Accrol Group Holdings Plc announced unaudited consolidated earnings results for the six months ended October 31, 2017. For the period, the company reported revenue of £72,265,000 against £63,914,000 a year ago. Operating loss was £5,655,000 against profit of £3,922,000 a year ago. Loss before tax was £5,993,000 against profit of £3,121,000 a year ago. Loss for the year attributable to equity shareholders was £5,061,000 or £0.05 per basic and diluted share against profit of £2,381,000 or £0.03 per basic and diluted share a year ago. Net cash flows used in operating activities were £5,882,000 against net cash from operating activities of £1,025,000 a year ago. Purchase of property, plant and equipment was £812,000 against £691,000 a year ago. Net debt was £29.3 million against £19.9 million a year ago. Adjusted LBITDA was £1,583,000 against EBITDA of £7,136,000 a year ago. Diluted adjusted basic and diluted loss per share were £0.03 against earnings per share of £0.05 a year ago. Adjusted loss attributable to shareholders were £2,397,000 earnings attributable to shareholders of against £4,202,000 a year ago.

The Board expects that recent and planned actions will drive the company forward. Whilst the Board continues to expect a small loss at the adjusted EBITDA level for the financial year ending 30 April 2018, the Board is comfortable that the Group will continue to operate within its borrowing covenants while work on the turnaround continues and the directors look forward to the longer-term future of the company with confidence.

The Board expects the company to return to profit at adjusted EBITDA level in the year to 30 April 2019.