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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ms International Plc | LSE:MSI | London | Ordinary Share | GB0005957005 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 30.00 | 3.08% | 1,005.00 | 990.00 | 1,020.00 | 1,005.00 | 975.00 | 975.00 | 40,767 | 15:33:21 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Special Industry Machy, Nec | 83.96M | 4.12M | 0.2521 | 39.87 | 164.06M |
From May 2019 to May 2024
TIDMMSI
RNS Number : 2317U
MS International PLC
29 November 2013
MS INTERNATIONAL plc
Interim results for the six months ended 2(nd) November, 2013
Chairman's Statement
I am pleased to report that the Group is trading in line with expectations. As we had anticipated, the prolonged downturn in defence spending by many governments around the world, a subject extensively chronicled by the media recently, has inevitably had an impact on the 'Defence' division's revenues. In positive contrast, many of the markets served by our 'Forgings' and 'Petrol Station Superstructures' divisions have progressively improved and consequently these two divisions together made an enhanced contribution to the Group.
Accordingly, for the half year ended 2nd November 2013, a profit before taxation of GBP1.87m (2012 - GBP2.42m) was achieved on revenue of GBP23.34m (2012 - GBP26.28m). Earnings per share amounted to 7.9p (2012 - 10.2p).
The balance sheet remains notably robust with further expansion in our net cash and short term deposits which increased to GBP14.12m. At the 27th April 2013 year end, the figure was GBP13.45m.
Expecting a subdued market, 'Defence' took action to realign its cost structure at the start of the year and bring it into line with expected levels of activity. Delays in major shipbuilding programmes persist and demand for equipment, that may once have been regarded as low budget, general expenditure items, is also being affected. This downturn is the reality of a cyclical global defence market.
'Forgings' markets around the world have, to a degree, become more stable and the division's results reflect benefits accruing from improved operational performance. Similarly, 'Petrol Station Superstructures' has maintained a strong market position, enabling it to successfully secure a broader customer base and produce a creditable result.
Encouragingly, the structure of the 'Defence' division's order book provides a solid base load of business stretching out to the end of the decade. This means that, despite any current market slackness, the division not only has contracts to be completed within the current year, but also has the positive benefit of a continuous stream of business, scheduled by customers for delivery in each successive year through to 2020. Clearly, our objective is to build on this excellent foundation and ensure that we win sufficient additional business to convert into revenue in each of those future years. Management confidence is such as to firmly believe this should be achievable, in the knowledge that the potential order pipeline remains intact, our product offerings are highly respected internationally, our development programmes are bearing fruit and underutilised production capacity is available.
By contrast 'Forgings' and 'Petrol Station Superstructures' operate in markets where short lead-time order books predominate, providing limited visibility. Nevertheless, within both divisions there is a good measure of optimism that a satisfactory level of activity should continue through to the end of the financial year.
The Board believes that the Group has taken timely action to ensure that the divisions can make the most of their diverse markets. There is still some time to go to the year-end but, given the current defence market, the Board reaffirms its earlier guidance that profits before tax for the full year will be lower than that reported last year. All matters considered, the Board has declared a maintained interim dividend of 1.5p (2012 - 1.5p) per share, payable to shareholders on 3rd January 2014.
Michael Bell 28th November, 2013
For any further information please contact:
MS INTERNATIONAL plc
Michael Bell Tel: 01 302 322133
Shore Capital
Nomad and Broker
Bidhi Bhoma/Patrick Castle Tel: (0) 20 7408 4090
Hot Features
Premium
Independent Review Report to MS INTERNATIONAL plc
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the 27 weeks ended
2nd November, 2013, which comprises the Interim condensed consolidated
income statement, Interim condensed consolidated statement of comprehensive
income, Interim condensed consolidated statement of financial position,
Interim Group statement of changes in equity, Interim Group cash flow
statement and the related explanatory notes. We have read the other information
contained in the half yearly financial report and considered whether
it contains any apparent misstatements or material inconsistencies with
the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK and
Ireland) "Review of Interim Financial Information Performed by the Independent
Auditor of the Entity" issued by the Auditing Practices Board. To the
fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company, for our work, for this report, or for
the conclusions we have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing
the half-yearly financial report in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in note 2, the annual financial statements of the Group
are prepared in accordance with IFRSs as adopted by the European Union.
The condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with International Accounting
Standard 34, "Interim Financial Reporting", as adopted by the European
Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based
on our review.
Scope of Review
We conducted our review in accordance with International Standard on
Review Engagements (UK and Ireland) 2410, "Review of Interim Financial
Information Performed by the Independent Auditor of the Entity" issued
by the Auditing Practices Board for use in the United Kingdom. A review
of interim financial information consists of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less
in scope than an audit conducted in accordance with International Standards
on Auditing (UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us
to believe that the condensed set of financial statements in the half-yearly
financial report for the 27 weeks ended 2nd November, 2013 is not prepared,
in all material respects, in accordance with International Accounting
Standard 34 as adopted by the European Union and the Disclosure and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
Ernst & Young LLP
Leeds
28th November, 2013
Interim condensed consolidated income statement
27 weeks ended 2nd Nov., 26 weeks ended 27th
2013 Oct., 2012
unaudited unaudited
GBP000 GBP000
restated*
Products 16,507 16,576
Contracts 6,836 9,703
Revenue 23,343 26,279
Cost of sales (16,614) (18,846)
Gross profit 6,729 7,433
Distribution costs (1,227) (1,174)
Administrative expenses (3,468) (3,721)
Operating profit 2,034 2,538
Finance income - 35
Finance costs (36) (64)
Other finance costs - pension (127) (94)
Profit before taxation 1,871 2,415
Taxation (444) (567)
Profit for the period attributable to equity holders of the
parent 1,427 1,848
Earnings per share: basic and diluted 7.9p 10.2p
Interim condensed consolidated statement of comprehensive income
27 weeks ended 2nd Nov., 26 weeks ended 27th
2013 Oct., 2012
unaudited unaudited
GBP000 GBP000
restated*
Profit for the period attributable to equity holders of the
parent 1,427 1,848
Other comprehensive income to be reclassified to
profit or loss in subsequent periods
Exchange differences on translation of foreign operations (106) (29)
Net other comprehensive loss to be reclassified to profit
or loss in subsequent periods (106) (29)
Items not to be reclassified to profit or loss in
subsequent periods
Actuarial gains/(losses) on defined benefit pension scheme 1,332 (3,029)
Deferred taxation effect (416) 655
Net other comprehensive income/(loss) not being
reclassified to profit or loss in subsequent
periods 916 (2,374)
Total comprehensive income/(loss) for the period
attributable to equity holders of the parent 2,237 (555)
*The interim consolidated financial statements as at 27th October, 2012 have been restated
to reflect amendments to IAS 19, Employee Benefits, as detailed in note 2.
