Accrol Group Holdings plc is a leading independent tissue converter, manufacturing toilet rolls, kitchen rolls, facial tissues and AFH products to supply retailers throughout the UK. Accrol imports parent reels from around the world and converts them into finished goods at the Company’s 350,000 sq. ft. manufacturing, storage and distribution facility in Blackburn, Lancashire. Accrol currently manufactures approximately 17 million units per week and supplies some of the UK’s largest retailers.

Accrol Group Holdings plc is listed on AIM, the growth market of the London Stock Exchange.

The Company was incorporated and registered in England and Wales on 30 April 2014 under the Act with registered number 9019496 as a private company limited by shares with the name Aghoco 1220 Limited. The name of the Company was changed to Accrol Group Holdings Limited on 1 August 2014. The Company was re-registered as a public limited company with the name Accrol Group Holdings plc on 1st June 2016. Accrol Group Holdings plc’s main country of operation is the UK.

The Company, and the Group, trade under the name “Accrol Papers”.

Steve - XLM and TAP are among mine too, on my 'Portfolio 69' thread (69) along with IQE, LTG and half a dozen others ;-)

I bought ACRL into that portfolio in July, but luckily ditched it quite quickly having become doubtful in the first two weeks (as posted there, posts 5 and 20, sold Aug 8 for a 9% loss).

Hi Juzzle, have to say ACRL was a real disappointment, I knew the company and never suspected anything like that, at least I made a profit took a dividend and escaped!

Still no dividend from XLM, so sold when price dropped, but after yesterdays RNS back in for the long haul (hopefully)and it's up again so far today.

SCH is looking good to me, not much activity on level 2 that I can see other than MM's so may take some of these to replace PAYS (sold most but still hold a few, just to see what happens!)

IQE is interesting, but was a little put off by trading at over 30 times earnings, but on the watchlist if it gets to £1.18 or less.

IQE has been a cracker for those who have already been holding even if only for the last 6 months
my records show that i bought in feb/march '17 at an average of 51.2p, so though sp has dropped back from about 150, the gain at 139 is hardly to be sneezed at

I couldn't agree more, only wish I would have spotted it earlier and well done to those that already have it, now if only I could buy some at 51.2p............no answer required as I am sure it will be something like no *%$" chance!

Not pushing this on anyone but GAN looking better with internet gaming getting legalised in USA , take a look at latest RNS could be in at the start here .

A piece in the Times today - The company will this week ask for £18m from stock market investors. New shares are likely to be priced at 50p each; Accrol listed on AIM in June last year at 100p

Ouch!!!!!!!!!!!!!!

Interim Results for six months ended 31 Oct 2017
RNS
RNS Number : 4606C
Accrol Group Holdings PLC
22 January 2018

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

22 January 2018

Accrol Group Holdings plc
("Accrol", the "Group" or the "Company")

Unaudited interim results for the six months ended 31 October 2017
and
restructuring update

Accrol Group Holdings plc (AIM: ACRL), an independent tissue converter and supplier to a number of the UKs largest wholesalers and retailers, announces its interim results for the six months ended 31 October 2017. In the six month period, the Group incurred an operating loss of £5.7 million compared to a reported operating profit of £3.9 million in the prior year first half.

Following the appointment of Gareth Jenkins as CEO in September 2017 and the identification of a number of significant issues affecting the Group's performance and financial liquidity, the Company requested a suspension of its shares on 5 October 2017. After engagement with shareholders and development of a series of business recovery action plans, Accrol's shares were relisted on 20 November 2017 in conjunction with a planned share placement of £18 million (gross of expenses) which was approved by shareholders on 8 December 2017. At the same time, the Company renegotiated its banking facilities with revised financial covenants which took account of the projected operating performance of the Group.

As previously announced, this has been a difficult period for the Group and its shareholders and a range of business challenges are now being addressed by a new executive leadership team. These will take some time to resolve but progress is being made.

H1 FY18 financials:

· Revenue increased by 13.1% to £72.3m (H1 FY17: £63.9m)
· Gross profit declined by 34.7% to £11.9m (H1 FY17: £18.2m)
· Adjusted gross margin(1) 10.7% lower at 17.7% (H1 FY17: 28.4%)
· Adjusted EBITDA(2) reduced by £8.7m to a loss of £1.6m (H1 FY17: profit £7.1m)
· Net debt rose by £9.4m to £29.3m (H1 FY17: £19.9m)

December 2017 Placing

Post the half year end, the Company successfully raised £16.8m (net of expenses) by way of a placing.

Statement from Gareth Jenkins, Chief Executive Officer of Accrol
It is with disappointment that, in my first communication to shareholders, I have to address the fact that the performance of and short-term outlook for the Group have been so contrary to prior expectations. I do believe, however, that the capabilities of this business are significant and, if well managed, it can deliver a considerably improved performance in the medium term.

