Accrol Group, the Blackburn-based AIM-listed tissue and toilet roll maker, has achieved a return to profit, despite a dip in revenues, for its interim period of trading. In the six months to October 31, 2023, the business experienced a 17.2% fall in turnover, to £100.3m.
But it reversed the previous year’s £900,000 pre-tax loss with a £400,000 pre-tax profit in a £1.3m turnround. Adjusted net debt also fell, by £5m, to £25.5m.
The board said the group has performed strongly in the first half of 2024.
While revenue reduced, as expected, as prices eased following the significant inflationary-led increases in fiscal year 2023, branded volumes continued to grow in the group’s key markets, rising by 45% in the first half, and margins returned to pre-pandemic levels rising by 930bp to 27.3%.
Accrol Group Holdings plc (LON:ACRL) is the UK’s leading independent tissue converter, producing toilet tissue, kitchen towel, facial tissue and biodegradable wet wipes. The UK soft tissue market is worth £1.6bn with private label products comprising circa 50%. Accrol is the leading supplier to the private label market, which is growing at over 8% year on year.
