The year to 31 December 2024 was transformational for Mpac Group, with 5-year targets achieved ahead of schedule and a base established for the next phase of expansion and growth. FY24 revenue of £122.4m rose 7%YoY, with (adj.) EBIT +54%YoY (£12.0m). Having met 5-year targets only established in FY23, completed two major acquisitions and achieved an (adj.) PBT +50%YoY, threefold that of FY22, the scale of Mpac Group has been transformed. Mpac has confirmed that it is on track to meet FY25 market expectations and has initiated a new 5-year plan to double revenue. A record closing order book of £118.5m (FY23: £72.5m), the Group's strongest recorded, represents a step change in scale from previous periods. The strength of the year-end order book provides visibility for our FY25 outlook, and we see acquisitions combining to offset US-specific trade risks. We have raised our FY25 (adj.) EBIT outlook by 17.0% (£17.4m) reflecting the improvement in underlying profitability. This highlights Mpac’s lowly rating; based on FY25 EDE earnings, an EV/EBITDA of 3.8x is at a significant discount to a peer group average of 9.3x, and 6.7x EV/EBITDA at our Fair Value of 865p/share.