Accrol reduces losses with strong year of sales

Blackburn-based paper products firm Accrol almost wiped out its annual losses with a strong year of sales following a difficult few years of trading.

Accrol floated on the AIM stock exchange in 2016 but it's been a rocky road since, including a significant payout to an employee injured in the workplace and an investigation by the Financial Conduct Authority.

However, the company stated 12 months ago that it believed it was turning its fortunes around and was ready to be a profitable business again, a prediction which is seemingly coming to fruition.

For the financial year ending 30 April 2020, Accrol improved revenues from £119.1m to £134.8m, which reduced annual losses from £14m to just £1.9m.

Dan Wright, executive chairman of Accrol, said: "The business has progressed enormously over the last three years. Despite the many challenges, the management team has simplified the business and created a strong foundation on which to begin the next phase of the Group's development. I am excited for the future. The team has the ambition, ability and drive to build a much bigger business, applying Accrol's philosophies on great products at great value and world-class operational efficiency across a wider product range."

Gareth Jenkins, chief executive officer of Accrol, added: "After joining the organisation, almost three years ago, I reported to shareholders that the core of our business was a good one. Following the completion of the turnaround, this simplified and strengthened organisation provides a firm base on which to build a business of scale, by expanding in our core markets and diversifying into new personal hygiene and household products.

"The opportunities for a relentlessly efficient business, which delivers great-value products, are growing, as the world recalibrates in the aftershock of COVID-19 and consumers move away from brands which offer little value. Whilst the route to improvement is not consistently upward and in a straight line, I have no doubt that the rewards for shareholders looking at the long term, will be significant."

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