Tissue maker ‘cannot explain’ share price fluctuation
Blackburn-based toilet roll maker Accrol Group says it knows of no reason for the fluctuation in the price of its shares.
At yesterday’s close (Tuesday, March 27), shares were trading at 15.01 pence, up 67% having been at 33.50 pence earlier this month.
Accrol’s shares plunged 60% last week after it warned of a pre-tax loss before interest, tax, depreciation and amortisation of nearly £5m for the year ending April 30, compared to an EBITDA plus of £16.1m in the prior year, as a result of soaring costs.
A brief statement from the Accrol said: “The company knows of no reason for the recent share price movement and has no further update to the trading update released on March 19, 2018.”
The company’s net debt is expected to be about £34m, but currently stands at £31m and is expected to be higher at the year end than previously expected despite £18m from a share placing in December.