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(Alliance News) - Shares rose in Mpac Group PLC on Wednesday as it said it expects annual trading performance to be above already upgraded expectations, mainly as a result of a strong order intake in the fourth quarter of 2019.
Shares in the Coventry-based packaging and automation services firm were 11% higher at 229.00 pence on Wednesday in London.
In September, Mpac said its profit for 2019 was going to be significantly above management and market expectations, after momentum was gained during the year.
Since then, Mpac said this momentum has continued to accelerate, leading to expectations of a trading performance above the already upgraded expectations.
Looking ahead, Mpac said it has made progress on realising the financial benefits of delivering its "One Mpac" business model, as well as the development of its Services business.
"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," said Chief Executive Tony Steels.
"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," Steels added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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