Accrol Share Discussion Threads

[darrin1471] 28/9/2023 10:13

Annual report available online:



An online investor presentation and Q&A session will take place on Monday, 2 October at 1.00pm. Anyone wishing to participate should register for the event with PI World

[darrin1471] 26/9/2023 12:48

"The mill improves the Groups EBITDA performance to high teens."

At the previous half year presentation Gareth and CFO talked of EBITDA in teens of revenue and gross margins back to normal which could be up to 30%


A change in language from teens (which I took as 13-14%) to high teens (which I take as 17%+)

[darrin1471] 26/9/2023 12:39

£10m over 2 years does not seem significant considering ACRL have recently spent £20m on capex automation.
I'm struggling to get my head around the difference between a £10m "cash consideration" and total investment costs of "less than £50m".

[catch007] 26/9/2023 12:27

The Mill funding £10m is glossed over simply paid as debt or cash however it does represent a high hurdle for the business in the short term. In time this new development will be a prime asset and be highly accretive.

[darrin1471] 26/9/2023 12:27

Mill news from Investor Roadshow Management Presentation September 2023

[nibble] 26/9/2023 12:19

For example, the mill project looks like it will keep them profitably busy. In addition, there's been some media coverage over the last couple of days about Aldi's expansion plans, and I believe they are one of ACRL's many customers.

[nibble] 26/9/2023 12:15

Agree catch, I've just done the same. My only minor concern would be that the current management team stay the course. I'd like to think that they all see enough upside in the near and medium term to stick with it.

[catch007] 26/9/2023 11:59

Added a small tranche on the results today to average down my holding - outlook seems encouraging so worth a punt. The management team seem very capable and worth backing imho.

[nibble] 26/9/2023 11:31

Hi Darrin, can I ask where you found the "Mill to be built outside the UK" info ?

[darrin1471] 26/9/2023 11:01

Mill to be built outside the UK. Fully operational by mid 2025

"Total investment costs including land, building and machinery are expected to be less than £50m with the business owning the land and building."

"The long-term energy costs are expected to be c. 6p per KW/h – approximately 75% lower than any UK solution. 25% from solar from day 1"

"Total cash consideration £10m – including working capital"

"The mill improves the Groups EBITDA performance to high teens"

[darrin1471] 26/9/2023 07:37

Market expectations as at 25 September 2023 for FY24 (Shore Capital & Zeus) revenue GBP230m EBITDA GBP19.5m.

[this_is_me] 26/9/2023 07:31

All the numbers are going in the right direction and the prospects for the future are getting even better.

The Group has performed strongly in a challenging year, gaining further market share

FY24 EBITDA now expected to be ahead of previous Board expectations, driven by accelerating margin recovery

The Board views the future with increasing confidence

[darrin1471] 26/9/2023 07:30

"Our focus on improving volumes, business mix and our efficiency, has already delivered an improvement in margins back to pre-pandemic levels. This margin recovery has been quicker than expected and we now anticipate that FY24 EBITDA will be ahead of the Board's prior expectations."

"Prices are expected to soften in the year ahead as prices on shelf reduce, but the Group's margins are now improving faster than previously reported as it benefits from the significant investments made over the last few years and the improving revenue mix. The Group now anticipates delivering FY24 EBITDA ahead of prior Board expectations."

[djk46664] 22/9/2023 14:34

I'm sure they will put a positive slant on this news - they will say this will provide Accrol with cheap parent reels from just along the M62 rather than having to import from wherever

[stevieweebie2] 22/9/2023 13:13

Will be interesting to see what they say about the papermill aspect esp with the annoncement yesterday of the 240,000TPY Mill at Goole slated by Metsa.

[tomps2] 22/9/2023 10:03

Accrol Group Holdings (ACRL) FY23 webinar

Monday, 2 October, 1:00pm

Accrol, the UK’s leading independent tissue converter,will host an online investor presentation and Q&A session, following the release its Final Results for the year ended 30 April 2023 on Tuesday, 26 September 2023.

Register here: bit.ly/ACRL_FY23_webinar

[darrin1471] 20/9/2023 15:34

Seller appears consistent all month. You have to assume the seller is not expecting good news. Seller has reduced to 30p to attract more volume from the buyer.
L2 spread is very tight 29.9p/30p. I would expect to see more volume go through at 30p today

[darrin1471] 22/8/2023 08:12

Just tried a test sale and purchase.
32.9p is the buying price. All trades this morning are buys.

[darrin1471] 22/8/2023 07:48

The price paid 32.3p
200ma 32.26p
Chairman and CEO buy exactly the same amount at a rounded £30k
Coincidence?

[darrin1471] 22/8/2023 07:42

Director Dealings

Dan Wright, the Executive Chairman, and Gareth Jenkins, the Chief Executive Officer have purchased an aggregate of 185,758 ordinary shares at a price of 32.3p
£30k each

Total holdings:
Ian Wright 12,608,422 3.95%
Gareth Jenkins 4,515,808 1.42%

[darrin1471] 21/8/2023 16:12

400k went through at 32.3p at 13:04 (200ma = 32.26) and nearly 100k at 32.2 at 14.33.
There has been some resistance at the 200ma.
Will we see a tree shake from here?

[darrin1471] 18/8/2023 12:07

Late trade appeared yesterday 257,200 @ 33.17p
Today 3 trades @ 33.15 totalling 287,500
Between them two very small trades of 33 @32p broke the 200ma on a candle chart but they did not correspond with the best buy orders available on L2.

I've added another 10% to my very overweight holding

[darrin1471] 17/8/2023 15:23

Over the last few months a lot of volume has gone through at 35/36p. This weeks weakness has not come with any significant volume.
I am hoping ACRL will bounce off the 200ma today before kicking on above 36p.
Final results are due "late September" and "expected to be at least in line with market expectations".

Wilko's problems have been well flagged. Last year credit insurance was withdrawn, "with many suppliers demanding payment upfront, the retailer was left with huge gaps on its shelves"


Any lost sales will be transferred to other own brands and discounters that ACRL supply. Hopefully any bad debt will be kept to a minimum and it will be a one off.

[stevieweebie2] 17/8/2023 13:24

Nice share price action.
I suppose this is the hit from Wilco's? update will be interesting.