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ACRL Accrol Group Holdings Plc

0.30 (0.96%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Accrol Group Holdings Plc LSE:ACRL London Ordinary Share GB00BZ6VT592 ORD GBP0.001
  Price Change % Change Share Price Shares Traded Last Trade
  0.30 0.96% 31.50 213,886 16:35:17
Bid Price Offer Price High Price Low Price Open Price
31.40 31.80 31.70 31.00 31.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Convrt Paper,paperbd Pds,nec 241.91M -5.7M -0.0179 -17.37 99.17M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:17 UT 4,098 31.50 GBX

Accrol (ACRL) Latest News

Accrol (ACRL) Discussions and Chat

Accrol Forums and Chat

Date Time Title Posts
05/12/202314:56*** Accrol ***1,319
09/12/202011:03Accrol Papers (ACRL) Manufacturers of Soft Tissue Products3
20/6/201606:24Accrol Papers (ACRL) cleans up on AIM debut1

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Accrol (ACRL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-08 16:35:1731.504,0981,290.87UT
2023-12-08 15:53:5031.103,4031,058.33AT
2023-12-08 15:46:5831.5710,0003,157.22O
2023-12-08 15:36:2631.5525,0007,887.50O
2023-12-08 14:59:2031.301,307409.04O

Accrol (ACRL) Top Chat Posts

Top Posts
Posted at 09/12/2023 08:20 by Accrol Daily Update
Accrol Group Holdings Plc is listed in the Convrt Paper,paperbd Pds,nec sector of the London Stock Exchange with ticker ACRL. The last closing price for Accrol was 31.20p.
Accrol currently has 318,878,000 shares in issue. The market capitalisation of Accrol is £99,171,058.
Accrol has a price to earnings ratio (PE ratio) of -17.37.
This morning ACRL shares opened at 31p
Posted at 05/12/2023 14:56 by darrin1471
MCB and ACRL are both suppling own brand products but there are some significant differences, some of which become more obvious with hindsight.
MCB was a more risky investment but had the greater upside.
ACRL is better invested and coped with rising input prices better.
MCB had significant debts before input inflation and input inflation could of wiped out shareholders.
Pre covid MCB powders market was in structural upheaval as trends changed from washing powder to washing liquid and tabs. New production lines were needed for liquid and tabs which left powders with excess capacity in Europe. This led to uneconomic pricing before input inflation and has since resulted in the closure of competitors capacity.
ACRL's main input cost is paper which is an easy enough commodity price to follow. There are other input costs that are harder for supermarkets to see.
MCB has over 200 different chemicals in their range of products making their input pricing harder for the retailers to monitor.
MCB debt/ebitda is due to fall below 2x this current year and ACRL have been saying they will generate significant cash.
Posted at 04/12/2023 13:57 by darrin1471
Sphere25. On this occasion I don't think it is a failed breakout. I suspect the ACRL share price was managed down from 36p to 25p to allow NorthEdge to sell 8% to Lombard. I suspect Lombard are selling some of that 8% for a near 20% profit in a month to reduce their exposure. Time will tell.
With Lombard holding a 25% stake in ACRL, I would expect them to have a good view of ACRL and its future.
I first bought ACRL in 09/22 and it was my biggest holding this year until the recent jump in MCB. I continue to hold in full.
I also expect the move to be rapid once the the news allows.
Half year results at the end of January
Posted at 25/11/2023 20:34 by darrin1471
I was initially underwhelmed by the trading update as I had hoped for bigger improvements by now.

In the 2023 final results EBITDA market expectations for 2024 were raised from 19.5 to 20.5m. Two months later they have been raised again to "at least 21m"
That does give me hope that we may get further upgrades in January and beyond.

While Accrol said "volume growth continued throughout the period" it is of note that revenue expectations for FY24 have fallen from £230m to £205m prior to this weeks trading update and that Accrol said "known volume gains will positively impact H2 FY24"

A debt/EBITDA of close to 1 looks unambitious when net debt was 26.8m at Y/E and market expectations are for 20.1m by the end of FY24. If revenue is forecast to fall by 10% then working capital should also be falling 10% plus the higher profits.

Gareth was talking of targeting margins in the teens for Accrol, but FY24 margins by my calculations are currently 10.24%.