The Group's recent problems have arisen from the combination of adverse factors, including:
· rising input costs - tissue cost growth following upstream pulp cost growth;
· adverse FX - forward hedging of USD for paper purchases protected results immediately after the Brexit inspired Sterling devaluation. Significant ongoing, fixed period USD financial hedges, however, were taken out at rates which have become adverse to current market spot rates. These hedges are negatively impacting the Group's financial performance in the short term; and
· internal cost growth - increases in the fixed cost base as a consequence of the new logistics arrangements at Skelmersdale, the new Leyland plant and changes to shift patterns in mid-2017, at a time when the business was managing an overly complex product portfolio.

As these problems came to light in early in October 2017, action was taken to manage liquidity issues by extending credit from suppliers and reducing inventory levels. Whilst this was necessary under the circumstances, it put additional pressure on supplier relations and on customer service levels.

I am pleased to report that significant progress is being made on tackling these issues:

· the leadership team has been strengthened with Don Coates joining as COO. He has extensive experience in business turn around and operational improvement;
· price increases being negotiated and agreed with customers are starting to impact results positively;
· the product range is being rationalised, the benefits of which should flow through progressively during 2018;
· a number of cost savings initiatives are being pursued, including the previously announced reduction in headcount;
· an increased focus on investing the necessary funds to maintain equipment efficiency; and
· current cash flow projections reflect the improved operating outlook but will also be subject, in the short term, to the adverse FX contracts and the payment for a new operating line, which will be installed at the Leyland plant in the summer of 2018. The combined effect of which is expected to increase net debt modestly until mid 2018 before declining thereafter.

In addition to the foregoing actions, I have met personally the Group's major customers and am encouraged by the positive attitude they have to developing further business opportunities with Accrol, despite the recent service challenges. I have also met the Group's major suppliers. They remain supportive of doing business with Accrol and of working with us on our ongoing product reformulation plans.

Outlook

The Board expects that recent and planned actions will drive Accrol forward. Whilst the Board continues to expect a small loss at the adjusted EBITDA level for the financial year ending 30 April 2018, the Board is comfortable that the Group will continue to operate within its borrowing covenants while work on the turnaround continues and the directors look forward to the longer-term future of Accrol with confidence.

The directors are confident the 12-month restructuring programme being implemented by the Company's new management team, combined with an invigorated focus on the right customers, products, markets and people, will create a much stronger base on which Accrol can rebuild its profitability and, ultimately, shareholder value.

The Board expects the Company to return to profit at adjusted EBITDA level in the year to 30 April 2019. It remains the Board's intention to return to the dividend list at the earliest appropriate opportunity.
Gareth Jenkins, Chief Executive Officer of Accrol, said:

"I believe that actions we are taking and plan to take to effect the turnaround at Accrol will put the business back on track towards its goal of becoming a market leader in the supply of innovative, high quality, tissue based products to the UK's largest retailers and ultimately the consumer. I continue to believe Accrol can achieve this by investing and leading in operational excellence, to ensure that our customers get the best value product with market leading quality and service."

Accrol Group CFO resigns
StockMarketWire.com
Accrol Group Holdings is searching for a new chief financial officer after James Flude resigned from the company to purse other interests.

Martin Leitch would assume the role on interim business while a replacement is found, Accrol said.

At 3:18pm: (LON:ACRL) Accrol Group Hldgs Plc share price was +0.5p at 36.5p


Story provided by StockMarketWire.com

Down the toilet after poor trading update today. Down 63%

I wasn't going to, I really wasn't but just had to buy these today again, looks like it could be a takeover target, got in at 16p

Jeesr Industries are the ones building a stake, will be watching like a hawk though, made money last time and had dividends before it crashed and burnt, but I think it could be a Phoenix, any signs of trouble and I am gone!

Check the RNS as I can't seem to post working links

DYOR

Well done.

Cheers DC, hope I did the right thing, can't see too much downside just 16p per share :-)

The plan is to double my money and go again (subject to any news or movements I don't like)

Very strange, the whole episode. I will be watching with interest.

Some big selling today.

I'm out, nice little profit was worth it, going to watch now see if any holdings are going to be increased and may jump in and out again, not one long term for me though

Well done.

Thanks DC, will look to get in again, depending on what happens, but not a fan of the company, don't have to like them to make money :-)

Possible good increase here.

Just for interest and I have no position here due to recent activity.

I have however have dipped in and out and grabbed some profits, and did well out of the IPO.

I thought the Jeesr increased holding was very good, along with the increase from Schroder, however the other thing that has sparked a renewed interest for is the following link.

https://www.linkedin.com/feed/update/activity:6405395784212242432/

If the link doesn't work, Accrol are looking at a new wrapping machine capable of 200 packs per minute, and a bundler (preparing packs ready for outers) capable of 25 per minute.

Manufacturer here http://tmcspa.com/eng/prodotti/rolls

Just get a feeling they are gearing up production and planning for the future

Moving towards the top of my watchlist, but not ready to reinvest just yet

Just thought this may be helpful.

Steve