Accrol Group: strong margins and volume growth continues into H2, says Shore Capital

Accrol Group Holdings plc (LON:ACRL) recently announced its H1 FY24 results. DirectorsTalk caught up with Tom Fraine, Equity Analyst at Shore Capital for his assessment of the results and Accrol’s outlook. 

What were the results’ highlights?

Accrol reported very strong H1 FY24 results: Adjusted EBITDA grew 43.7% YoY to £10.2m with the margin increasing to 10.2% (H1 FY23A: 5.9%). Adjusted PBT was up 56% at £5.0m with adjusted diluted EPS being reported at 1.3p (H1  FY23A:  0.7p). There was strong volume growth in own branded offerings and increased market share. The Group remains on track to deliver FY24F results in line with both management and our expectations. We welcome confirmation of margin recovery. 

What other points are of note?

The private label segment of the overall UK tissue market increased to 55% from 54% at H1 FY23A and 50% at H1 FY22A, continuing its gains against traditional proprietary brands. 

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