MPAC Group

MPAC · AIM · Industrial Goods and Services · mcap £102m · 337.5p

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Financials · LTM to 30 Jun 26

Source: results 15 Sep 26 ↗

Revenue: £146m
Operating profit: £3.7m
Net income: −£7.4m
Free cash flow: −£100k
Net cash: £1.7m
Market cap: £101m
EV / EBIT: 27.0×
FCF yield: −0.1%
Price / book: 1.5×

Latest half-year · H1 26 vs H1 25 results 15 Sep 26 ↗

Revenue: £71.0m
Operating profit: £1.4m
Net income: −£8.7m
Cash from operations: −£300k

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it, newest first – each period in the latest version the company published (restated figures where a later report restated them), in its own currency and units. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: H1 26 (six months to 30 Jun 26), published 15 Sep 26 · read the results ↗

	FY 25£m source	FY 24£m source
Revenue Cost of sales	-	(85.6)
Gross profit Distribution expenses Administrative expenses Other operating income/(expenses)	36.8	0.8
Operating (loss)/profit	(5.2)	3.4
Financial income Financial expenses	1.4	(1.4)
Net financing (expense)/income	(2.5)	-
Profit before tax Taxation	(7.2)	(2.0)
Profit for the period	(9.5)	1.4
(Loss) / Earnings per ordinary share
Basic Diluted	(31.8)p	6.0p

	H1 26 source	H2 25£m calc.	H1 25 source
Revenue Cost of sales	72.7	46.0	(46.0)
Gross profit Distribution expenses Administrative expenses Other operating income	(28.7)	–	0.2
Operating profit/(loss)	(15.4)	2.3	(7.5)
Financial income Financial expenses	1.0	3.7	(2.3)
Net financing (expense)/income	1.0	(1.2)	(1.3)
Profit/(loss) before tax Taxation	(8.8)	(5.8)	(1.4)
Profit/(loss) from continuing operations	(14.5)	–	(10.2)
Loss from discontinued operation	-	–	(0.6)
Profit/(loss) for the period	(14.5)	1.3	(10.8)
(Loss)/earnings per ordinary share from continuing operations
Basic and diluted Underlying	(34.2)p	–	14.0p
(Loss)/earnings per ordinary share
Basic and diluted Underlying	(36.0)p	–	12.1p
CONDENSED CONSOLIDATED INCOME STATEMENT (CONTINUED)
Restated* 12 months to 31 December 2025 (audited)
Notes Underlying £m Non-underlying (note 5) £m Total £m
Revenue Cost of sales	148.1	–	(92.3)
Gross profit Distribution expenses Administrative expenses Other operating income	(46.0)	–	(1.2)
Operating profit	(21.4)	–	(4.1)
Financial income Financial expenses	2.1	–	(4.2)
Net financing expense	2.1	–	(2.1)
Profit before tax Taxation	(6.2)	–	(1.6)
Profit/(loss) from continuing operations	(18.4)	–	(7.8)
Loss from discontinued operation	(1.9)	–	(1.7)
Profit/(loss) for the period	(20.3)	–	(9.5)
(Loss)/earnings per ordinary share from continuing operations
Basic and diluted Underlying	(26.2)p	–	35.2p
(Loss)/earnings per ordinary share
Basic and diluted Underlying	(31.8)p	–	35.9p

	30 Jun 26£m source	31 Dec 25£m source	31 Dec 24£m source
Non-current assets Intangible assets Property, plant and equipment Investment property Right of use assets Employee benefits Deferred tax assets	7.6	39.4	5.3
	116.8	134.3	178.1
Current assets Inventories Trade and other receivables Current tax assets Cash and cash equivalents	–	0.8	18.2
Current assets Inventories Trade and other receivables Current tax assets Cash and cash equivalents Assets held for sale	9.6	–	–
	90.6	87.3	94.3
Current liabilities Lease liabilities Trade and other payables Current tax liabilities Provisions Interest-bearing loans and borrowings	–	(2.8)	(41.2)
Current liabilities Lease liabilities Trade and other payables Current tax liabilities Provisions Liabilities held for sale Interest-bearing loans and borrowings	-	–	–
	(122.7)	(119.8)	(120.5)
Net current (liabilities) / assets	–	(32.5)	(26.2)
Net current liabilities	(32.1)	–	–
Total assets less current liabilities	84.7	101.8	151.9
Non-current liabilities Interest-bearing loans and borrowings Employee benefits Other payables Deferred tax liabilities Lease liabilities	(9.5)	(19.1)	(7.5)
	(18.4)	(26.5)	(43.9)
Net assets	66.3	75.3	108.0
Equity Issued capital Share premium Reserves Retained earnings	4.1	3.6	35.1
Total equity	66.3	75.3	108.0

