8 January 2020
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No. 596/2014
Mpac Group plc
(''Mpac'', "Company" or "Group")
Full Year Trading update
Strong FY19 Trading Performance and Improved Outlook for FY20
Mpac Group plc, a global leader in 'Make, Pack, Monitor and Service' high speed packaging and automation solutions, provides a pre-close trading update (unaudited) for the year ended 31 December 2019.
On 5 September 2019, the Group reported that its profits for FY19 were expected to be significantly above the Board's and market expectations, with the momentum gained earlier in the year continuing throughout the second half of the year. The Board is delighted to announce that since that date, momentum in the business has continued to accelerate and we expect to report a full year trading performance ahead of these upgraded expectations. This is primarily as the result of a strong Q4 order intake and accelerated project execution.
Alongside this, continued progress has been made in realising the financial benefits of the strategic plans of delivering on the 'One Mpac' business model. The Group remains focused on the continued successful execution of its long-term strategy of developing our Services business, sustaining the Original Equipment order intake growth and converting operational efficiencies into improved financial performance and cash generation.
Tony Steels, Chief Executive, commented:
"I am pleased with the overall business development and the high level of performance delivered by our global colleagues which has enabled us to report a further trading performance upgrade for 2019. Order intake and revenue growth have continued for both Original Equipment and Services and the Group will close the year with a strong order book for execution in 2020. I am confident that we will be able to report an excellent financial performance for 2019 and improved outlook for 2020 which gives us confidence for the future progress of the business."
For further information, please contact:
Mpac Group plc
Tony Steels, Chief Executive
Will Wilkins, Group Finance Director
Tel: +44(0)24 7642 1100
Shore Capital (Nominated Adviser & Broker)
Tel: +44(0)20 7408 4050
Tel: +44(0)20 7796 4133
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