The CFO of a listed packaging and automation solutions group is to step down.
Coventry-headquartered Mpac Group plc said Will Wilkins (pictured) will depart at the end of July 2026 as it revealed its annual results.
Wilkins is leaving to pursue a new opportunity. Duncan Tyler, currently group corporate development director, has been appointed as interim CFO – a non-board role – and will work alongside Wilkins over the coming months to ensure an orderly handover.
Mpac saw revenues rise in the 2025 calendar year, but profits dropped as it pursues a leaner operating model amid macroeconomic headwinds.
Revenue climbed 42% to £174.1 million. While underlying profit before tax grew 27% to £13.5m, this did not take into account pension and reorganisation costs. The statutory figure was a £7.7m loss, down from a £3.4m profit in 2024.
Debts at year-end grew from £37.5m in 2024 to £47.9m in 2025. Order intake was 26% up at £150.9m, but the closing order book was £90m, down 24%.
The results were in line with market expectations.
“Faced with a backdrop of macroeconomic uncertainty, which led to customers deferring investment decisions, the group took decisive actions to reduce operating costs and to focus on cost and cash management,” said Mpac.
“This leaner and more efficient operating model positions the group well to navigate the ongoing pressure on customers in 2026.”
Mpac said it has made good progress on the integration of CSi Palletising Boston Conveyor & Automation in their first full year of contribution to the group.
CEO Adam Holland said: “The group delivered 2025 full year performance in line with market expectations, navigating challenging capital equipment markets characterised by macroeconomic uncertainty and geopolitical unrest.
“We responded promptly to lower order intake in H1, stabilising the order book in H2, and taking decisive actions to reduce our cost base. These actions, combined with the positive impact of acquisitions completed during the prior year, delivered improved margins in 2025 and prepared the group for the year ahead.
“We started 2026 with a lower order book, growing price competition and an increasingly uncertain geopolitical environment. The team have responded proactively, taking action to further reduce costs in response to the near term challenges and to position the Group to respond strongly when market conditions improve.”