Toilet roll firm investigated over statements made to Stock Market
A toilet roll and tissue manufacturer which has endured a torrid recent history is being investigated by the Financial Conduct Authority.
The Blackburn firm confirmed it is being investigated over statements made to the market in 2017.
Shares in the firm dropped sharply on the news.
The brief statement said: “The Financial Conduct Authority (the “FCA”) has notified Accrol that it has commenced an investigation into the company relating to certain statements that it made to the market between 1 April 2017 and 20 November 2017. Accrol is cooperating fully with the FCA.
“The company will issue its half year results for the six months ended 31 October 2019, as previously announced.”
Over the period being investigated Accrol issued a string of press releases and statements.
The Stock Market announcements included trading updates, its full-year results, the appointment of its chief executive, the suspension and subsequent restoration of trading on AIM, and an update on a health and safety incident.
One trading update issued in October 2017 announced that Accrol suspended its shares as it warned it was experiencing “more challenging trading conditions”.
This was accompanied by an expectation that its 2018 financial performance would be “significantly below existing market forecasts”.
Earlier this month Accrol said the weakness of the pound and the uncertainty surrounding Brexit had affected its business.
The firm is forecasting a £5m fall in profits in the first half of the current financial year.
Accrol shares were down 2% at 11.7p yesterday afternoon.