1,976 | 2,892 |
After five years | 1,579 | 1,580 |
Less: future finance charges | (1,232) | (1,315) |
Present value of lease obligations | 3,337 | 4,283 |
| Minimum lease payments | ||
| 2026 | 2025 | |
| €’000 | €’000 | |
| Amounts payable under lease liabilities: | ||
Within one year | 831 | 961 |
In the second to fifth years inclusive | 1,101 | 1,799 |
After five years | 1,405 | 1.523 |
Present value of lease obligations | 3,337 | 4,283 |
| 2026 | 2025 | |
| €’000 | €’000 | |
| Depreciation charge of right-of-use assets | ||
Properties | 507 | 628 |
Plant equipment | 531 | 610 |
1,038 | 1,238 | |
Interest expense (included in finance cost) | 173 | 356 |
Expense relating to short-term leases (included in cost of goods sold and administrative expenses) | 26 | 44 |
Expense relating to leases of low-value assets that are not shown above as short-term leases (included in administrative expenses) | 129 | 47 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Shares held in Cleantech Building Materials PLC | – | – |
| 2026 | 2025 | |
| €’000 | €’000 | |
Raw materials and work in progress | 18,876 | 18,822 |
Finished goods | 17,202 | 11,941 |
36,078 | 30,763 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Trade receivables | 11,791 | 12,881 |
Amounts owed from joint venture | 13,410 | – |
Other receivables | 666 | 509 |
VAT receivable | 1,526 | 1,106 |
Prepayments and accrued income | 2,643 | 1,105 |
Financial instruments | 386 | – |
30,422 | 15,601 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Up to 30 days overdue | 1,226 | 974 |
Over 30 days and up to 60 days overdue | 369 | 25 |
Over 60 days and up to 90 days overdue | (3) | 13 |
Over 90 days overdue | 833 | 7 |
2,425 | 1,019 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Trade payables | 12,320 | 8,436 |
Amounts owed to joint venture | 6,944 | – |
Other taxes and social security payable | 621 | 614 |
Accruals and deferred income | 7,078 | 7,540 |
26,963 | 16,590 |
| 2026 | 2025 | ||
| €’000 | €’000 | ||
| Allotted – Equity share capital | |||
243,383,081 | Ordinary shares of €0.05 each (2025: 240,445,567 Ordinary | ||
shares of €0.05 each) | 12,169 | 12,022 | |
12,169 | 12,022 |
| Capital | Hedging | ||||
| redemption | Merger | Effectiveness | Other | Total Other | |
| reserve | reserve | reserve | reserve | reserves | |
| €’000 | €’000 | €’000 | €’000 | €’000 | |
Balance at 1 April 2024 | 148 | 106,707 | 337 | 7,551 | 114,743 |
| Foreign exchange hedge | |||||
movement | – | – | (337) | – | (337) |
Balance at 31 March 2025 | 148 | 106,707 | – | 7,551 | 114,406 |
| Foreign exchange hedge | |||||
movement | – | – | 386 | – | 386 |
Balance at 31 March 2026 | 148 | 106,707 | 386 | 7,551 | 114,792 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Opening balance | 33,854 | 31,685 |
Investment in Accoya USA | 3,032 | 14,490 |
Less: Accsys proportion (60%) of Licence fee received | (834) | (450) |
Share of loss for the year | (7,720) | (11,871) |
Closing balance | 28,332 | 33,854 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Net assets of Accoya USA (USD) | 56,971 | 65,003 |
60% of net assets of Accoya USA (Eur) | 29,769 | 36,024 |
Less: Accsys proportion (60%) of Licence fee received to date | (2,500) | (1,950) |
Less: Provision for unrealised profit | (445) | – |
Foreign exchange movements | 1,508 | (220) |
Closing balance | 28,332 | 33,854 |
