Accrol Group revenue up 64% to £121.1m

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 2022, which are scheduled to be released in late January 2023.

The Board is pleased to report that the Group performed strongly in H1 FY23, delivering substantial growth in volume, revenue and profit, as well as further strengthening its market position. The Group continues to demonstrate its resilience against the challenges of input cost inflation, successfully leveraging its supply position with customers to recover all additional costs in the Period.

Net debt at 31 October 2022 was lower than anticipated at c.£30.5m, despite a significant increase in tissue stocks as the Group continued to manage uncertainty in its supply chains and the effect of strikes at UK ports.  The Group expects this working capital position to improve in H2 FY23 to deliver a further reduction in its net debt position ahead of current market expectations* for FY23.

H1 FY23 highlights:

Revenue up 64% to £121.1m (H1 FY22: £73.7m), with volumes increasing by 14% in the Period
Accrol’s market share by volume increased further to c.21.5% (FY22: 19.5%), compared to a flat overall UK market
As announced in the Group’s Final Results FY22 in September, private label volumes are now higher than pre-pandemic levels – market share growing at an unprecedented rate against that of the traditional brands (Q1 FY23: 54% vs Q1 FY22: 50%)
Private label sector has strengthened further since the Final Results and Accrol volumes have continued to grow ahead of overall UK market with private label market share standing at c.46% (FY22: 44%)


The Group’s main market, the discount retailers and private label products continue to grow strongly, driven by the cost-of-living crisis.

The Group has delivered substantial growth in the Period and the Board is increasingly confident that the growth trajectory of the business is sustainable. The volume growth in H1 FY23 is expected to continue as consumers move away from high-cost, low-value branded products in search of best-value.

Whilst mindful of the wider economic uncertainties, the Group’s model is robust, and the Board considers the Group to be on track to deliver results for the full year ended 30 April 2023 (“FY23”) at least in line with market expectations* with net debt reducing ahead of expectations to c.1.5x EBITDA by the end of FY23 (FY22: 3.0x).

* For the purpose of this announcement, the Group believes market consensus for FY23 to be revenue of £213.5m, adjusted EBITDA of £15.0m, adjusted PBT of £7.1m and net debt of £26.3m.

Gareth Jenkins, Chief Executive Officer of Accrol, said:

“We are clearly very pleased with these set of results where we have seen volume growth of 14% against a flat overall UK market performance over the same period. We have delivered this by having great quality and value products that meet every consumer’s budget. Our strong relationship with the retailers and our robust supply model is ensuring we can continue to deliver a strong set of results in a difficult market environment.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Share on twitter
Share on linkedin
Accrol Group

More articles like this

Accrol Group

Accrol reports strong performance in trading update

UK-based independent tissue converter Accrol Group has reported FY23 results “at least in line” with market expectations and FY24 margins improving in its latest trading update.   For the year to 30 April 2023, the company said it has

Accrol Group

Accrol donating to Fife’s ‘multibank’

Corporate donors and others are giving toiletries, mattresses, soap and more to a new phenomenon – multibanks – to nourish and clothe the growing army of poor people. Gordon Brown: Corporate donors and others are giving toiletries, mattresses,

Accrol Group

UK manufacturing production rebounded in March

The industrial sector activity rebounded in March, the latest UK industrial and manufacturing production data published by Office for National Statistics (ONS) showed on Friday. Manufacturing output arrived at 0.7% MoM in March versus -0.1% expected and -0.1% seen

Accrol Group

CFO takes up Accrol Board post

Toilet roll, kitchen roll, facial tissue and wet wipe products business Accrol Group has welcomed its new chief financial officer to the board. Chris joined the business in October 2022, as part of the Board’s succession planning. Before

Accrol Group

UK service sector sees strongest growth in 12 months

Growth in the UK’s services sector accelerated sharply in April, according to the latest survey data on Thursday, helping to drive growth in the private sector overall amid a slump in manufacturing. The S&P Global/CIPS services purchasing managers’

Accrol Group

Accrol Group appoints Chris Welsh as Chief Financial Officer

Accrol Group Holdings plc (LON:ACRL), the UK’s leading independent tissue converter, has announced that Chris Welsh has today joined the Board as Chief Financial Officer. As detailed in the HY23 Results announcement, Chris succeeds Richard Newman, who has

Accrol Group

UK manufacturing industry bounces back in first quarter

The UK manufacturing industry is seeing a rebound in activity in the first quarter of the year as the domestic and global markets have improved, easing fears of a significant recession for industry this year. This is according

Accrol Group

Ambitious goals and long-term strategies

If there is one aspect of the pandemic that will be remembered, it is the mass hoarding of toilet paper. Fortunately for Accrol Group (Accrol), the bathroom basic was in great supply, according to Graham Cox, the Managing

Accrol Group

Accrol Group Unilever licensing agreement

Accrol announced that it has entered an agreement with one of the world’s largest consumer goods companies, Unilever plc, to exclusively produce and sell a kitchen towel product under its Lifebuoy brand.  Lifebuoy is the third most-chosen FMCG brand

Accrol Group

Accrol Group’s Oceans on paper manufacturing & supply chains

Vandita Vaidya, Technical Manager at Accrol Group’s paper manufacturer Oceans, discusses gender diversity in manufacturing & how she educates stakeholders Vandita Vaidya, Technical Manager at Accrol Group’s paper manufacturer Oceans, has always viewed her Mother as her role model. 

No more posts to show