Source - Alliance News

Mpac Group PLC on Tuesday said that trading over the first half has been in line with expectations, adding that it still expects its full year financial performance to be weighted towards the second half of the year.

The Tadcaster, England-based packaging and automation company assured investors that the strength of its order book, as well as the nature of projects for delivery, supported these expectations.

Year-to-date order intake stands at £62.4 million, significantly ahead of £32.8 million a year prior. Further, Mpac’s June closing order book of £78.4 million is above the 2023 opening order book of £67.2 million.

Mpac noted that, during the first half, original equipment margins were impacted by the completion of projects which had been affected by supply chain disruption the previous year.

It said that the effects of this are now largely cleared and accordingly, second half trading is anticipated at normalised margins, which gives confidence to the second half weighting.

‘We have a lot to do in the second half but are anticipating normalised margins in the period and are focused on delivering the strong order book for our customers. We have made good progress in strengthening the leadership team and I am confident that Mpac has the employee skillset to take advantage of the attractive markets in which we operate and deliver on our strategic objectives,’ said Chief Executive Adam Holland.

The firm expects to announce its unaudited results for the six months ended June 30 on September 7.

Mpac shares were trading 4.1% higher at 221.14 pence each in London on Tuesday morning.

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