Accrol Group Holdings Plc (LON:ACRL), the UK’s leading independent tissue converter, has announced the following trading update ahead of its Half Year Results for the six months ended 31 October 2023, 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.