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 five-year roadmap with an ambition to broadly double revenue from their existing businesses.

We have raised our Fair Value from 485p/share to 530p/share with the prospect of FY25 adj. EBITDA c.40% above FY23.