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Accrol sees performance in line with expectations

By BFN News | 10:11 AM | Wednesday 06 May, 2020


Independent tissue converter Accrol said it expected annual performance to meet expectations, with revenue expected to grow by 13.7% following a strong end to the final quarter of the year. 'The group continued to perform well in the final quarter, achieving accelerating monthly exit run-rates in line with the board's expectations,' the company said. Total revenues in 2020 increased 13.7% higher to about £133.8 million with core revenues increasing by 13.7% to £132.7m, compared with overall market growth of about 8%. Net debt continued to reduce ahead of market expectations, ending the period at £17.9m, compared with £24.8m at 31 October 2019 and £27.1m at 30 April 2019. 'Overall, the company is in a much-improved financial position with considerable headroom on its banking covenants. The reduction in net debt is expected to continue and remain comfortably below 2x net debt to earnings (EBITDA) in the full year ending 30 April 2021,' the company said. 'Whilst some increases in input costs are expected in the near term, as a result of the COVID-19 pandemic, the board is confident that the group's new business model is robust and structured to enable the swift management of fluctuating prices,'it added. At 10:11am: (LON:ACRL) Accrol Group Hldgs Plc share price was +0.5p at 42.5p Story provided by StockMarketWire.com

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