Accrol stable in 2017 despite macroeconomic challenges
(ShareCast News) - Independent tissue converter Accrol Group updated the market on its trading for the year to 30 April on Tuesday, saying it had a "strong" year of growth in its first 12 months as a publicly listed business, following its successful IPO on AIM in June.
The board confirmed it performed in line with market expectations during the period, despite some "challenging" macroeconomic factors.
Over the last twelve months, Accrol said it consolidated its position as the "leading" supplier of tissue products to the discount sector, and continued to invest in its growth plans with the opening of a new 168,000 sq. ft. manufacturing facility in Leyland, Lancashire in January 2017, increasing production capacity to 143,000 tonnes per annum.
The company also announced on Tuesday that it had agreed a 10-year lease with Orbit Developments on a 368,000 square foot warehouse in West Lancashire.
Accrol said the warehouse would store finished goods and provide central distribution facilities to all UK customers, enabling the company to simplify and consolidate its existing warehouse facilities.
Warehouse management and national logistics would be contracted out to NFT.
"We are pleased to announce that, despite a less favourable macroeconomic environment, we have performed in line with expectations in our maiden year as a publicly-listed business," said CEO Steve Crossley.
"We have continued to make progress with our growth plans, extending our relationships with both new and existing customers and investing in our infrastructure for the future."
Final results for the year ended 30 April would be announced on 10 July, Accrol confirmed.