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Mpac racks up gains as strong momentum continues in first half

The packaging and automation company said full-year profits were likely to be “significantly” ahead of expectations

Mpac said the momentum gained last year had rolled on into the first half of 2019

Shares in Mpac Group PLC (LON:MPAC) surged on Tuesday morning after the packaging and automation specialist said full year profits were likely to be “significantly” ahead of the board's and market expectations.

In trading update ahead of its half-year results on 5 September, the company said the momentum gained last year had rolled on into the first half of 2019, with finances boosted by further progress in its strategic plans. 

Chief executive Tony Steels said: “I am pleased to report that the strong finish to 2018 has continued into 2019.  

“The business fundamentals established over recent years are providing a solid basis for the group to convert market opportunities into improved financial performance.”

For the six months to 30 June, Mpac said it has made good progress with the “significant value” contracts it won last year and that the services business was enjoying financial benefits from the extended service model offered to customers. 

“The current order book, year to date order intake and the volume of quotation activity provides the board with confidence in the prospects for the remainder of the year,” Mpac said in the statement.  

The integration of the recently acquired Lambert Automation business was “on track to deliver its expected results”.

Quick facts: Mpac Group

Price: 299 GBX

Market: LSE
Market Cap: £60.31 m

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