8 July 2021
Mpac Group plc
(''Mpac'', "Company" or "Group")
Trading update and notice of results
Continued momentum and strong order book
Mpac Group plc, a global leader in high-speed packaging and automation solutions, issues a trading update ahead of the release of its unaudited results for the six months ended 30 June 2021.
We are pleased to report that the strong momentum in the second half of 2020 has continued into the first half of 2021. Order intake in H1 2021 across all regions was significantly above the COVID-impacted H1 prior year, with the Americas region, underpinned by our previous investment in Switchback and an expanded commercial footprint, performing particularly well. Consequently, our order book going into the second half of 2021 is above the opening order book of £55.5m, providing enhanced coverage over H2 forecast revenue. The Board is therefore comfortable with current full year market expectations.
Further good progress has been made with the integration of the Switchback business, acquired in September 2020, which continues to trade ahead of management expectations from the time of acquisition.
The implementation of common business processes and systems was successfully completed in H1, which we anticipate will increase the Group's capacity to accommodate future growth and further strengthens our ability to operate as a single entity business.
While travel restrictions, particularly in EMEA and APAC, continue to present challenges to new business development and to machine installations, the impact is largely mitigated through both the ingenuity of our employees and the use of digital technology to provide our customers with the highest standards of customer service.
The Group expects to announce its unaudited results for the six months ended 30 June 2021 on 2 September 2021.
Tony Steels, Chief Executive, commented:
"I am pleased to report a strong start to 2021 across all regions. The outlook is positive based on trends in new prospects and customer investment discussions, and we enter the second half of 2021 with both a strong order book and a developing prospect pipeline and we remain confident that we can leverage the One Mpac operating model to deliver sustainable profitability".
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 7468 7923
Tel: +44(0)20 7796 4133