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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 £121.1 million in the six months that ended October 31, up from £73.7 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 £213.5 million, up 34% from £159.5 million in financial 2022, and pretax profit is expected to multiply to £7.1 million from £1.1 million last year.
Earnings before interest, taxes, depreciation, and amortisation for the full year is expected to be £15 million, up 65% from £9.1 million.
Accrol shares were up 7.2% to 27.50 pence on Monday afternoon in London.
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