- Loo-roll supplier Accrol Group Holdings posted a deeper first-half loss owing to restructuring costs and higher tissue prices.

The company also announced that chief financial officer Steve Townsley had stepped down for health reasons. Hannah Argo, a recent hire, had been appointed interim CFO.

Pre-tax losses for the six months through October deepened to £9.0m, compared to losses of £6.0m on-year.

Revenue fell 15% to £57.6m, while gross margin fell to 12.0%, down from 16.4%.

Adjusted Ebitda losses, which excluded one-off restructure costs, narrowed to £1.1m, from £1.5m on-year.

Margins post period end had strengthened, as price increases achieved across the business began to take effect, Accrol said.

Full-year adjusted Ebitda was expected to be positive, at around £1.0m.

Chairman Dan Wright said Accrol had 'changed beyond recognition' since February 2018, though he expressed disappointment that its recovery programme was about three months behind schedule.

Chief executive Gareth Jenkins said fixing Accrol was one of the most challenging business turnarounds he had experienced.

'Whilst most of the issues we have faced are familiar to the team, it is highly unusual to face so many issues in a single business, at the same time and at such a pace,' Jenkins said.

'I am pleased to say that the major actions are now behind us and we are beginning to see results.' At 1:47pm: [LON:ACRL] Accrol Group Hldgs Plc share price was +4.75p at 16.25p

Story provided by