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EARNINGS: Mortgage Advice Bureau loses profit, Accrol boosts revenue

26th Sep 2023 14:26

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:


Mortgage Advice Bureau Holdings PLC - London-based mortgage broker - Pretax profit for the first half of 2023 falls 25% to GBP7.6 million from GBP10.1 million the year before. Adjusted pretax profit was GBP8.8 million, down 24% from GBP12.4 million. Revenue increases 22% to GBP117.5 million from GBP96.5 million. Declares 13.4 pence interim dividend, unchanged from 2022. Says the fall in new mortgage approval volumes caused by the September 2022 mini-budget continued throughout the period, with gross new mortgage completions down 27% to GBP110.5 billion from GBP150.6 billion. Market conditions have toughened again in the third quarter. Company expects full-year adjusted pretax profit of at least GBP22.0 million.


Accrol Group Holdings PLC - Blackburn, England-based private-label toilet roll manufacturer - Chief Executive Officer Gareth Jenkins says the company "has performed strongly in a challenging year". Accrol reports GBP7.8 million pretax loss for the year ended April 30, following a GBP2.5 million loss the prior year. Adjusted pretax profit surges to GBP6.5 million from GBP1.1 million. Revenue increases 52% to GBP241.9 million from GBP159.4 million. Jenkins says the cost of living crisis "is continuing to drive consumer demand for great value products". Accrol expects continued volume growth and adjusted earnings before interest, tax, depreciation and amortisation for financial 2024 to be ahead of the board's expectations.


By Emma Curzon, Alliance News reporter

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