reports
Mpac Group: 1 director
A director at Mpac Group sold after exercising options/sold 45,000 shares at 372p and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the la...
- Mike Jeremy
FY24 results conclude a transformational year
The year to 31 December 2024 was transformational for Mpac Group, with 5-year targets achieved ahead of schedule and a base established for the next phase of expansion and growth. FY24 revenue of £122.4m rose 7%YoY, with (adj.) EBIT +54%YoY (£12.0m). Having met 5-year targets only established in FY23, completed two major acquisitions and achieved an (adj.) PBT +50%YoY, threefold that of FY22, the scale of Mpac Group has been transformed. Mpac has confirmed that it is on track to meet FY25 marke...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 19/03/2025
Our daily digest of news from UK Small Caps @HybridanLLP 19th March 2025 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: Today Gusbourne (...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 05/02/2025
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: Today: RC Fornax (RCFX.L), the UK-based engineering consultancy for critical military platforms, announced its First Day of Dealings onto the AIM market. The...
- Hybridan Team
Hybridan Monthly, 3 February 2025
2025: The year of the Phoenix, NOT the Unicorn The pursuit of Unicorn companies valued at $1bn+ will always be newsworthy and exciting. VCs, Private Equity, Governments and Global Stock Exchanges will continue to fight and clamber over one another for the chance of courting them. Our collective attention should therefore not be where support is needed least. Our attention needs to be diverted back to the exciting and unloved. The majestic Phoenix company; known for its ability to be reborn f...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 29/01/2025
Banquet Buffet**** Angle 15.25p £42.75m (AGL.L) The innovative liquid biopsy Company with circulating tumour cell (CTC) solutions for research, drug development and clinical oncology reports successful trial results. Its dual circulating tumour DNA (ctDNA) and CTC-DNA workflow used, for the first time, an end-to-end Illumina solution for analysis. In the study, CTCs were isolated and harvested using the Parsortix system from a single blood tube taken from 27 lung cancer patients. CTCs and ...
- Mike Jeremy
COO joins Mpac for the next phase of growth
Mpac has announced three senior management appointments, including the appointment of a Chief Operating Officer who will join the Group on 27 January 2025. These appointments align the Group structure with the five ‘strategic pillars’ that Mpac has previously set out: ‘Going for growth’, ‘Outstanding customer service’, ‘Operational excellence’, ‘Innovation’, and ‘People’. Following the acquisitions of CSi Palletising and BCA in 2024, the appointments establish the management structure required...
- Mike Jeremy
FY24 trading update: a transformational year
In a Trading Update (unaudited) for the year to 31 December 2024, Mpac Group reports performance in line with market expectations, with FY24 (adj.) PBT of £10.5m, and a substantial H2 uplift above H1, backed by improved project margins and operational efficiency. The Group expects to report record levels of revenue in FY24 with (adj.) PBT above the £10.0m mark for the first time. Our estimates indicate H2 (adj.) PBIT of £6.2m compared to £4.0m recorded in H1. The combination of continued firm ...
- Mike Jeremy
Major acquisition and equity raise. Fair Value raised to 865p
Mpac has announced an offer to acquire CSi Palletising, a specialist in the design, manufacture and installation of end-of-line automation and palletising solutions, for a maximum consideration of €56.0m (£50.0m). Subject to approval at a General Meeting, the acquisition will be financed through the issue of equity to raise up to £30.0m (gross) at 400p per share, and drawdown from Mpac’s debt facilities. The addition of CSi continues Mpac’s track record of growth augmented by major acquisition...
- Mike Jeremy
Earnings enhancing acquisition broadens capabilities
Mpac is acquiring the entire issued share capital of Boston Conveyor & Automation, Inc., (“BCA”), a US-based supplier of robotic automation and conveyor equipment for the Food, Life Sciences and general industry sectors, for a total of US$17.0m (£12.9m). The purchase comprises US$11.0m in cash, sourced from the Group Revolving Credit Facility, plus US$6.0m from the issue of Mpac shares. The Group’s lender has agreed to increase the RCF by £5 million to £25 million, ensuring that the Group will ...
- Mike Jeremy
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. ...
Hybridan Small Cap Feast - 15 August 2024
15th August 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: Tertre Rouge Assets Plc (TRA.L) has delisted from the Standard Segment of the Main Market. What’s baking in the oven? ** Reverse Takeovers: Earnz plc (EARN.L) is an AIM Rule 15 cash shell, which is required to make an acquisition or ...
- Emily Liu
Hybridan Small Cap Feast 10 July 2024
Dish of the day Admissions: Delistings: Gresham Technologies (GHT.L) has delisted from AIM Partway Group (PTY.L) delisted from the Main market yesterday What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make financial progress on its “Bisie North Tin Project”. The Company’s first day of trading on AIM is exp...
- Mike Jeremy
H1 Trading Update: positive momentum continues
In a Trading Update for the six months to 30 June 2024, Mpac reports strong order intake of c.£60m and a closing first half order book of c.£71m. Consequently, the Group expects to post H1 24 revenue of c.£61m, significantly ahead year-on-year, being 16% above H1 23 (£52.8m). A consequence of the strength of first half order intake is, as anticipated, an expansion of working capital, required to provision inventory for new projects. This is expected to unwind in the second half alongside the g...
- Mike Jeremy
AGM statement: momentum maintained
In a statement to accompany today’s AGM, Mpac reports that the strong earnings momentum established in the second half of 2023 has continued into 2024. Accordingly, the Group is on track to meet FY24 market expectations, with the customary second-half earnings weighting. Following the AGM statement, our outlook is maintained. Our Fair Value of 530p/share is indicative of a FY24 EV/EBITDA multiple of 7.9x and PE of 13.9x. Compared to market cap weighted averages of 11.8x and 18.2x respectively f...
- Mike Jeremy
Going for Growth: FY23 results ahead on all metrics
For the year to 31 December 2023, Mpac Group reported results which were ahead on all key metrics. Revenue of £114.2m, +17%YoY, was 7% above ED outlook and EBITDA (adj.) of £10.7m, 12% above our outlook, a 9.4% margin (FY22: 7.0%). The closing order book of £72.5m was up 8%YoY, backed by record £118.5m order intake, an impressive +41%YoY. Mpac achieved its initial goal of a return to normalised operations and has established a firm platform for growth. Accordingly, the Group has launched a new...
Hybridan Small Cap Feast - 11 Jan 24
11th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Mike Jeremy
Strong performance in line with expectations
In a Trading Update for the year to 31 December 2023, Mpac Group reports that revenue and (adj.) profit before tax in H2 were substantially above the first half, whilst margins for the year returned towards normal levels. As a result the Group expects FY23 (adj.) PBT to be in line with market expectations and sees FY23 performance as providing a sound platform for continued growth in FY24. Whilst Mpac’s shares have recovered somewhat over recent weeks, they still trade on a 32% discount to the ...
Hybridan Small Cap Feast - 07 Sep 23
7th September 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
- Mike Jeremy
First half FY 23 results: orders continue to grow
For the six months to 30 June 2023, Mpac Group reported revenue of £52.8m (+4%YoY) and a closing order book of £77.5m, compared to £67.2m at FY22 year end, with order intake of £62.4m (H1 22: £32.8m). The net debt position at December 2022 of £4.7m reverted to H1 net cash of £2.2m; we estimate c£2.5m net cash for the full year. As the combination of order uptake cashflow progress demonstrates, the Group has re-established momentum; trading remains in line with management expectations. Reported...
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