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Accrol, independent tissue converter, reported narrower losses on lower costs as the company continued its turnaround.
For the year ended 30 April 2019, pretax losses narrowed to £14m from £24.1m even as revenue ticked down to £116.7m from £115.3m.
Total exceptional costs in FY20, including costs associated with FCA investigation, were expected to reduce to about £1.0m from £7.9m last year, circa £0.5m of which would relate to final turnaround activities.
'Despite strengthening FX headwinds, the Group remains on track to meet market expectations in FY20,' the company said.
'The scale and pace of change implemented in the business in FY19 to effect a successful and rapid turnaround were extraordinary. Accrol is now a simpler, stronger and more operationally efficient business than it has ever been,' the company said.
'Monthly profitability has been restored, despite input cost headwinds of £10.8m, the Group is cash generative and net debt is reducing,' it added.
At 8:46am: (LON:ACRL) Accrol Group Hldgs Plc share price was +1p at 26.5p