ACRL has underperformed the rest of my shares ytd which is frustrating as it was my biggest holding before the recent rise in MCB. I will continue to hold in full hoping for more upgrades and for the "managed" share price to improve.
Posted at 10/11/2023 17:53 by darrin1471
Over 200k traded at 29.75p on Thursday and over 200k at 29.5p in smaller trades today.
ACRL share price always appears well "managed"
We got a half year trading update 21/11 (Monday) last year.
Posted at 25/10/2023 18:12 by darrin1471
Any dividend is likely to be small. IMO share buybacks are the least preferred option and only if the share price does not rise to fair value.
I think GJ wants a strong share price to fund bolt on acquisitions so ACRL can cross sell to their UK customer base.
Automation is complete so capex is limited to an expansion in wet wipes and tissues until the mill needs funding which was £10m and heavily back ended.
Posted at 19/10/2023 16:14 by darrin1471
ACRL is still my largest holding. MCB is my 2nd largest holding.
MCB are Europe's largest supplier of private label cleaning and hygiene products.
Both ACRL and MCB were badly hit by input inflation. ACRL appears better invested and run than MCB.
I'm invested in both as I believe both will make make exceptional profits as input prices fall and as consumers move to private labels.
MCB share price has also been falling (25%) since recent highs in August despite an improving outlook throughout 2023.
In an unexpected trading update today MCB revealed that in the last 3 months MCB have traded above internal forecasts resulting in a 20% jump in the share price.
I'm hoping ACRL will have similar upgrades soon.
Posted at 19/10/2023 15:53 by darrin1471
The falling share price post results was hard to understand until this week when we saw the 8.62% sale by NorthEdge to Lombard Odier at 25p.
IMO the share price was traded down to the agreed price of 25p

Looking back I see NorthEdge held "above 15%" on 18/06/2018.
Prior to that NorthEdge were an investor in Accrol before the IPO in 2016
NorthEdge last reduced from 14.08% to 8.83% on 24/11/2020
Posted at 15/6/2023 15:57 by darrin1471
3,247,520 traded at 34.4p after 15:30 today at offer price. Bid and offer price moved up during the rest of the day.
The ACRL share price has always been well "managed"
Posted at 14/5/2023 19:57 by darrin1471
chinahere, Accrol have been growing by volume and revenue and going forward Gareth wants to use the existing diverse UK customer base to introduce new products.
Investment has been significant but input costs have been the big drag on profits over the last 18 months.
The immediate upside is the outlook in the year end update which as in-put prices fall will not only restore margins to normal levels but some price stickiness may lead to abnormally high margins. Although I would not expect them to shout this from the rooftops or customers will push through price reductions.
FY23/24 cash generation will be "quite profound" as capex on automation is complete and debt should fall rapidly. Debt guidance may be in the YE update or we may have to wait for the full update later in the year.
Looking at recent history, acquisitions may lead to additional debt or additional shares being issued if ACRL share price is at a much higher level.
Gareth has a M&A track record at DS Smith and that is where I see his ambitions being with ACRL. For that he will need a strong share price.
Posted at 13/5/2023 12:35 by darrin1471
Accrol investment case:
Accrol is currently my largest holding by some way on my belief that the FY23 end update due anytime soon (Tuesday 17/05/2022 LY) will give a very positive FY24 outlook.
Last years 17/05/2022 update included a year ahead outlook for revenue, EBITDA and PBT.
In the January webinar the board said:
1. ACRL will benefit from falling input prices like they lost out when the prices rose.
2. Cost of living crisis will have a positive impact on Accrol overall.
3. EBITDA in teens of revenue and gross margins back to normal which could be up to 30%.
4. FY23/24 cash generation will be "quite profound".
5. Accrol "ridiculously undervalued". If starting again today it would take £150m to buy current assets and 15 years to build UK customer base.

Gareth Jenkins appeared quite frustrated by the ACRL valuation as I think he wants a strong ACRL share price to back acquisition growth. Gareth has a business turnaround and M&A track record at DS Smith.

Currently there is a big gap between market expectations and the quoted ambition of EBITDA in teens and gross margins of up to 30%
It has been said that input paper costs are falling fast and kraft paper prices have fallen over 35% since January 10th.

This could lead to lead to rapid margin improvement in H1 24 and could be reflected in the FY24 outlook due soon.
The appointment of Shore Capital in March as joint broker will hopefully increase Accrol exposure.
Accrol share price data is direct from the London Stock Exchange

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