10th Sep 2024 12:38
(Alliance News) - Mpac Group PLC on Tuesday expressed confidence in its prospects for the rest of the year, after posting improvements in both earnings and sales.
For the six months ended June 30, the Tadcaster, England-based packaging automation company reported pretax profit of GBP3.3 million, up substantially from GBP200,000 a year prior.
Revenue rose 14% to GBP60.0 million from GBP52.8 million, despite a slight dip in order intake, which fell 4.3% to GBP59.7 million from GBP62.4 million.
Reflecting on the first half, Mpac Group emphasised "good progress" on delivering its five-year product roadmap, with initial orders for Ostro cartoners secured during the period.
"The sound foundations and momentum established in 2023 have continued into [the first half] and we have seen substantial increases in revenue, gross margin and operating returns," said Chief Executive Adam Holland.
He added: "We have made continued progress in our service support to existing customers, and in diversifying our customer base. I remain confident that Mpac is well positioned to take advantage of the attractive opportunities within the substantial markets in which we operate."
Looking ahead, the firm said that trading remains "in line" with expectations, and that it has a "diverse order book" going into the second half, providing good revenue coverage to the end of the year.
However, the board decided that it was "appropriate not to pay an interim dividend in respect of the period".
Shares in Mpac Group were trading 0.6% lower at 462.30 pence each in London on Tuesday afternoon.
By Holly Beveridge, Alliance News senior reporter
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