REG - Mpac Group PLC - AGM Statement

MPACAnnouncement

17/05/2023 07:17

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RNS Number : 6414Z  Mpac Group PLC  17 May 2023

 
17 May 2023

 

AIM: MPAC

 

Mpac Group plc

(''Mpac'' or the "Company")

 

AGM statement

 

At the Company's AGM later today, Mpac Group plc, a global leader in
high-speed packaging and automation solutions, will make the following
statement:

 

Mpac is looking forward to an improved 2023 and is well positioned to address
what continues to be a challenging trading environment.  Encouragingly,
momentum from Q4 2022 has continued into 2023 with the current order book,
year to date order intake and the volume of quotation activity all
significantly above the prior year.

 

Trading in 2023 is expected to be weighted towards the second half of the
year, with the current order book providing extensive coverage over full year
revenue forecast.

 

Mpac has a strong balance sheet and the expansion of working capital in the
second half of 2022, which was detailed in the full year results, is unwinding
in line with expectations. Accordingly, the Company ended Q1, and anticipates
closing the first half of 2023, in a positive net cash position.

 

The Company looks forward to providing a more detailed update on trading
following the end of the first half of 2023.

 

For further information, please contact:

 Mpac Group plc                                  Tel: +44(0)24 7642 1100

 Adam Holland, Chief Executive

 Will Wilkins, Group Finance Director
 Shore Capital (Nominated Adviser & Broker)      Tel: +44(0)20 7408 4050

 Advisory

 Patrick Castle

 Iain Sexton

 Broking

 Henry Willcocks

 Hudson Sandler                                  Tel: +44(0)20 7796 4133

 Nick Lyon

 Nick Moore

 

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