reports
- Rachel Birkett
Accrol Group Holdings (ACRL LN) - H1 EBITDA +44%, positive outlook
Interim results: H1 revenue (six months to 31 October 2023) normalised to £100.3m, -17.2% YOY (H1 FY23: £121.1m) as input cost savings were passed through to customers, partly offset by volume growth private label market share increased to 55% (H1 FY23: 54%, H1 FY22: 50%).
Hybridan Small Cap Feast - 18 Jan 24
18th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Rachel Birkett
Accrol Group Holdings (ACRL LN) - Compelling wet wipes bolt-on
The acquisition of Severn Delta provides meaningful scale to the Group’s existing wet wipes business at a compelling deal multiple of just 3.0x EBITDA, prior to the realisation of synergies. The transaction is another example of Accrol’s solid approach to capital allocation, securing a complementary business on attractive terms, creating upside risk to Zeus forecasts.
- Rachel Birkett
- Rachel Birkett
Accrol Group Holdings (ACRL LN) - FY23 results in-line, FY24 upgraded
Broad based growth in volumes and value: Revenue of £241.9m is +51.7% YOY (FY22: £159.5m) with growth across all product categories: Toilet tissue +40.2% to £163.0m (FY22: £116.3m), Kitchen towel +68.4% to £53.9m (FY22: £32.0m), Facial tissue +112.5% to £18.7m (FY22: £8.8m) and Wipes +140.0% to £4.8m (FY22: £2.0m). Sales volumes are +7.7% YOY vs. an overall flat tissue market, reflecting market share gains +200bps to 21.5% (FY22: 19.5%). Private label now represents 56% of the UK tissue market b...
Hybridan Small Cap Feast - 16 May 23
16th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Liberum Research Team
- Liberum Research Team
- Anubhav Malhotra
- Wayne Brown
LIBERUM: Accrol Group Holdings Plc - A beat to FY23 numbers
While we keep numbers unchanged for now, the FY’23 update today signals to a consensus beat with the outlook being positive. Our forecasts also do not eflect the benefit of a paper mill which remains on schedule for the second half of FY’25, The benefit the group will get from building its own paper mill could lead to a material re-shaping of the group’s margin structure, and lead to double digit PBT upgrades. The shares have recovered well rising c.50% the past year and but with key tangible ca...
- Mike Allen
- Rachel Birkett
Hybridan Small Cap Feast - 03 May 23
3rd May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...
- Mike Allen
Audio Note: Accrol Group Holdings - Unilever licensing agreement
In this audio note, Zeus’ Mike Allen summarises the investment case for Accrol Group Holdings. Accrol has entered into an exclusive licensing agreement with global FMCG company Unilever Plc to produce and sell a kitchen towel product under its leading Lifebuoy brand with no additional capital outlay. Listen to the audio note below, and read the full research here.
- Liberum Research Team
- Liberum Research Team
- Mike Allen
- Rachel Birkett
Accrol Group Holdings (ACRL LN) - Unilever licensing agreement
Accrol has entered into an exclusive licensing agreement with global FMCG company Unilever Plc to produce and sell a kitchen towel product under its leading Lifebuoy brand with no additional capital outlay. This agreement with one of the world’s largest consumer goods companies for one of its most-recognised international brands and is testament to the Group’s increasingly strong reputation in the market. We believe this affirms Accrol’s stated strategy to expand its licenced business model set ...
- Anubhav Malhotra
- Wayne Brown
LIBERUM: Accrol Group Holdings Plc* - Making further strategic progres...
Following the last update back in January when we upgraded our FY’23E revenue numbers by 5% and 3% on adj. EBITDA, the group has today provided some commentary on the development of its strategy. One of the aims for Accrol is to leverage its well capitalised infrastructure and use its position as the lowest cost manufacturer of tissue products in the UK to its advantage. Hence the signing of a licence agreement with Unilever will do just that. While we keep numbers unchanged for now, we are mind...
- Mike Allen
Audio Note: Accrol Group Holdings - Growth in every area
In this audio note, Zeus’ Mike Allen summarises the investment case for Accrol Group Holdings. Accrol has delivered strong H1 results, reflecting impressive market share gains with strong growth in volume, revenue, and profit. Listen to the audio note below, and read the full research here.
- Liberum Research Team
- Liberum Research Team
- Anubhav Malhotra
- Joseph Pepper
- Wayne Brown
LIBERUM: Accrol Group Holdings Plc* - A journey of growth, profitabili...
Accrol has delivered strong 1H’23 results with revenues up +64% yoy and adj. EBITDA up 41% yoy, reflecting the successful pass through of £80m on annualized cost inflation, strong volume market share gains, and effective control over costs. FY’23E guidance has been raised by 5% on net revenue to £230m and by 3% on adj. EBITDA to £15.5m. The group has completed its strategic review of the business. With the capital investment program in its core tissue operation now complete and a clearer path to...
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