Accrol Group Holdings PLC Trading Update and Notice of Results (5999B)
June 10 2019 - 2:00AM
UK Regulatory
TIDMACRL
RNS Number : 5999B
Accrol Group Holdings PLC
10 June 2019
The information contained within this announcement is deemed by
the Group to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
10 June 2019
Accrol Group Holdings plc
("Accrol" or the "Group")
TRADING UPDATE AND NOTICE OF RESULTS
The Board of Accrol is pleased to announce the following trading
update ahead of its results for the full year ended 30 April 2019
("FY19"), which will be announced on 3 September 2019.
Following the conclusion of the restructuring, the Group
performed well in Q4 and in line with the management's strategic
turnaround objectives, achieving and maintaining acceptable levels
of monthly profitability on an Adjusted EBITDA level.
Total revenues in FY19 were c.GBP119 million, broadly unchanged
on a like for like basis against the prior year, as the Group
exited a number of low margin contracts. Sales in the Group's core
toilet roll product, however, increased by c.12% year on year to
c.GBP85 million from GBP76 million in FY18. Adjusted EBITDA was
c.GBP1 million, representing a c.GBP7 million improvement on the
prior year despite the substantial impact of FX and material cost
headwinds which increased by an estimated c.GBP10 million. Adjusted
loss before tax is expected to be in the range of GBP2.5 million to
GBP3.0 million. Exceptional costs, primarily associated with the
turnaround process, are expected to be in the range of GBP7.5
million to GBP8.0 million. Net debt was reduced faster than
anticipated, finishing the year at c.GBP27.1 million, c.GBP2.5
million lower than the previously anticipated level of c.GBP29.6
million, ensuring that the Group comfortably fulfilled on its
banking commitments.
Dan Wright, Chairman of Accrol, said:
"I am very pleased to report that we finished FY19 in a much
stronger position, following the conclusion of a transformational
restructuring, and that the new financial year has started well.
The Group is now enjoying the full benefits of the structural cost
savings achieved in FY19, achieving an acceptable level of margin
for a business of its type. Our management team is confident of
delivering further profitable revenue growth and creating new
exciting opportunities for the Group. I look forward to reporting
further details of our progress when we announce the Final Results
in September."
For further information, please contact:
Accrol Group Holdings plc
Dan Wright, Executive Chairman Tel: +44 (0) 1254 278 844
Gareth Jenkins, Chief Executive Officer
Zeus Capital Limited (Nominated Adviser
& Broker)
Dan Bate / Andrew Jones Tel: +44 (0) 161 831 1512
Dominic King / John Goold Tel: +44 (0) 203 829 5000
Belvedere Communications Limited
Cat Valentine (cvalentine@belvederepr.com) Tel: +44 (0) 7715 769 078
Keeley Clarke (kclarke@belvederepr.com) Tel: +44 (0) 7967 816 525
Llew Angus (langus@belvederpr.com) Tel: +44 (0)7407 023 147
Notes to Editors
Accrol Group Holdings plc, based in Lancashire, is a leading
tissue converter and supplier of toilet rolls, kitchen rolls and
facial tissues, as well as other tissue products, to major
discounters and grocery retailers throughout the UK. Accrol
operates from three sites:
-- A manufacturing, storage and distribution facility in Blackburn;
-- A facial tissue plant, also in Blackburn; and
-- A manufacturing, storage and distribution facility in Leyland.
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contact rns@lseg.com or visit www.rns.com.
END
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