Mpac Group PLC Year-end trading update (3026M)
January 07 2019 - 1:00AM
UK Regulatory
TIDMMPAC
RNS Number : 3026M
Mpac Group PLC
07 January 2019
7 January 2019
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No. 596/2014
Mpac Group plc
("Mpac", "Company" or "Group")
Year-end trading update
Mpac Group plc, a global leader in 'Make, Pack, Test and
Service' high speed packaging solutions, provides a pre-close
trading update for the year ended 31 December 2018.
We are pleased to report that sales growth continued in the
second half of the year. We also launched a number of new product
innovations at the Chicago Pack Expo trade show which were well
received by customers and resulted in new contract wins. During the
second half we also secured a number of contracts for delivery in
2019.
Considerable progress has been made in delivering on the Group's
strategic priorities and in resolving the two technically
challenging legacy contracts. The UK legacy contract has been
resolved and we have agreed the commercial approach to resolving
the Canadian contract which is expected to be finalised during
2019.
We are pleased to announce that sales and profit before tax are
expected to be in line with market expectations (subject to year
end audit), supported by a strong closing orderbook which will
provide a platform for continued growth in 2019.
Pensions
Together with our actuarial advisors, we are currently
evaluating the extent to which the recent Lloyds Banking Group's
High Court ruling around the equalisation of guaranteed minimum
pensions between men and women will crystallise additional
liabilities in our UK defined benefit pension scheme. We expect
that any required adjustment will be recognised in the final
results and be shown as a 'non-cash' non-underlying item. Our
current 2018 profit guidance excludes any potential impact on the
Income Statement related to pension equalisation
Tony Steels, Chief Executive, commented:
"I am pleased to report a strong end to 2018 with a strong
closing orderbook. The second half saw us secure a number of new
contract wins that support the strategic objectives that we have
put in place. We are well on the way to finalising the remaining
legacy contract and I am confident that we are back on track with a
good platform for growth."
For further information, please contact:
Mpac Group plc Tel: +44(0)24 7642 1100
Tony Steels, Chief Executive
Will Wilkins, Group Finance Director
Panmure Gordon (UK) Limited (Nominated Tel: +44(0)20 7886 2500
Adviser & Broker)
Andrew Potts - Corporate Advisory
James Stearns - Corporate Broking
Hudson Sandler Tel: +44(0)20 7796 4133
Nick Lyon
Nick Moore
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTGMGGMLVZGLZM
(END) Dow Jones Newswires
January 07, 2019 02:00 ET (07:00 GMT)
Mpac (LSE:MPAC)
Historical Stock Chart
From Apr 2024 to May 2024
Mpac (LSE:MPAC)
Historical Stock Chart
From May 2023 to May 2024