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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