Interim condensed consolidated statement of financial position as at
2nd Nov., 27th April,
2013 2013
unaudited audited
ASSETS GBP000 GBP000
Non-current assets
Property, plant and equipment 13,486 13,755
Intangible assets 4,293 4,451
Deferred income tax asset 42 280
17,821 18,486
Current assets
Inventories 8,194 6,536
Trade and other receivables 12,987 13,065
Prepayments 886 520
Cash and short-term deposits 14,121 13,447
36,188 33,568
TOTAL ASSETS 54,009 52,054
EQUITY AND LIABILITIES
Equity
Issued capital 1,840 1,840
Capital redemption reserve 901 901
Other reserves 2,815 2,815
Revaluation reserve 2,574 2,532
Special reserve 1,629 1,629
Currency translation reserve (45) 61
Treasury shares (100) (100)
Retained earnings 20,539 19,376
Total Equity 30,153 29,054
Non-current liabilities
Defined benefit pension liability 5,467 6,766
5,467 6,766
Current liabilities
Trade and other payables 17,978 16,143
Income tax payable 411 91
18,389 16,234
TOTAL EQUITY AND LIABILITIES 54,009 52,054
Interim Group statement of changes in equity
Issued Capital Other Revaluation Special Foreign Treasury Retained Total
capital redemption reserves reserve reserve exchange shares earnings unaudited
reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 27th April,
2013 1,840 901 2,815 2,532 1,629 61 (100) 19,376 29,054
Profit for the
period - - - - - - - 1,427 1,427
Other comprehensive
income/(loss) - - - - - (106) - 916 810
1,840 901 2,815 2,532 1,629 (45) (100) 21,719 31,291
Change in
taxation rates - - - 42 - - - - 42
Dividend paid - - - - - - - (1,180) (1,180)
At 2nd November,
2013 1,840 901 2,815 2,574 1,629 (45) (100) 20,539 30,153
Issued Capital Other Revaluation Special Foreign Treasury Retained Total
capital redemption reserves reserve reserve exchange shares earnings unaudited
reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 28th April,
2012 1,840 901 2,815 2,511 1,629 (10) (100) 18,819 28,405
Profit for the
period - - - - - - - 1,848 1,848
Other comprehensive
loss - - - - - (29) - (2,374) (2,403)
1,840 901 2,815 2,511 1,629 (39) (100) 18,293 27,850
Change in
taxation rates - - - 21 - - - - 21
Dividend paid - - - - - - - (1,180) (1,180)
At 27th October,
2012 1,840 901 2,815 2,532 1,629 (39) (100) 17,113 26,691
Interim Group cash flow statement
26 weeks
27 weeks ended
ended 2nd 27th Oct.,
Nov., 2013 2012
unaudited unaudited
GBP'000 GBP'000
restated*
Profit before taxation 1,871 2,415
Adjustments to reconcile profit before taxation to net
cash in flows from operating activities
Depreciation charge 622 700
Amortisation charge 158 175
Profit on disposal of fixed assets (57) (48)
Finance costs 163 123
Foreign exchange movements (74) (8)
(Increase)/decrease in inventories (1,658) 869
Decrease/(increase) in receivables 78 (513)
Increase in prepayments (366) (191)
(Decrease)/increase in payables (781) 1,105
Increase/(decrease) in progress payments 2,637 (944)
Pension fund deficit payments (115) (50)
Cash generated from operating activities 2,478 3,633
Interest paid (36) (29)
Taxation paid (256) (1,012)
Net cash flow from operating activities 2,186 2,592
Investing activities
---------------- ------------
Purchase of property, plant and equipment (467) (730)
Sale of property, plant and equipment 135 48
---------------- ------------
Net cash flows used in investing activities (332) (682)
Financing activities
Dividend paid (1,180) (1,180)
---------------- ------------
Net cash flows used in financing activities (1,180) (1,180)
Movement in cash and cash equivalents 674 730
Opening cash and cash equivalents 13,447 10,037
Closing cash and cash equivalents 14,121 10,767
*The interim consolidated financial statements as at 27th October, 2012
have been restated to reflect amendments to IAS 19, Employee Benefits,
as detailed in note 2.
Notes to the interim Group financial statements
1 Corporate information
MS INTERNATIONAL plc is a public limited company incorporated in England and Wales. The Company's
ordinary shares are traded on the AIM market of the London Stock Exchange. The principal activities
of the Company and its subsidiaries ("the Group") are described in Note 5.
The interim condensed consolidated financial statement of the Group for the twenty seven weeks
ended 2nd November, 2013 were authorised for issue in accordance with a resolution of the
directors on 28th November, 2013.
2 Basis of preparation and accounting policies
The annual financial statements of the Group are prepared in accordance with IFRS as adopted
by the European Union. The condensed set of financial statements included in this half-yearly
financial report which has not been audited has been prepared in accordance with International
Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.
The interim financial information has been reviewed by the Group's auditors, Ernst & Young
LLP, their report is included on page 3. These interim financial statements do not constitute
statutory financial statements within the meaning of section 435 of the Companies Act 2006.