	30 Jun 26£m source	31 Dec 25£m source	31 Dec 24£m source
Non-current assets Intangible assets Property, plant and equipment Investment property Right of use assets Employee benefits Deferred tax assets	7.6	39.4	5.3
	116.8	134.3	178.1
Current assets Inventories Trade and other receivables Current tax assets Cash and cash equivalents	–	0.8	18.2
Current assets Inventories Trade and other receivables Current tax assets Cash and cash equivalents Assets held for sale	9.6	–	–
	90.6	87.3	94.3
Current liabilities Lease liabilities Trade and other payables Current tax liabilities Provisions Interest-bearing loans and borrowings	–	(2.8)	(41.2)
Current liabilities Lease liabilities Trade and other payables Current tax liabilities Provisions Liabilities held for sale Interest-bearing loans and borrowings	-	–	–
	(122.7)	(119.8)	(120.5)
Net current (liabilities) / assets	–	(32.5)	(26.2)
Net current liabilities	(32.1)	–	–
Total assets less current liabilities	84.7	101.8	151.9
Non-current liabilities Interest-bearing loans and borrowings Employee benefits Other payables Deferred tax liabilities Lease liabilities	(9.5)	(19.1)	(7.5)
	(18.4)	(26.5)	(43.9)
Net assets	66.3	75.3	108.0
Equity Issued capital Share premium Reserves Retained earnings	4.1	3.6	35.1
Total equity	66.3	75.3	108.0

	FY 25£m source	FY 24£m source
Operating activities Operating profit Non-underlying items included in operating profit Amortisation Depreciation Profit on the sale of property, plant and equipment Pension escrow contributions Pension contributions Working capital movements: - decrease/(increase) in inventories - (increase) / decrease in contract assets - decrease/(increase) in trade and other receivables - (decrease) / increase in trade and other payables - decrease in provisions - (decrease)/increase in contract liabilities	(0.2)	(14.7)
Cash flows from continuing operations before reorganisation Acquisition and reorganisation costs paid	5.6	(1.4)
Cash flows from operations Taxation paid	4.2	(1.6)
Cash flows from operating activities	1.6	2.6
Investing activities Proceeds from sale of property, plant and equipment Capitalised development expenditure Acquisition of property, plant and equipment Net cash flow on acquisition of subsidiaries	(1.9)	(54.9)
Cash flows used in investing activities	(5.5)	(59.5)
Financing activities Interest paid (Repayment) / proceeds of borrowings Proceeds from equity raise Principal elements of lease payments	28.4	(1.2)
Cash flows from financing activities	(10.9)	64.5
Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Effect of exchange rate fluctuations on cash held	11.0	(0.4)
Cash and cash equivalents at 31 December 2025	2.0	18.2
NOTES TO ANNOUNCEMENT
1. General information
2. Operating segments
Segment information
12 months to 31 Dec 2025 12 months to 31 Dec 2024
OE £m Service £m Total £m OE £m Service £m Total £m
Revenue Americas EMEA Asia Pacific	46.9	15.2
Total	31.2	122.4
Gross profit	63.2	36.8
Selling, distribution & administration	(45.1)	(24.8)
Underlying operating profit Unallocated non-underlying items included in operating profit	12.0	(8.6)
Operating (loss) / profit Net financing expense	3.4	-
(Loss) / Profit before tax	(7.7)	3.4
Sector information
Revenue (by customer sector)
2025 £m 2024 £m	2025 %	2024 %
Food & Beverage Healthcare Other	26.6	43 36 21
Total revenue (by customer sector)	122.4	100
Geographical information
Revenue (by location of customer)
2025 £m 2024 £m	2025 %	2024 %
UK Europe (excl. UK) Africa & Middle East USA Americas (excl. USA) Asia Pacific	15.2	12 24 2 43 6 13
Total revenue (by location of customer)	122.4	100
3. Non-underlying items
2025 £m 2024 £m
Acquisition costs Reorganisation and site closure costs Amortisation of acquired intangible assets Impairment of goodwill and intangible assets Impairment of fixed and leased assets Customer dispute Freyr contract termination costs Defined benefit pension scheme administration costs and interest	(0.6)	-
Total non-underlying expense before tax	(21.2)	(7.2)
4. Employee benefits
5. Loss / Earnings per share
Underlying earnings per ordinary share amounted to 35.9p for the year (2024: 35.2p) and is based on underlying profit for the period of £10.8m	(20	–

