Packaging automation company Mpac Group has said it expects its half year profit to be “substantially above” that of last year as it has grown its customer base among blue chip companies.
In unaudited results for the six months ended 30 June 2024, the AIM-listed company said it had a closing order book of around £71m and had recorded revenue of around £61m, compared with £53m in the first half of 2023.
In 2023, Mpac reported a pre-tax profit of £7.1m, double the £3.5m it posted in 2022.
Since then, the stock has soared 140 per cent over the past year and over 96 per cent year-to-date
Mpac said it kicked off the second half of the year with a “healthy” order book and continued to receive orders from global blue-chip companies in its core healthcare and food and beverage markets.
The UK-headquartered group, which also has manufacturing sites in North America, Europe and Asia, reiterated that it expected full year underlying profit before tax to be weighted towards the second half of the year.
Chief executive Adam Holland said: “We are pleased to report that half year trading is in line with the Board’s expectations, leaving the group well placed to meet full year expectations.
“The group continued to gain momentum through the period and we will report a substantial increase in revenue and profitability in H1 2024 over H1 2023.
“We have successfully built upon the foundations established last year, with further commercial and operational improvements in the period delivered by our highly valued team. We are well positioned to succeed in the attractive markets in which we operate and deliver on our strategic objectives.”