FY22 results show a platform for growth
For the year to 31 December 2022, Mpac Group reported revenue of £97.7m, +3.6%YoY, EBITDA (adj.) of £6.8m, ahead of our outlook, -39.3%YoY, and PBT of £3.5m. Service revenue grew 14.4%YoY to 23.6% of the total. The year-end closing order book was £67.2m (FY21: £78.4m). Net debt was £4.7m, which we expect to revert to a £7.5m net cash position in FY23.Tony Steels, who has led the Group since 2016, has announced his retirement. COO Adam Holland will become CEO post-AGM on 17 May. Adam joined Mpac in late 2022 having held senior positions worldwide at JCB, Siemens AG and Rolls-Royce.
We raised our FY23 revenue outlook in January from £103.6m to £104.7m, (adj.) EBITDA by 13% to £9.6m, and our FY24 revenue outlook from £113.4m to £115.8m, with (adj.) EBITDA from £12.9m to £13.0m. We retain these estimates and our fair value for Mpac remains 485p/share, indicative of a FY24 EV/EBITDA multiple of 7.9x.
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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