REG - Mpac Group PLC - AGM Statement

MPACAnnouncement

15/05/2024 07:00

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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                                  Tel: +44(0)24 7642 1100

 Adam Holland, Chief Executive

 Will Wilkins, Group Finance Director
 Shore Capital (Nominated Adviser & Broker)      Tel: +44(0)20 7408 4050

 Advisory

 Patrick Castle

 Broking

 Henry Willcocks

 Liberum (Joint Broker)                          Tel: +44 (0) 20 3100 2000

 Edward Mansfield

 Will King

 Anake Singh

 Hudson Sandler                                  Tel: +44 (0) 20 7796 4133

 Nick Lyon

 Nick Moore

 

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