MPAC Group has announced that the supply-chain disruption it experienced last year has been largely resolved, and it expects margins to return to normal in the second half of 2023. The U.K. packaging company reported a pretax profit for the first half of the year, along with increased revenue. Additionally, MPAC Group has a promising pipeline of potential acquisitions for future growth.
Improved Financial Performance
For the first half of the year, MPAC Group achieved a pretax profit of £200,000, a significant improvement compared to the £400,000 loss in the previous year. The company's revenue also saw a positive trend, rising to £52.8 million from £50.6 million.
Strong Order Intake
MPAC Group's order intake for the first half of 2023 reached £62.4 million, more than double the £32.8 million from the same period last year. This strong performance contributed to a closing order book of £77.5 million as of June 30, compared to £62.6 million in the previous year.
Despite the challenging trading environment, MPAC Group remains confident about its future prospects. The company stated, "Margins are normalizing as anticipated, and with a strong order book and prospects pipeline, MPAC is well-positioned to deliver on its second-half objectives for the 2023 financial year."
As of 0816 GMT, MPAC Group's shares showed a decline of 17.50 pence, or 8.3%, trading at 192.50 pence.