H1’24 results: positive momentum delivers strong results
For the six months to 30 June 2024, Mpac Group reported significant revenue, margin and profit growth.Revenue of £60.0m was +14%YoY, (adj.) EBIT of £4.5m, +105%YoY, operating margin 7.5% vs 4.2% H1 23, and EPS of 15.0p compared to (2.2p) a year earlier.
Year-to-date order intake remained strong at £59.7m, +6% on H2 23 (H1 23 of £62.4m was distorted by pent-up demand unwinding), with a closing order book of £71.4m providing extensive coverage over forecast revenues for the remainder of 2024.
We expect the customary H2 weighting, with forecast EBIT at c.38% above the H1 level.
These strong results build on the sound foundations and momentum already established. With a clear vision for growth over the coming five years, we retain our fair value of 530p/ share, indicative of a FY25 EV/EBITDA of 7.0x vs the market cap weighted average of a group of peers of 10.6x.
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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