Source - Alliance News

Mpac Group PLC on Thursday said it was pleased with its performance in 2023, citing ‘strong’ order intake.

The Tadcaster, England-based packaging automation company said it will report 2023 underlying pretax profit in line with market expectations, with ‘substantially’ higher second half revenue and pretax profit in the second than the first financial half.

It said that the closing order book at the end of 2023 was 12% higher at £75.0 million from £67.2 million a year prior.

The company expects to remain net cash positive throughout 2024.

Chief Executive Officer Adam Holland said: ‘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.’’

Mpac plans to announce its 2023 results in the week starting March 18.

Mpac shares rose 3.4% to 307.50 pence each on Thursday afternoon in London.

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