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Mpac Group Plc - Full Year Results

This content has been sourced from: https://www.investegate.co.uk/mpac-group-plc/rns/f...

Mpac Group plc

("Mpac", "the Company" or "the Group")

Mpac, the global packaging and automation solutions Group, today announces its results for the 12 months to 31 December 2019

  • Excellent progress made on strategic initiatives resulting in a step change in financial performance
  • Successful acquisition and integration of Lambert Automation
  • Increase in order intake of 37% compared to 2018 and a closing order book of £52.2m (2018: £53.1m)
  • Revenue growth of 52% to £88.8m (2018: £58.3m) 
  • Underlying profit before tax of 7.5m (2018: 1.4m) and statutory profit before tax of 5.4m (2018: loss £7.4m)
  • Underlying earnings per share of 39.5p (2018: 4.5p)   
  • Basic earnings per share of 29.7p (2018: loss of 30.1p)   
  • Cash of 18.9m (2018: 27.9m)   
  • The Board has decided to recommend a final dividend payment of 1.5p per share (2018: nil)

Commenting on the performance and outlook, Tony Steels, Chief Executive, said:

''2019 was a transformational year for Mpac.  The Group completed the acquisition of Lambert Automation and has successfully executed its integration into the organisation.  Organic growth in order intake and revenue from Original Equipment and Service was in excess of management targets set in our strategic plans.  We have ended the year with a high-quality closing order book and with an increasingly healthcare-orientated customer base.  The management team are focused on building upon this platform to deliver further organic growth, to leverage an ambitious new product development roadmap and to provide an enhanced service offering to our customers. We continue to evaluate potential complementary acquisition opportunities.

The 2020 financial year has started well and in line with market expectations.  The Group intends to continue the development of the 'One Mpac' business model and accordingly the Board believes that the Group's future prospects remain positive.''