Accrol's trading update ahead of half year results detail that volume growth continued during the period, margins returned to pre-pandemic levels, quicker than forecast; CEO credits performance to strong relationship with retailers, robust supply model

Sample article from our Tissue & Hygiene

December 13, 2023 (press release) –

Accrol (AIM: ACRL), the UK's leading independent tissue converter, announces the following trading update ahead of its Half Year Results for the six months ended 31 October 2023 ("H1 FY24" or the "Period"), which are scheduled to be released in late January 2024.


The Board is pleased to report that the Group performed strongly in H1 FY24:


·     Volume growth continued throughout the Period;


·     Margins returned to pre-pandemic levels, quicker than forecast, with the Board now expecting Adjusted EBITDA1 for FY24 of at least £21m;


·     Adjusted net debt2 at 31 October 2023 was £25.5m (H1 FY23 £30.5m), as a result of strong cash generation, driven by the operational efficiencies of the business. The Board now anticipates that adjusted net debt will be close to 1x EBITDA by the full year end.


The Group continues to demonstrate its strong market position, building on its strong customer base and market-leading products, and is well positioned to deliver further growth.


Gareth Jenkins, Chief Executive Officer of Accrol, said:


"We are clearly very pleased with this performance. We continue to deliver by having great quality and value products which meet every consumer's budget. Our strong relationship with the retailers and our robust supply model are ensuring we can continue to deliver a strong set of results in a changing market environment."



Adjusted EBITDA is defined as profit before finance costs, tax, depreciation, amortisation, separately disclosed items and share based payments


Adjusted net debt excludes operating type leases recognised on the balance sheet in accordance with IFRS 16


Market expectations as at 21 November 2023 for FY24 (Shore Capital & Zeus): revenue of £205m, adjusted EBITDA of £20.5m, adjusted profit before tax of £10.8m and net debt of £20.1m.


For further information, please contact:




Accrol Group Holdings plc


Dan Wright, Executive Chairman

Via Belvedere Communications

Gareth Jenkins, Chief Executive Officer


Chris Welsh, Chief Financial Officer




Zeus (Nominated Adviser & Broker) 


Dan Bate / Jordan Warburton

Tel: +44 (0) 161 831 1512

Dominic King

Tel: +44 (0) 203 829 5000



Shore Capital Stockbrokers (Joint Broker)

Tel: +44 (0) 20 7408 4090

Malachy McEntyre/ Mark Percy / James Thomas / Isobel Jones





Belvedere Communications Limited


Cat Valentine

Tel: +44 (0) 7715 769 078

Keeley Clarke

Tel: +44 (0) 7967 816 525


Overview of Accrol


Accrol Group Holdings plc is a leading tissue converter and supplier of toilet tissues, kitchen rolls, facial tissues, and wet wipes to many of the UK's leading discounters and grocery retailers across the UK. The Group now operates from five manufacturing sites suppling the UK tissue wet wipes market valued at c£2.7bn at retail sales value.


For more information, please visit


Link for Accrol Today video:


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