LONDON (ShareCast) - Annual sales were much higher than expectations at wood hardening group Accsys Technologies, the company confirmed in a pre-close update.

The AIM-listed outfit winched total revenue 78% higher to €33.5m, which helped lift its year-end cash 5.6% to €15.2m thanks also to better licence income and improvements in working capital.

There were 59 distributor and agency agreements in place for its main Accoya product, an increase from 50 at the half year stage, 42 in 2013 and 35 in 2012.

Chief Executive Paul Clegg, brother of the UK Deputy Prime Minister Nick, said the year had seen a "step change" in the scale of the business, although the company still remained at an early stage.

"The extensive efforts we have put into marketing and promoting our world leading products is now being borne out by our sales volume growth as our products gain wider market acceptance."

House broker Numis said its pre-tax loss estimate of €8.5m has been maintained but "could be prudent due to the strong top line - although we may have been slightly light as regards the growth in operating costs".

Shares in 11.56% to €0.23 by midday on Wednesday.

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