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Mpac profit falls as pandemic hits sales; sees recovery in second half
StockMarketWire.com
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Packaging company Mpac reported a 46% fall in annual profit as the pandemic hit sales, though demand rebounded in the second half.
Pre-tax profit for the year through December decreased to £2.9 million, down from £5.4 million year-on-year, as revenue fell 5.7% to £83.7 million.
The company did not pay any dividends for the year.
Mpac said second-half revenue was 27% above the first as customer investment returned to pre-pandemic levels.
'Mpac is positioned to serve resilient end markets with long term growth potential leading to continuous customer demand,' chief executive Tony Steels said.
'Supported by our sizeable and increasingly diverse order book we remain well placed, serving Covid-19 resilient markets which have good underlying demand.'
'2021 has started well across all regions and after taking into consideration the challenge of predicting the impact of the pandemic the board believes that the group's long-term prospects remain positive.'
At 8:04am: (LON:MPAC) MPAC Group Plc share price was 0p at 384p
Story provided by StockMarketWire.com
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