AGM Statement

RNS Number : 0241M

Mpac Group PLC

06 May 2020

 

6 May 2020

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No. 596/2014

Mpac Group plc

(''Mpac'', "Company" or "Group")

AGM Statement

Mpac Group plc, a global leader in 'Make, Pack, Monitor and Service' high speed packaging and automation solutions, will be holding its Annual General Meeting at noon today, and Chief Executive, Tony Steels, will make the following statement:

'As the spread of COVID-19 became a global pandemic, our first priority was to protect the well-being of our employees and their families, whilst continuing to provide ongoing support to our customers in the essential sectors of Healthcare and Food and Beverage.  We have implemented new workplace practices and procedures which include increased levels of remote working wherever practical. We have furthermore established effective social distancing and hygiene practices within our facilities.

The response of our employees across the Group has been excellent, implementing and working with the new measures and practices coupled with applying innovative means to provide continued high levels of customer service. This will ensure that Mpac has the best possible platform to build upon as the lockdown across all regions begins to be relaxed.

The Board continues to monitor the impact, both operational and financial, of the ever-changing global situation as a result of the COVID-19 pandemic. We have taken measures to preserve cash, to defer discretionary spend and are utilising government support measures available in the jurisdictions in which we operate. 

Mpac has a strong balance sheet, is well financed, remains debt free and has access to a £10m secured committed revolving facility which is yet to be drawn down.  Cash generation in the first three months of the year was in line with management expectations prior to the pandemic.  We have modelled and stress tested our liquidity under extreme assumptions as a result of the spread of COVID-19 and we remain well positioned to meet our liquidity requirements beyond 2020 from existing resources.'

For further information, please contact:

Mpac Group plc   Tony Steels, Chief Executive   Will Wilkins, Group Finance Director	Tel: [phone]
Shore Capital (Nominated Adviser & Broker)   Patrick Castle   Edward Mansfield   Sarah Mather	Tel: [phone]
Hudson Sandler   Nick Lyon   Nick Moore	Tel: [phone]

 

END

 

 

AGMMZGGKVKDGGZM