Shares of Blackburn-based toilet roll and tissue maker Accrol Group rose as much as 8% after it published a trading update ahead of its half year results for the six months ended October 31, 2023, which are scheduled to be released in late January 2024.
Accrol said: “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 EBITDA for FY24 of at least £21m …
“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.”
Accrol CEO Gareth Jenkins 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.”
Accrol said market expectations as at November 21 for its FY24 are for revenue of £205 million, adjusted EBITDA of £20.5 million, adjusted profit before tax of £10.8 million and net debt of £20.1 million.