| 2026 | 2025 | |
| Accoya USA statement of comprehensive income: | €’000 | €’000 |
Total revenue | 50,541 | 18,089 |
Cost of sales | (40,923) | (17,939) |
Gross profit | 9,618 | 150 |
Operating costs | (17,872) | (16,185) |
Operating loss | (8,254) | (16,035) |
Interest payable | (4,610) | (3,750) |
Loss before taxation | (12,864) | (19,785) |
Tax expense | – | – |
Total comprehensive loss for the financial year | (12,864) | (19,785) |
Accsys share (60%) of US JV EBITDA | 90 | (6,045) |
Accsys share (60%) of US JV EBIT | (4,953) | (9,621) |
Accsys share (60%) of US JV total loss before tax | (7,720) | (11,871) |
| 2026 | 2025 | |
| €’000 | €’000 | |
| Non-current assets | ||
Property, plant and equipment | 109,587 | 123,158 |
Intangible assets | 4,197 | 3,384 |
Right of use assets | 5,656 | 6,328 |
119,440 | 132,870 | |
| Current assets | ||
Inventories | 14,239 | 9,021 |
Trade and other receivables | 8,704 | 1,162 |
Cash and cash equivalents | 2,324 | 1,675 |
25,267 | 11,858 | |
| Current liabilities | ||
Trade and other payables | (18,748) | (2,879) |
Obligation under lease liabilities | (491) | (651) |
(19,239) | (3,530) | |
Net current assets | 6,028 | 8,328 |
| Non-current liabilities | ||
Obligation under lease liabilities | (5,548) | (5,909) |
Other long term borrowing | (70,305) | (75,249) |
(75,853) | (81,158) | |
Net assets | 49,615 | 60,040 |
Value attributable to Accsys Technologies | 29,769 | 36,024 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Cash flows from operating activities | (2,165) | (26,441) |
Cash flows from investing activities | (2,363) | (7,978) |
Cash flows from financing activities | 5,175 | 30,004 |
Net increase/(decrease) in cash and cash equivalents | 647 | (4,415) |
| 2026 | 2025 | |
| €’000 | €’000 | |
Sales made to the joint venture | 16,517 | 9,084 |
Purchases from the joint venture | 7,042 | 1,472 |
Amounts owed from the joint venture as at 31 March | 13,410 | – |
Amounts owed to the joint venture as at 31 March | 6,944 | – |
| 2026 | 2025 | |
| €’000 | €’000 | |
| Loan obligations | ||
Within one year | 6,936 | 5,625 |
In the second to fifth years inclusive | 49,052 | 50,075 |
Present value of loan obligations | 55,988 | 55,700 |
| Amounts payable under loan agreements – undiscounted cash flows: | ||
Within one year | 9,302 | 7,285 |
In the second to fifth years inclusive | 58,363 | 64,505 |
Less future finance charges | (11,677) | (16,090) |
Present value of loan obligations | 55,988 | 55,700 |
2026 | 2025 | |||||
| Convertible | Convertible | |||||
| loan note | loan note | |||||
| with | with | |||||
| Debt | embedded | Debt | embedded | |||
| facilities | derivative | Total | facilities | derivative | Total | |
| €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Loan balance | 29,656 | 25,181 | 54,837 | 32,479 | 22,608 | 55,087 |
| Fair value of embedded | ||||||
derivative | – | 1,151 | 1,151 | – | 613 | 613 |
Loan balance as at 31 March | 29,656 | 26,332 | 55,988 | 32,479 | 23,221 | 55,700 |
Metric | Value used 2026 | Value used 2025 | Input level |
Share price | €0.71 | €0.52 | Level 1 |
Volatility rate | 30.56% | 30.25% | Level 2 |
Interest rate | 9.5% per annum | 9.5% per annum | Level 2 |
Risk free rate | 2.2% per annum | 2.4% per annum | Level 2 |
Discount rate | 14.1% | 16.5% | Level 3 |
| 2026 | 2025 | |
| €’000 | €’000 | |
Cash and cash equivalents | 17,402 | 17,423 |
