Accrol Group (ACRL)

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Accrol Group ACRL Logo

The AIM-listed leading independent tissue converter.

5-Oct-2017

Trading Update (Full Year To End April 2018) and Temporary Suspension Of Trading – This is bad news.

Condolences to holders here!

22-Jan-2018 – 36p – £46.4m – PER n/a

Unaudited Interim Results For The 6 Months To End October 2017 – Operating loss of £5.7m compared to an Operating Profit of £3.9m last time. Revenue up 13.1% to £72.3m (£63.9m last time), Net debt is up £9.4m to £29.3m. New CEO believes “that the capabilities of this business are significant and, if well managed, it can deliver a considerably improved performance in the medium term”. Still expects a small loss (adjusted EBITDA) this year but expects to operate within its borrowing covenants while work on the turnaround continues. And, the CFO has gone, surprised?

I just can’t get interested here.

18-Mar-2018 – 27p – £34.8m – PER 644.1

Trading Update – “Year ending 30 April 2018 results impacted materially but Group on track for FY19”.

Stockopedia classes this as a Highly Speculative Value Trap and I am not really into investing in those.

26-Sep-2018 – 19.5p – £38.1m – PER 27.9

Final Results For The 12 Months To End April 2018 – “A difficult year” with lots to blame.

These results look shocking, not even sure Rocky could make a comeback here. Stockopedia still classes this as a Highly Speculative Value Trap and I am (still) not really into investing in those. This is going on my Avoid list for now.

10-Jun-2019 – 26p – £51m – PER 7.4

Trading Update For The 12 Months To End April 2019 – Revenue flat, Adjusted LBT of -£2.5m to -£3m expected, Net Debt down from £29.6m to £27.1m (that’s still a lot!).

I still reckon the Stockopedia view of “Highly Speculative” is applicable here.

3-Sep-2019 – 25p – £49m – PER 7.3

Results For The 12 Months To End April 2019 – Seems more positive with results as expected and on track to meet FY 2020 market expectations.

Still, for me, as suggested by Stockopedia, “Highly Speculative” but perhaps less so today than yesterday – Huge Net Debt!

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