Mpac Group plc
Mpac Group plc is a UK-headquartered, London Stock Exchange-listed (AIM: MPAC) international designer, manufacturer and servicer of automation and packaging machinery, trading under the Lambert, Langen, Switchback, BCA, CSi Palletising and SIGA Vision brands. It serves the healthcare and food & beverage sectors with Original Equipment (OE) machinery (robotic handling, product assembly, filling/dosing, cartoning, case packing, palletising) and an installed-base Service business (spares, service engineers, upgrades). The Group operates six global manufacturing facilities and eight customer service hubs across the Americas, EMEA and Asia Pacific, with around 6,500 machines in service in 80 countries.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 29 Mar 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Mpac Group, which designs, builds and services packaging and automation machines for food, drink and healthcare companies, saw revenue rise to £174.1m in 2025 from £122.4m the year before. But it swung from a £1.4m profit after tax to a £9.5m loss. The sales growth came mainly from a full year of two businesses bought in 2024. Operating profit before one-off and acquisition-related costs, the company's own measure, rose to £18.1m. The overall loss was driven largely by closing its Cleveland site. This included writing down the value of intangible assets by £8.4m, plus restructuring costs. Cash at the year end fell to £2.0m, against borrowings of £57.5m. No money was raised from shareholders and no dividend was paid. Management called the year resilient but below original expectations. It said 2026 began with a lower order book, growing price competition and geopolitical uncertainty, prompting cost cuts. The auditor gave a clean opinion and raised no doubt about the company's ability to keep trading.
From the reportevery line sits on the page it namesWhat drove revenueOriginal Equipment (OE) sales of packaging/automation machinery to healthcare and food & beverage customers
OE order intake £110.8m (2024: £87.0m); OE revenue £133.8m (2024: £91.2m)
page 18AndService revenue from spares, service engineers and support on the installed base
Service revenue £40.3m (2024: £31.2m), representing 23% of total 2025 revenue
page 16What moved the margintailwindPositive impact of full-year contribution from 2024 acquisitions and cost reductions
Underlying operating profit increased to £18.1m (2024: £12.0m); underlying ROS improved to 10.4% (2024: 9.8%)
page 16AndheadwindLower OE order volumes and increased price competition for orders
Order intake impacted by customer confidence, especially US; lower volumes and price competition on OE orders in Q1 2026 pressured gross margins, partially mitigated by cost reductions
page 16What management saidChairman: 'In a year marked by continued macroeconomic uncertainty and subdued capital investment across many of our end markets, Mpac has delivered a resilient performance, albeit below our original expectations.'
page 6The dividendNo final dividend declared for 2025 (no interim paid either); Board decided it is not appropriate to pay a dividend given investment opportunities; future dividend payments will be considered by the Board in the context of 2026 trading performance and when prudent
page 6Going concern and the auditUnmodified ('true and fair') audit opinion from PKF Littlejohn LLP (senior statutory auditor Adam Humphreys); auditor identified no material uncertainty related to going concern. Key audit matters: revenue recognition on long-term contracts, carrying value of goodwill/acquired intangibles, accuracy of defined benefit pension liabilities/valuation, and recoverability of investment in subsidiaries (parent only, flagged as negative headroom risk for Mpac Lambert under sensitised scenarios). Directors adopted going concern basis over a 24-month period to 31 December 2027, including reverse stress tests.
page 59The risks it names first- Political, economic and market cycles - global/local political and economic volatility delaying or accelerating project initiation and customer investmentp.19
- Regulatory change affecting products, packaging methods or distribution requirementsp.19
- Loss of trading partners (customers or suppliers), including heightened political risk in certain jurisdictionsp.20
- Large one-off projects - cost over-runs, delays and volatility in business levels from large one-off customer projectsp.20
Read from C000877-AR-2025-ch.
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