Source - LSE Regulatory
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

Adam Holland, Chief Executive

Will Wilkins, Group Finance Director

Tel: +44(0)24 7642 1100

Shore Capital (Nominated Adviser & Broker)

Advisory

Patrick Castle

Iain Sexton

Broking

Henry Willcocks

 

 

Tel: +44(0)20 7408 4050

 

Liberum (Joint Broker)

Edward Mansfield

Will King

Anake Singh

 

Hudson Sandler

Nick Lyon

Nick Moore

Tel: +44 (0) 20 3100 2000

 

 

 

 

Tel: +44 (0) 20 7796 4133

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTGPUUAGUPCGQU
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Mpac Group PLC (MPAC)

-1.00p (-0.20%)
delayed 15:57PM