Mpac boasts of profits 'significantly above' expectations

Packaging firm Mpac Group told investors on Wednesday that full-year profits looked set to be "significantly above" market expectations, with the momentum gained earlier in the year continuing throughout the second half.

Mpac highlighted that momentum in the business continued to accelerate and it now also expects to report a full-year trading performance ahead of already upgraded expectations - primarily as the result of strong fourth-quarter order intake and some accelerated project execution.

Elsewhere, the AIM-listed group said it remained focused on the continued successful execution of its long-term strategy of developing its services business, sustaining original equipment order intake growth and converting operational efficiencies into improved financial performance and cash generation.

Chief executive Tony Steels said: "Order intake and revenue growth have continued for both Original Equipment and Services and the group will close the year with a strong order book for execution in 2020.

"I am confident that we will be able to report an excellent financial performance for 2019 and improved outlook for 2020 which gives us confidence for the future progress of the business."

As of 0915 GMT, Mpac shares had shot up 10.17% to 228.05p.