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AIM-listed toilet paper manufacturer Accrol (LON:ACRL) saw its share price rise by 5.57% to 33.26p (as of 14:20 GMT) as losses narrowed by 66%. Revenues increased by 13% and gross margins were up by 770 basis points for the six months ended 31st October.
Chairman Dan Wright commented: “Accrol has been completely transformed by the new leadership team and is now a very different organisation. I am proud to say that our talented and experienced people have proved that it is possible to make good returns from tissue conversion, which has historically been viewed as a low margin sector. Group margins are returning to pre-IPO levels, as more robust commercial management programmes and operational efficiencies offset substantially higher comparative input costs. What is particularly pleasing is seeing volume growth at over 20% during this transformational business period.”
“The future for the business is promising. With the turnaround behind us and an ambitious leadership team experienced in running much larger organisations in place, we are focusing on the medium to long term prospects for the Group and strategic opportunities that exist to diversify and scale up the business“.