The London-based company, which recently posted a €14.4m after tax loss, also said it had a healthy cash balance of €23.1m as at June 30.

Accsys CEO Paul Clegg said the company had made excellent progress during the quarter, including the signing of an agreement with a Latin American board manufacturer for the production and sale of Tricoya modified panels.

Other agreements include a licence deal with Solvay-Rhodia and, more recently, a heads-of-terms agreement with INEOS Industries for a joint venture to exploit the Tricoya technology for use within MDF, particleboard and wood-plastic composites.