Mpac Group Plc Company Research (MPAC)

In a Trading Update (unaudited) for the year to 31 December 2024, Mpac Group reports performance in line with market expectations, with FY24 (adj.) PBT of £10.5m, and a substantial H2 uplift above H1, backed by improved project margins and operational efficiency. The Group expects to report record levels of revenue in FY24 with (adj.) PBT above the £10.0m mark for the first time. Our estimates indicate H2 (adj.) PBIT of £6.2m compared to £4.0m recorded in H1. The combination of continued firm demand in key markets and contracts gained through acquisitions resulted in a year-end closing order book of £111.0m (FY23: £72.5m), providing the basis for coverage of the FY25 outlook: ED FY25E £218.1m. Mpac Group reaffirms that is well placed to deliver on market expectations for the current financial year and beyond, and our Fair Value, revised following the acquisition of CSi, remains 865p / share.