	H1 26£m source	H2 25£m calc.	H1 25£m source
Operating activities Operating loss Non-underlying items included in operating loss Amortisation Depreciation Pension escrow contributions Pension payments Working capital movements: - decrease in inventories - (increase)/decrease in trade and other receivables - decrease/(increase) increase in contract assets - (decrease) / increase in trade and other payables - increase/(decrease) in contract liabilities - decrease in provisions	(7.0)	–	(2.2)
Cash flows from continuing operations before reorganisation Acquisition and reorganisation costs paid	(1.4)	(6.2)	11.8
Cash flows from operations Taxation paid Operating cashflow used in discontinued operation	9.1	–	(1.9)
Cash flows (used in) / from operating activities	(0.3)	–	(0.7)
Investing activities Proceeds from sale of property, plant and equipment Acquisition of property, plant and equipment Capitalised development expenditure Net cash flow on acquisition of subsidiaries Investing cashflow used in discontinued operation	(2.6)	–	(1.0)
Cash flows used in investing activities	(1.9)	(3.3)	(2.2)
Financing activities Interest paid Repayment of term loans Principal elements of lease payments Financing cashflow used in discontinued operation	(4.7)	–	(1.8)
Cash flows used in financing activities	(6.7)	–	(5.8)
Net decrease in cash and cash equivalents Cash and cash equivalents at 1 January Effect of exchange rate fluctuations on cash held	(14.8)	–	18.2
Cash and cash equivalents at Period end	(7.6)	–	8.6
NOTES TO ANNOUNCEMENT
General information
2. Basis of preparation
(a) Statement of compliance
(b) Judgements and estimates
Significant accounting policies
4. Operating segments
Revenue Americas EMEA Asia Pacific	62.9	(30.1)	77.0
Total	115.8	(1.1)	32.3
Gross profit	21.4	36.5	26.7
Selling, distribution & administration	(17.2)	(26.3)	(18.8)

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	146.4	148.1^r	122.4
Gross profit	–	63.2	36.8
Adjusted operating profit	14.4	18.1	12.0
Operating profit	3.7	(5.2)	3.4
Operating profit to net income
Profit before tax	0.6	(7.7)	3.4
Tax	–	(1.8)	(2.0)
Net income (owners)	(7.4)	(9.5)	1.4
Per share
EPS basic	(24.8p)	(31.8p)	6.0p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	71.0	−2%	75.4	72.7
Adjusted operating profit	4.2	−47%	10.2	7.9
Operating profit	1.4	n/m	2.3	(7.5)
Operating profit to net income
Profit before tax	(0.5)	n/m	1.1	(8.8)
Net income (owners)	(8.7)	n/m	1.3	(10.8)
Discontinued operations	(8.5)	n/m	–	(0.6)
Per share
EPS basic	(29.0p)	–	4.2p	(36.0p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	1.8	1.4^r	2.6
Interest paid	(4.6)	(4.2)	(1.2)
Tax paid	(2.1)	(1.9)	(1.6)
Financing activities
Lease principal paid	(1.9)	(1.8)^r	(1.2)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(0.3)	n/m	2.1	(0.7)
Interest paid	(1.8)	+29%	(2.8)	(1.4)
Tax paid	(0.8)	+33%	(1.3)	(0.6)
Financing activities
Lease principal paid	(1.2)	+9%	(0.7)	(1.1)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	2.5	4.7	5.8
Investment property	0.8	0.8	0.8
Current assets
Inventories	12.0	16.2	15.9
Trade receivables	50.9	60.7	–
Cash	1.7	9.6	18.2
Current assets	90.6	87.3	94.3
Current liabilities
Current liabilities	122.7	119.8	120.5
Equity
Total equity	66.3	75.3	108.0
Net cash and other figures
Net cash / (debt) ex leases	(54.0)	–	–
Net cash / (debt) incl. leases	–	(47.9)	(37.5)
Order book	80.5	90.0	118.5

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Property, plant & equipment	2.5	4.7	–	5.8
Investment property	0.8	0.8	–	0.8
Current assets
Inventories	12.0	16.2	–	15.9
Trade receivables	50.9	60.7	–	–
Cash	1.7	9.6	–	18.2
Current assets	90.6	87.3	–	94.3
Current liabilities
Current liabilities	122.7	119.8	–	120.5
Equity
Total equity	66.3	75.3	–	108.0
Net cash and other figures
Net cash / (debt) ex leases	(54.0)	–	(43.2)	–
Net cash / (debt) incl. leases	–	(47.9)	–	(37.5)
Order book	80.5	90.0	76.2	118.5

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.