21st Nov 2022 16:10
(Alliance News) - Accrol Group Holdings PLC on Monday said revenue increased in the first half of its financial year, following a rise in private label volumes.
Accrol's revenue increased 64% to GBP121.1 million in the six months that ended October 31, up from GBP73.7 million the year before.
Accrol said its private label volumes are higher than pre-pandemic levels, with its market share "growing at an unprecedented rate against that of the traditional brands". In the first half of financial 2023, Accrol's market share was 54%, up from 50% the previous year.
Accrol said its volume growth is expected to continue for the rest of the financial year as consumers "move away from high-cost, low-value branded products in search of best-value".
Accrol has maintained market expectations for the full financial year. Revenue is forecast to hit GBP213.5 million, up 34% from GBP159.5 million in financial 2022, and pretax profit is expected to multiply to GBP7.1 million from GBP1.1 million last year.
Earnings before interest, taxes, depreciation, and amortisation for the full year is expected to be GBP15 million, up 65% from GBP9.1 million.
Accrol shares were up 7.2% to 27.50 pence on Monday afternoon in London.
By Jaskeet Briah; [email protected]
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