Market News - Page 859

The Board expects sales for H1 2016 to be approximately GBP25.9 million (H1 2015: GBP56.5 million) and to report an operating loss* of GBP0.9 million (H1 2015: GBP9.0m operating profit*). Due to stronger than expected trading in June 2016, the operating loss* for H1 2016 is significantly lower than the Board's expectations as previously announced in the Company's final results on 26 April 2016.
While total sales in H1 2016 were GBP30.6m lower than in H1 2015, sales into France in H1 2016 declined by GBP33.7m compared to H1 2015, which was partially offset by growth in UK sales and at Pace Sensors.
Net cash at 30 June 2016 of GBP14.7 million (2015: GBP28.9 million) was adversely impacted mainly by the H1 2016 operating loss* and the GBP7.0m payment for buffer stock acquired in Q4 2015. Sprue remains debt free (30 June 2015: nil debt).
The Board is pleased to announce that at the time of the announcement of the interim results for the six months ended 30 June 2016, it intends to declare a maintained interim dividend of 2.5 pence per share. …

Accrol Group Holdings plc (the “Company” or “Accrol”)
Audited full year results for the year ended 30 April 2016
Accrol Group Holdings plc, the AIM listed leading independent tissue converter, today announces its audited results for the financial year ended 30 April 2016.
Financial Highlights(1) — Revenue increased 17% to GBP118m (2015: GBP101m)
— Adjusted Gross Margin increased 2.1% to 28.1% (2015: 26.0%)
— Adjusted EBITDA of GBP15.0m, up 22% (2015: GBP12.3m)
— Continued strong cash generation year-on-year
— Net debt reduced by GBP1.1m
— Successful IPO on London Stock Exchange's AIM market on 10 June 2016

Operational Highlights(1)
— 35% market share of the Discount sector (Discounters accounting for 69% of revenues, up 6% on 2015) after contract wins during the year
— 15% increase in sales to Multiples
— Focus on Private Label products which are taking market share from Brands
— Continued investment in machinery with GBP3.2m invested in two high-speed converting lines
— Capacity increased to 118,000 tonnes with a further 25,000 tonnes to be added
— UK exclusivity secured for a new luxury tissue, NTT (New Textured Tissue)

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John Nichols, Non-Executive Chairman, said:

“The Board is pleased with the Group's strong performance in the first half of the year, with UK sales growth continuing to outperform the market. Group revenue increased by 3.3% and Group profit increased by 9%, which reflects the strengths of the Group's business model. As a result of this performance and our confidence in the outlook for Nichols, we are pleased to recommend an interim dividend of 9.0 pence per share which represents a 12.5% increase compared to the prior year.”…

“Our first half results further demonstrate the progress we have made in the transformation of Unilever to deliver consistent, competitive, profitable and responsible growth. Despite a challenging environment with slower global economic growth and intensifying geopolitical instability, we have again grown profitably in our markets, competitively and driven by strong innovations.

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Dunelm Group plc (“Dunelm” or “the Group”), the UK's leading homewares retailer, reports the following trading update for the final quarter and for the financial year ended 2(nd) July 2016.
Revenue
Total revenue for the fourth quarter grew by 1.8% to GBP203.8m. Total like-for-like (LFL) growth (combining LFL stores and Home Delivery) decreased by 0.6%, although this was adversely impacted by a combination of an earlier Easter and the fact that the previous financial year included a 53(rd) week. Adjusting for these calendar impacts, underlying LFL performance was +2.9% for the 13 weeks to 2(nd) July 2016. …

The revaluation of the investment property portfolio at the year end has resulted in a net valuation surplus for the year of GBP117,947,000 (2015 – GBP229,722,000). The board has recommended a final dividend of 58p per share in respect of the year ended 31 March 2016 payable on 11 November 2016 to shareholders on the register on 14 October 2016. This will make a total dividend for the year of 93p (2015 – 88p).
Earnings per share is calculated by reference to profit on ordinary activities after taxation attributable to equity holders of the parent of GBP142,900,000 (2015 – GBP227,395,000) and 16,295,357 (2015 – 16,295,357) ordinary shares being the weighted average number of ordinary shares in issue during the year.
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Marshalls' Trading update for the 6 months ending 30 June 2012…

Further to its announcement on 4 May 2016, the Company confirms that it has received the formal certification paperwork for its two European products containing a Panasonic battery. The Group expects to commence shipment of the products, namely the ST622 and the ST630, into Germany in the second half of 2016 as planned….