| Less: | ||
Amounts payable under loan agreements | (55,988) | (55,700) |
Amounts payable under lease liabilities (note 16) | (3,337) | (4,283) |
| Add: | ||
Fair value movement on revaluation of embedded derivative | 538 | – |
Net debt | (41,385) | (42,560) |
| 2026 | 2025 | |
| €’000 | €’000 | |
Net cash from operating activities | 15,805 | 10,720 |
Investment in property, plant and equipment and intangible assets | (5,579) | (1,889) |
Free cash flow | 10,226 | 8,831 |
Liabilities from financing activities | Other assets | ||||
| Borrowings | Leases | Sub-total | Cash | Total | |
| €’000 | €’000 | €’000 | €’000 | €’000 | |
Net debt as at 1 April 2024 | (60,204) | (4,338) | (64,542) | 27,427 | (37,115) |
Cash flows | 1,728 | 864 | 2,592 | (9,880) | (7,288) |
New leases | – | (1,532) | (1,532) | – | (1,532) |
Foreign exchange adjustments | – | (139) | (139) | (124) | (263) |
Disposal of loans | 7,055 | – | 7,055 | – | 7,055 |
Disposal of leases | – | 1,218 | 1,218 | – | 1,218 |
Other changes | (4,279) | (356) | (4,635) | – | (4,635) |
Net debt as at 31 March 2025 | (55,700) | (4,283) | (59,983) | 17,423 | (42,560) |
Cash flows | 5,087 | 1,382 | 6,469 | 15 | 6,484 |
New leases | – | (77) | (77) | – | (77) |
Foreign exchange adjustments | – | (135) | (135) | (36) | (171) |
Disposal of loans | – | – | – | – | – |
Disposal of leases | – | – | – | – | – |
Other changes | (5,375) | (224) | (5,599) | – | (5,599) |
Subtotal | (55,988) | (3337) | (59,325) | 17,402 | (41,923) |
| Fair value movement on embedded | |||||
derivative | 538 | – | 538 | – | 538 |
Net debt as at 31 March 2026 | (55,450) | (3,337) | (58,787) | 17,402 | (41,385) |
| At | At fair value | ||||
| Fair value | amortised | though profit | At fair value | ||
| 2026/€ ‘000 | hierarchy | cost | or loss | through OCI | Total |
| Financial assets | |||||
Trade and other receivables | 25,867 | – | – | 25,867 | |
Cash and cash equivalents | 17,402 | – | – | 17,402 | |
| Derivative financial | |||||
instruments measured at fair value through other comprehensive income | – | – | 386 | 386 | |
Total | 43,269 | – | 386 | 43,655 |
| At fair value | |||||
| Fair value | At amortised | though profit | At fair value | ||
| 2025/€ ‘000 | hierarchy | cost | or loss | through OCI | Total |
| Financial assets | |||||
Trade and other receivables | 13,390 | – | – | 13,390 | |
Cash and cash equivalents | 17,423 | – | – | 17,423 | |
Total | 30,813 | – | – | 30,813 |
| At fair value | |||||
| Fair value | At amortised | though profit | At fair value | ||
| 2026/€ ‘000 | hierarchy | cost | or loss | through OCI | Total |
| Financial liabilities | |||||
Borrowings – loans | (54,837) | (1,151) | – | (55,988) | |
Lease liabilities | (3,337) | – | – | (3,337) | |
Trade and other payables | (19,264) | – | – | (19,264) | |
Total | (77,438) | (1,151) | – | (78,589) |
| At fair value | |||||
| Fair value | At amortised | though profit | At fair value | ||
| 2025/€ ‘000 | hierarchy | cost | or loss | through OCI | Total |
| Financial liabilities | |||||
Borrowings – loans | (55,087) | (613) | – | (55,700) | |
Lease liabilities | (4,283) | – | – | (4,283) | |
Trade and other payables | (8,436) | – | – | (8,436) | |
Total | (67,806) | (613) | – | (68,419) |
| 2026 | 2025 | |
| €’000 | €’000 | |
Contracted but not provided for in respect of property, plant and equipment | – | – |