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Annual Results

Accrol revenues up 14.2%

10 July 2017 07:48

Accrol Group's revenues rose by 14.2% to £135.1m in the year to the end of April and gross profit increased 9.3% to £37.7m.

Adjusted EBITDA rose by 6.8% to £16.1m and adjusted profit after tax was up 57.3% at £11.0m (FY16: £7.0m).

Profit after tax increased 29.3% to £7.4m.

Net debt was reduced by £41.7m to £19.0m and the board has proposed a final dividend of 4p per ordinary share which would give a total dividend of 6p per ordinary share for the full year.

Chief executive Steve Crossley said: "This has been a year of positive change for Accrol as we have transitioned to life as an AIM listed company. We have won new contracts and increased our share of the discount sector to over 50%.

"We continue to build a platform for future growth, having made a significant investment in our new manufacturing facility at Leyland to create extra capacity.

"A new finished goods warehouse in Skelmersdale, announced in May 2017, will provide central storage and distribution facilities for our customers, improving our supply chain efficiency and enabling us to build on our market position."

"Increasing input costs, driven by exchange rates, are impacting most product categories in UK retail and like all UK manufacturers, we continue to seek inflation recovery.

"There are positive signs, with some retailers increasing consumer price points, although it is slower than we expected.

"We believe that as price increases come through fully in the market, this will continue to drive shoppers to seek good value in the Discount and Multiple own-label sectors."

Separately, Accrol announced the appointment of Liberum Capital Limited as joint corporate broker alongside Zeus Capital, the group's nominated adviser and corporate broker, with immediate effect.

Story provided by StockMarketWire.com

Related Company: ACRL

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