The interim condensed consolidated financial statements do not include all the information
and disclosures required in the annual financial statements and should be read in conjunction
with the Group's annual financial statements as at 27th April, 2013.
The Group has adopted all applicable amendments to standards with an effective date from 28th
April, 2013.The Group has adopted amendments to IAS 19 Employee benefits including consequential
amendments to other standards, with a date of initial application of 1st January, 2013 and
restated the prior year's results accordingly.
IAS 19R includes a number of amendments to the accounting for defined benefit schemes. In
the case of the Group, the transition to IAS 19R had an impact on the accounting for interest
on the defined benefit scheme and on the accounting of scheme administration costs.
For the period to 2nd November, 2013, the amendment has reduced operating profit by GBP171,000,
increased net financing costs by GBP127,000 and increased other comprehensive income by GBP298,000.
For the period to 27th October, 2012, the restatement has reduced operating profit by GBP155,000,
increased net financing costs by GBP71,000 and increased other comprehensive income by GBP226,000.
The Group has also adopted IFRS 7- Disclosures offsetting Financial Assets and Financial Liabilities,
IFRS Fair Value Measurement, both effective from 1st January, 2013, and IAS IR- Presentation
of Financial Statements in the period. Adoption of these standards did not have any material
impact on the financial performance or position of the Group.
The figures for the year ended 27th April, 2013 do not constitute the Group's statutory accounts
for the period but have been extracted from the statutory accounts. The auditor's report on
those accounts, which have been filed with the Registrar of Companies, was unqualified and
did not contain any statement under section 498(2) or (3) of the Companies Act 2006.
3 Principal risks and uncertainties
The principal risk and uncertainties facing the Group relate to levels of customer demand
for the Group's products and services. Customer demand is driven mainly by general economic
conditions but also by pricing, product quality and delivery performance of MS INTERNATIONAL
plc and in comparison with our competitors. Sterling exchange rates against other currencies
can influence pricing.
The Group has considerable financial resources together with long term contracts with a number
of customers. As a consequence, the Directors believe that the Group is well placed to manage
its business risk successfully despite the current uncertain economic outlook.
After making enquiries the Directors have a reasonable expectation that the Company and the
Group have adequate resources to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in preparing the annual report
and accounts.
4 Statement of directors' responsibilities
The directors as listed on page 1 confirm that this condensed set of financial statements
has been prepared in accordance with IAS 34 as adopted by the European Union, and that the
interim report herein includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8, which includes information required on material transactions with related parties
and changes since the last annual report.
5 Segment information
(a) Primary reporting format - divisional segments
The reporting format is determined by the differences in manufacture and services provided
by the Group. The Defence division is engaged in the design, manufacture and service of defence
equipment. The Forgings division is engaged in the manufacture of forgings. The Petrol Station
Forecourt Structures division is engaged in the design and construction of petrol station
forecourt structures. The Directors are of the opinion that seasonality does not significantly
affect these results.
The following table presents revenue and profit information about the Group's divisions for
the periods ended 2nd, November, 2013 and 27th, October, 2012.
Defence Forgings Petrol Station Total
Superstructures
2013 2012 2013 2012 2013 2012 2013 2012
unaudited unaudited
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
restated
Revenue
External 9,450 12,336 7,393 7,234 6,500 6,709 23,343 26,279
Total revenue 9,450 12,336 7,393 7,234 6,500 6,709 23,343 26,279
Segment result 676 1,322 546 255 812 961 2,034 2,538
Net finance expense (163) (123)
Profit before taxation 1,871 2,415
Taxation (444) (567)
Profit for the period 1,427 1,848
Capital expenditure 106 - 145 209 66 521
Depreciation 93 158 222 232 176 168
The following table presents segment assets and liabilities of the Group's divisions for the
periods ended 2nd, November, 2013 and 27th, April, 2013.
