REG - Mpac Group PLC - Full Year Trading Update

MPACAnnouncement

11/01/2024 07:00

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RNS Number : 3019Z  Mpac Group PLC  11 January 2024

 
 
11 January 2024

AIM: MPAC

 

Mpac Group plc

(''Mpac'', "Company" or "Group")

 

Full Year Trading Update

 

FY23 trading performance in line with market expectations

 Strong opening order book supporting a positive outlook for further growth
in FY24

 

Mpac Group plc, a global leader in high-speed packaging and automation
solutions, today announces a trading update (unaudited) for the year ended 31
December 2023 ("FY23").

 

The Board is pleased with the Group's FY23 performance and expects that it
will report underlying profit before tax in line with market expectations. As
anticipated, revenue and profit before tax in H2 2023 were substantially above
H1 2023, aided by the normalisation of margins through 2023.

 

The Group continues to have a strong balance sheet and closed FY23 with over
£2.0m in net cash and we expect to remain net cash positive throughout 2024.

 

Order intake from the growth sectors in which Mpac operates of healthcare,
food and beverage and clean energy has been strong and the Group ended FY23
with an increased value of the closing order book at c.£75.0m (FY22: £67.2m)
providing good coverage of 2024 forecast revenue.

 

The increasing value of the order book and a broadening prospect pipeline
leaves the Group well placed to deliver on the Board's expectations for the
current financial year and beyond and to continue to progress Mpac's long-term
growth strategy.

 

Adam Holland, Chief Executive, commented:

 

"We are pleased with the full year performance which is in line with market
expectations. The Group continued to gain momentum through the year and we
will report a substantial increase in revenue and profitability in H2 2023
over H1 2023. Mpac's balance sheet remains strong, and we closed 2023 with
positive net cash, in line with our expectations.

 

FY23 order intake was the highest ever for Mpac and was comfortably above
2022. We start 2024 with an increased order book from our resilient end
markets and a high level of coverage of forecast revenue, supporting delivery
of our expectations for further growth in the year ahead.''

 

The Group's full year results for the year ended 31 December 2023 are expected
to be announced in the week commencing 18 March 2024.

 

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

 Liberum (Joint Broker)                          Tel: +44 (0) 20 3100 2000

 Edward Mansfield

 Will King

 Anake Singh

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

 Nick Lyon

 Nick Moore

 

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