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Accrol to resume dividend after reporting narrower first-half losses
StockMarketWire.com
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Tissue converter Accrol reported narrower first-half losses and said it plans to resume dividend payments this year.
The company also said it was confident full-year results would be at least in line with expectations.
Accrol said it would restore dividend payments earlier than it anticipated, forecasting a proposed final dividend increase of no less than 0.5p per ordinary share for the year ending 30 April 2021.
For the year six months ended 31 October, pre-tax losses narrowed to £0.5 million from £3 million year-on-year even as revenue fell 4.3% to £62.3 million.
The integration of Leicester Tissue Company, acquired in November 2020, for £41.8m, was progressing better than expected, the company said.
'Margins are continuing to improve, and further improvements are expected, generating increasingly strong cash flows and reducing net debt at a faster rate than anticipated,' it added.
Net debt for 30 April 2021 was expected to be below consensus market forecasts of £12.2 million, even after the intended dividend payment, the company said.
At 9:30am: (LON:ACRL) Accrol Group Hldgs Plc share price was 0p at 48.5p
Story provided by StockMarketWire.com
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