Nothing untoward as GFD decides to step down
MPAC, the specialist provider of high speed packaging machines and complementary services, announced that Group Finance Director, Jim Haughey, had resigned as a board member for “personal reasonsâ€.Having spoken to the company, we understand there is nothing untoward for shareholders to worry about, since this is absolutely Jim’s decision. Indeed he has willingly agreed to work his 6 month notice period until a suitable replacement is found.
Additionally, there is considerable bench strength in the in-house finance team, so we don’t believe the news will in anyway impact the business’s day-to-day operations. CEO Tony Steels, adding: "Whilst it is disappointing to lose a member of the senior management team, we respect Jim's decision and wish him well for the future. We will commence a search process immediately and update shareholders in due course".
By way of reminder, MPAC revenues are forecast to rise this year by 10% to £58.7m, with adjusted EBIT and EPS coming in at £2.8m (vs £1.3m LY) and 9.9p (4.2p) respectively. This news does not affect our estimates or fair value of 225p/share.
Mpac Group is focused on its Packaging Machinery business, Mpac Langen, which designs, precision engineers and manufactures packaging solutions, machinery and high specification automation, secondary packaging equipment and end-of-line robotics and at-line instrumentation and testing solutions as well as providing solutions including the design and integration of packaging systems.
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