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Annual Results

Accrol revenue up

22 July 2016 07:18

Accrol (ACRL) said revenue increased by 17% to £118m (2015: £101m) in the financial year to 30 April 2016.

FINANCIAL HIGHLIGHTS

- Adjusted gross margin increased 2.1% to 28.1% (2015: 26%)

- Adjusted EBITDA of £15m, up 22% (2015: £12.3m)

- Continued strong cash generation year-on-year

- Net debt reduced by £1.1m

- Successful IPO on London Stock Exchange's AIM market on 10 June 2016

OPERATIONAL HIGHLIGHTS

- 35% market share of the Discount sector (Discounters accounting for 69% of revenues, up 6% on 2015) after contract wins during the year

- 15% increase in sales to Multiples

- Focus on Private Label products which are taking market share from Brands

Continued investment in machinery with £3.2m invested in two high-speed converting lines

- Capacity increased to 118,000 tonnes with a further 25,000 tonnes to be added

UK exclusivity secured for a new luxury tissue, NTT (new textured tissue)

Accrol CEO Steve Crossley said: "I am delighted to report a strong first set of results following our listing on AIM in June.

"FY16 has been a very successful year for Accrol and our focus on supplying Private Label products to both Discounters and Multiples has generated 17% revenue growth.

"We have continued to invest in new capacity as we ready the business for the next stage of our strategic plan.

"The current year has started encouragingly and we remain confident in the outlook for FY17."

Story provided by StockMarketWire.com

Related Company: ACRL

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