- Packaging company Mpac has reported lower revenue and pre-tax profit in the first half as order intake fell while customers delayed investment in projects.

The company announced revenue in the six months to 30 June 2020 was £36.8m, a 20% reduction on the same period in the prior year.

Order intake in the first half of 2020 was 6% below the same period in 2019 which Mpac attributed to certain customers delaying committing to investment in projects until there was greater visibility on the wider economic impact of the crisis.

But it reported that the closing order book for June 2020 was up 14% compared to the prior year.

In its results for the six months to 30 June 2020, the company announced underlying pre-tax profit was £2.5m, down from £4.5m in the same period a year earlier, while after a net tax charge of £0.3m underlying profit after tax for the period was £2.2m.

Statutory pre-tax profit during the first half was £1.4m.

It said the board had decide not to pay an interim dividend due to the 'lack of certainty on the short-term outlook in the light of the COVID-19 pandemic'.

Chief executive Tony Steels said the group was in a 'strong position going into the second half of the year to leverage the essential and COVID-19 resilient healthcare and food and beverage growth markets which we supply'.

At 9:35am: [LON:MPAC] MPAC Group Plc share price was -31.5p at 283.5p

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