Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Strong second half drives Mpac's full-year performance
(Sharecast News) - Packaging and automation specialist Mpac Group reported a solid full-year performance in a trading update on Thursday, flagging an underlying profit before tax in line with market expectations.
The AIM-traded firm said the achievement was driven by a notable increase in revenue and profit before tax during the second half compared to the first half, primarily attributed to margin normalisation throughout the year.
It maintained a robust financial position, closing 2023 with a net cash balance exceeding £2m.
Additionally, the company expects to maintain a positive net cash position throughout the entirety of 2024.
Mpac said that within its growth sectors, including healthcare, food and beverage, and clean energy, it had seen strong order intake.
As a result, it ended the year with an increased closing order book valued at £75m, compared to £67.2m in the prior fiscal year.
The increased order book provided substantial coverage for the company's revenue forecasts for 2024.
"We are pleased with the full-year performance, which is in line with market expectations," said chief executive officer Adam Holland.
"The group continued to gain momentum through the year and we will report a substantial increase in revenue and profitability in the second half of 2023 over the first half.
"Mpac's balance sheet remains strong, and we closed 2023 with positive net cash, in line with our expectations."
Holland said the full year's order intake was the highest ever for Mpac, and was comfortably above 2022.
"We start 2024 with an increased order book from our resilient end markets and a high level of coverage of forecast revenue, supporting delivery of our expectations for further growth in the year ahead."
Mpac said its full-year results for the year ended 31 December were expected to be announced in the week of 18 March.
At 1340 GMT, shares in Mpac Group were up 2.92% at 306.2p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.