Accrol+ (ACRL, House Stock at 30p) - Margin uplift drives second upgrade in two months

Accrol Group Holdings (ACRL LN) - Consecutive upgrades

H1 FY24 has delivered positive trading momentum with continued volume growth and an acceleration in margin recovery back to pre-pandemic levels.

Accrol Group Holdings (ACRL LN) - FY23 results in-line, FY24 upgraded

Broad based growth in volumes and value: Revenue of £241.9m is +51.7% YOY (FY22: £159.5m) with growth across all product categories: Toilet tissue +40.2% to £163.0m (FY22: £116.3m), Kitchen towel +68.4% to £53.9m (FY22: £32.0m), Facial tissue +112.5% to £18.7m (FY22: £8.8m) and Wipes +140.0% to £4.8m (FY22: £2.0m). Sales volumes are +7.7% YOY vs. an overall flat tissue market, reflecting market share gains +200bps to 21.5% (FY22: 19.5%). Private label now represents 56% of the UK tissue market b

Hybridan Small Cap Feast - 16 May 23

16th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Accrol+ (ACRL, House Stock, 35p) - FY23F EBITDA at least in line; further FY24F upgrade!

Accrol Group Holdings (ACRL LN))- FY23 ‘at least in line’, FY24 upgraded

FY23 Adj. EBITDA to be at least in line with market expectations, with a 5% beat on revenue, driven by strong volume growth, +7.7% YOY reflecting further market share gains.

Hybridan Small Cap Feast - 03 May 23

3rd May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

Growth Companies - Share & share alike Sell in May?

Accrol (ACRL) - House Stock at 32p - Automation supporting c.10% FCF yield

LIBERUM: Accrol Group Holdings Plc* - Making further strategic progress

Accrol Group Holdings (ACRL LN) - Unilever licensing agreement

Accrol has entered into an exclusive licensing agreement with global FMCG company Unilever Plc to produce and sell a kitchen towel product under its leading Lifebuoy brand with no additional capital outlay. This agreement with one of the world’s largest consumer goods companies for one of its most-recognised international brands and is testament to the Group’s increasingly strong reputation in the market. We believe this affirms Accrol’s stated strategy to expand its licenced business model set

Solid State - Strong organic development in H124

Solid State has made an excellent start to FY24 with strong continuing organic growth in H124 enhanced by a full period contribution from Custom Power. As a result, management anticipates better-than-expected revenues and PBT for the full year with market consensus rising by c 5% to £155m and £12.5m, respectively.

Hybridan Small Cap Feast - 30 Oct 23

30th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

New Sanderson licence with Habitat

Through its Sanderson brand, SDG has announced a new licensing agreement with Habitat which will launch a range of table/kitchenware based on Sanderson’s National Trust collection of fabrics (one of its best-selling collections since launch). The new products will launch in spr’25 and generate incremental royalty income for both SDG and the National Trust from FY26 onwards, in line with the group’s Live Beautiful strategy.

In-line H1, but a more challenging H2

The Group has delivered a first half performance that is in-line with management expectations. Despite softer market demand, underlying EBITDA emerged at £95.8m (H1 FY23 £100.1m) with the margin improving strongly to 14.9% from 13%, due in large part to productivity gains and increased operational efficiencies stemming from significant restructuring. The outlook through the second half is more challenging with lower demand affecting sales and inflation edging up raw material inputs. As a result,