(Alliance News) - Mpac Group PLC on Wednesday said trading in the first half of 2024 was in line with the board's expectations, with profit and revenue jumping.

The Tadcaster, England-based packaging automation company noted that profit for the period was "substantially" above the prior year and it is now on track to meet market expectations for the full year.

"Execution of original equipment projects in the period progressed well with revenue and margins improving over the prior year. The performance of our recurring Service business was again strong, benefitting from the continued high level of customer focus from our service teams," Mpac said.

It added that year-to-date order intake remained "very strong" and is comparable to the first half of 2023 at about GBP60 million.

Mpac expects to report revenue of GBP61 million for the period, up 16^ from GBP52.8 million a year ago.

Looking ahead, Mpac said the outlook "remains positive", starting the second half of 2024 with a "healthy prospect pipeline and order book".

Chief Executive Adam Holland commented: "We are pleased to report that half year trading is in line with the board's expectations, leaving the group well placed to meet full-year expectations. The group continued to gain momentum through the period, and we will report a substantial increase in revenue and profitability in H1 2024 over H1 2023. We have successfully built upon the foundations established last year, with further commercial and operational improvements in the period delivered by our highly valued team.

Shares in Mpac were down 1.2% to 514.00 pence each in London on Wednesday afternoon.

By Sophie Rose, Alliance News senior reporter

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