Segmental assets 29,537 27,153 5,713 6,654 5,055 5,585 40,305 39,392
Unallocated assets 13,704 12,662
Total assets 54,009 52,054
Segmental liabilities 12,491 10,459 1,786 2,681 2,992 4,158 17,269 17,298
Unallocated liabilities 6,587 5,702
Total liabilities 23,856 23,000
6 Income tax
The major components of income tax expense in the consolidated income statement are:
26 weeks
27 weeks ended 2nd ended 27th
Nov., 2013 Oct., 2012
unaudited unaudited
GBP'000 GBP'000
restated
Current income tax charge 581 764
Current tax 581 764
Relating to origination and reversal of temporary differences (72) (160)
Impact of reduction in deferred tax rate (23% to 21%) (65) (37)
Deferred tax (137) (197)
Total income tax expense reported in the consolidated income
statement 444 567
7 Earnings per share
The calculation of basic and diluted earnings per share is based
on:
Profit for the period attributable to equity holders of the parent of GBP1,427,000 (2012 -
(a) GBP1,848,000 - restated);
18,151,025 (2012 - 18,151,025) Ordinary shares, being the weighted average number of Ordinary
(b) shares in issue.
This represents 18,396,073 being the weighted average number of Ordinary shares in issue less
245,048 being the weighted average number of shares held within the ESOT.
8 Dividends paid and proposed
26 weeks
27 weeks ended 2nd ended 27th
Nov., 2013 Oct., 2012
unaudited unaudited
GBP'000 GBP'000
Declared and paid during the six month period
Dividend on ordinary shares
Final dividend for 2013 - 6.50p (2012 - 6.50p) 1,180 1,180
Proposed for approval
Interim dividend for 2014 - 1.50p (2013 - 1.50p) 270 270
Dividends warrants will be posted on 2nd January, 2014 to those members registered on the
books of the Company on 13th December, 2013.
9 Property, plant and equipment
Acquisitions and disposals:
During the 27 weeks ended 2nd November, 2013, the Group acquired assets with a cost of GBP467,000
(2012 - GBP730,000).
Assets with a net book value of GBP78,000 (2012 - GBPNil) were disposed of by the Group for
proceeds of GBP135,000 (2012 - GBP48,000) during the 27 weeks ended 2nd November, 2013, resulting
in a gain on disposal of GBP57,000 (2012 - GBP48,000).
10 Cash and cash equivalents
For the purpose of the interim consolidated cash flow statement, cash
and cash equivalents are comprised of the following:
2nd Nov., 27th April,
2013 2013
unaudited unaudited
GBP'000 GBP'000
Cash at bank and in hand 6,616 12,942
Short term deposits 7,505 505
14,121 13,447
11 Pension liability
The Company operates an employee pension scheme called the MS INTERNATIONAL
plc Retirement and Death Benefits Scheme ("the Scheme"). IAS19 requires
disclosure of certain information about the Scheme as follows:
- Until 5th April, 1997, the Scheme provided defined benefits and these
liabilities remain in respect of service prior to 6th April, 1997.
From 6th April, 1997 the Scheme provides future service benefits on
a defined contribution basis.
- The last formal valuation of the Scheme was performed at 5th April,
2011 by a professionally qualified actuary.
- Members have paid contributions at a rate in line with the Scheme's
documentation over the accounting period.
- The employer has paid members contributions to the defined contributions
section of the Scheme, life assurance premiums and other Scheme expenses.
In addition, from April 2013, the employer has paid GBP229,000 per
annum to the defined benefit section of the scheme.
12 Commitments and contingencies
The Company is contingently liable in respect of guarantees, indemnities
and performance bonds given in the ordinary course of business amounting
to GBP7,545,035 at 2nd November, 2013 (2012 - GBP7,471,042).
In the opinion of the directors, no material loss will arise in connection
with the above matters.
The Group and certain of its subsidiary undertakings are parties to
legal actions and claims which have arisen in the normal course of business.
The results of actions and claims cannot be forecast with certainty,
but the directors believe that they will be concluded without any material
effect on the net assets of the Group.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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