Mpac Group plc
(“Mpac”, “the Company” or “the Group”)
Full Year Results for the 12 months to 31 December 2023
FY23 in line with market expectations and positive outlook for FY24
Mpac Group, the global packaging and automation solutions Group, today announces its results for the 12 months to 31 December 2023 (“FY23”).
The Group has delivered a strong trading performance for FY23 in line with market expectations, with significantly increased revenue and profit, aided by the normalisation of margins throughout the year and record order intake.
Financial Highlights
| £’m | FY23 | FY22 | Change |
| Order intake | 118.5 | 83.8 | +41% |
| Closing order book | 72.5 | 67.2 | +8% |
| Total revenue | 114.2 | 97.7 | +17% |
| – Service revenue | 31.8 | 23.1 | +38% |
| – Original Equipment revenue | 82.4 | 74.6 | +10% |
| Statutory profit before tax | 4.7 | 0.2 | |
| Basic earnings/(loss) per share | 13.1p | (2.2)p | |
| Underlying* profit before tax | 7.1 | 3.5 | +103% |
| Underlying* earnings per share | 26.2p | 13.3p | +97% |
| Net cash/(debt) | 2.1 | (4.7) |
*Non-underlying items include pension costs, acquisition-related items and reorganisation costs
Operational and Strategic highlights
· Strong financial performance, aided by the normalisation of margins through 2023, returning the Group to revenue and profit growth, and positive net cash.
· Good progress broadening the Group customer base – 37% of Original Equipment orders won came from new customers, including new global strategic accounts with potential for future orders over many years.
· Significant growth in Services, now representing 28% of Group revenue, increased from 24% prior year.
· Leadership team strengthened, with new Managing Director appointments in the UK and US, new Operations, Supply Chain and Service Directors in the Americas, and new Group appointments in HR and Global Strategic Accounts.
· Integration of the Switchback business completed, with the deployment of Group ERP system in the US.
· Clean Energy sector continues to develop well, commissioning the Freyr Customer Qualification Plant in Norway, starting pre-engineering work for Freyr’s Giga America and for Ilika’s SiSTEM pilot line in the UK.
· New five-year product roadmap launched, setting out the Group’s priorities for innovation to deliver future growth.
Current trading and outlook
· The Group has started 2024 positively and trading is in line with expectations.
· Order intake is encouraging, and we have a healthy and diverse pipeline of prospects which means we are well positioned for the year ahead.
Adam Holland, Chief Executive, commented:
“I am delighted to present my first full year report as Chief Executive of Mpac Group plc, announcing performance in line with expectations. In 2023, the Group built momentum, reporting a substantial increase in revenue and profit in H2 2023 over the first half of the year. Since joining the Group, I have said on many occasions that Mpac is defined by Mpac people. I have been impressed by the capability and dedication of Mpac people to serve our customers and to deliver on our commitments. It is due to their hard work and expertise that we can report record levels of order intake in 2023 and to start 2024 with a strong and diverse order book providing good coverage of future revenues.”
| Mpac Group plcAdam Holland, Chief ExecutiveWill Wilkins, Group Finance Director | Tel: +44(0)24 7642 1100 |
| Shore Capital (Nominated Adviser & Broker)AdvisoryPatrick CastleIain SextonBrokingHenry Willcocks | Tel: +44(0)20 7408 4050 |
| Liberum (Joint Broker)Edward MansfieldWill KingAnake Singh Hudson SandlerNick LyonNick Moore | Tel: +44 (0) 20 3100 2000 Tel: +44 (0) 20 7796 4133 |