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Pin to quick picksMpac Group Plc Regulatory News (MPAC)

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Trading Update and Notice of Results

11 Jul 2023 07:00

RNS Number : 5603F
Mpac Group PLC
11 July 2023
 

11 July 2023

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018

 

Mpac Group plc

(''Mpac'' or the "Group")

Trading update and notice of results

 

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 2023.

 

Trading in the first half was in line with the Board's expectations. As communicated in the AGM statement in May and as further detailed below, we expect the full year financial performance to be weighted towards the second half of the year. The strength of the order book and nature of projects for delivery supports the Board's full year expectations, which remain unchanged.

 

The performance of our recurring, higher margin Service business has been strong, benefiting from enhanced engagement and an improved service model for our customers. On-site commissioning of the CQP assembly line for FREYR Battery has commenced and is ongoing. As anticipated, Original Equipment margins in the period were impacted by the completion of projects which had been affected by supply chain disruption in 2022. The effects of this are now largely cleared and accordingly, second half trading is anticipated at normalised margins, which gives confidence to the second half weighting.

 

Year to date order intake of £62.4m is significantly ahead of the prior year (H1 2022: £32.8m) and the June 2023 closing order book of £78.4m is above the 2023 opening order book of £67.2m. 

 

Mpac has a strong balance sheet, with the expansion of working capital in 2022 unwinding in line with expectations and the Group closed the half year with positive net cash.

 

Beyond the short-term economic challenges, the outlook for the business remains positive. We carry forward a strong prospect pipeline and order book, concentrated on companies in our core, resilient, end markets of Healthcare and Food and Beverage and with a balance sheet which provides us with the ability to invest in the Group for growth over the medium term and beyond. The Group remains focused on executing its long-term strategy of delivering OE and Service growth at improved margins.

Adam Holland, Chief Executive, commented:

 

''I am delighted to provide my first update as Chief Executive. I am pleased to be able to report significant momentum in the first half of 2023 with increase in Original Equipment and Service order intake and a closing H1 order book of £78.4m, up significantly on the prior year. In addition, the prior year expansion of working capital has unwound in line with expectations, and we close H1 in a positive net cash position. We have a lot to do in the second half but are anticipating normalised margins in the period and are focused on delivering the strong order book for our customers. We have made good progress in strengthening the leadership team and I am confident that Mpac has the employee skillset to take advantage of the attractive markets in which we operate and deliver on our strategic objectives.''

The Group expects to announce its unaudited results for the six months ended 30 June 2023 on 7 September 2023.

 

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

 

Hudson Sandler

Nick Lyon

Nick Moore

Tel: +44(0)20 7796 4133

 

 

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TSTRMMFTMTABBIJ
Date   Source Headline
7th Mar 20076:32 pmRNSHolding(s) in Company
5th Mar 20074:26 pmRNSDirector/PDMR Shareholding
2nd Mar 20077:30 amRNSPreliminary Results
28th Feb 20074:59 pmRNSHolding(s) in Company
22nd Feb 20074:34 pmRNSHolding(s) in Company
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19th Dec 200610:04 amRNSSRF and Trading Update
13th Dec 20063:21 pmRNSTotal Voting Rights
11th Dec 200612:32 pmRNSHolding(s) in Company
22nd Nov 20065:40 pmRNSHolding(s) in Company
26th Oct 20061:39 pmRNSDirector/PDMR Shareholding
26th Oct 20061:31 pmRNSDirector/PDMR Shareholding
6th Oct 200611:47 amRNSHolding(s) in Company
30th Aug 20067:01 amRNSInterim Results
21st Aug 200611:32 amRNSNotice of Results
31st Jul 20068:45 amRNSSale of Sasib S.p.A.
1st Jun 20069:30 amRNSHolding(s) in Company
25th May 20065:49 pmRNSHolding(s) in Company
24th May 20067:01 amRNSSASIB
24th Apr 20066:07 pmRNSDoc re. AGM Resolutions
24th Apr 20062:12 pmRNSAGM Statement
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7th Mar 20067:00 amRNSHolding(s) in Company
1st Mar 200612:36 pmRNSDirector/PDMR Shareholding
1st Mar 20067:01 amRNSFinal Results
13th Feb 20065:15 pmRNSNotice of Results
11th Jan 200610:34 amRNSHolding(s) in Company
3rd Jan 20066:10 pmRNSHolding(s) in Company
19th Oct 20054:25 pmRNSHolding(s) in Company
2nd Sep 20057:00 amRNSInterim Results
16th Aug 20055:51 pmRNSHolding(s) in Company
16th Aug 200512:30 pmRNSHolding(s) in Company
15th Jul 200510:33 amRNSDirector/PDMR Shareholding
30th Jun 20057:01 amRNSIFRS Statement
30th Jun 20057:01 amRNSTrading Statement
2nd Jun 20051:33 pmRNSHolding(s) in Company-Replace
2nd Jun 200511:45 amRNSHolding(s) in Company
27th May 200510:21 amRNSHolding(s) in Company
6th May 20059:39 amRNSHolding(s) in Company
4th May 20052:50 pmRNSDirector Shareholding
26th Apr 200512:42 pmRNSHolding(s) in Company
26th Apr 20059:34 amRNSDoc re. Result of AGM
25th Apr 20052:00 pmRNSAGM Statement
30th Mar 20054:16 pmRNSHolding(s) in Company
23rd Mar 20052:51 pmRNSHolding(s) in Company
3rd Mar 200510:16 amRNSDirector Shareholding
2nd Mar 20054:07 pmRNSHolding(s) in Company
22nd Feb 20054:11 pmRNSDirector Shareholding
22nd Feb 20057:01 amRNSFinal Results

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