Source - LSE Regulatory
RNS Number : 4333O
Mpac Group PLC
15 May 2024
 

                                                                                                                                                15 May 2024

 

AIM: MPAC

 

Mpac Group plc

(''Mpac'', or "Company")

 

AGM statement

 

At the Company's AGM later today, Mpac Group plc, a global leader in high-speed packaging and automation solutions, will make the following statement:

 

"Mpac has started the year well and the strong momentum built in H2 2023 has continued into 2024 with year-to-date revenue and underlying profit before tax above the prior year

 

Accordingly, Mpac is on track to meet market expectations for the full year.  As in previous years, we anticipate a second half weighting to the year, with the current order book providing good coverage over the full year revenue forecast.

 

The Company continues to maintain a strong balance sheet in order to fund its growth. Working capital has expanded in the early months of 2024 due to the timing of order intake and project milestones in H1. Therefore, we anticipate reporting a net debt position at end of H1 2024 before reverting to a net cash balance in the second half as the working capital position unwinds.

 

The Company looks forward to providing a more detailed update on trading following the end of the first half of 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

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

 

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