Mpac sees FY profits topping expectations
Packaging and automation solutions group Mpac expects to report full-year underlying pre-tax profits ahead of market expectations.
Mpac said on Thursday that trading continued to be "resilient", given that the firm serves essential healthcare, food, and beverage markets, deploying digital technology to mitigate travel restrictions despite continued headwinds from the Covid-19 pandemic.
The AIM-listed group stated its outperformance was driven by both better than expected margins in the fourth quarter, driven by sector mix, and the earnings accretive acquisition of Switchback Group back in September.
Mpac highlighted that its order book remained "strong" going into 2021 at £55.5m and added that, to date, no orders had been cancelled due to Covid-19.
As of 0900 GMT, Mpac shares were up 9.65% at 460.55p.