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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 830.00 | 820.00 | 840.00 | 830.00 | 820.00 | 820.00 | 544 | 08:00:03 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Special Industry Machy, Nec | 83.96M | 4.12M | 0.2521 | 32.92 | 135.5M |
TIDMMSI
RNS Number : 3728Q
MS International PLC
28 June 2022
Chairman's statement
Results and Review
It is a pleasure to report that, for the year ended 30(th) April 2022, the Company attained considerable progress across the Group's divisions, resulting in a significantly improved pre-tax profit of GBP5.97m (2021-GBP1.59m) on increased revenue of GBP74.52m (2021-GBP61.54m).
Basic earnings per share amounted to 30.9p, (2021- 7.2p). The balance sheet was further strengthened with cash and cash equivalents rising to GBP18.1m (2021 - GBP17.4m).
The Group has made a strong recovery post the many constraints imposed by Covid. This, I believe, demonstrates the tangible benefits of operating an optimistic, long-term investment and support strategy, that we practice daily, to support and encourage the respective management teams that directly oversee the operations of our diverse businesses.
During the period under review, two common themes continued to feature across all divisions, namely the prolonged negative effects of the global pandemic and extended periods of limited availability of materials and components. Such issues required close and constant monitoring by our management teams to ensure sustained high-quality sales output. A job well done by everyone.
'Defence'
This was a remarkable year of great achievements for this division, highlighted by the phased manufacture and delivery of the first 7 of 8 No MSI-DS30mm naval weapon systems to the United States Navy. This was achieved in a timely manner to facilitate our customer's comprehensive test and certification programme of the MSI product. The anticipated successful prototype testing of the MSI weapon system, is the precursor to a highly prized sole source 'Follow-on Production Contract'. Presently, all trials are going to plan and positive progress is being made.
In the UK, our new 'state of the art' Norwich manufacturing facility is in the final phase of completion, whilst, in the United States of America, we are in the early stages of our programme to establish an appropriate product support resource for our weapon systems, along-side our contemporary forging facilities, in South Carolina. These projects are essential to support our perceived growing defence opportunities in the United States.
We also firmly believe that our 'state of the art' weapon system will significantly enhance the capability and protection of the Royal Navy, once a forward-looking decision is made to upgrade their existing historic, small calibre weapons systems. We stand ready, with our modern manufacturing facilities and proven international capabilities, to work with the UK MOD to meet such requirements.
'Forgings'
This division also performed extremely well, successfully navigating the disrupted, and constantly changing, international business environment. There is little doubt that having established contemporary automated 'local' production facilities - in the UK and both North and South America, - successfully enabled MSI to welcome and secure many customers that had previously procured product from China.
'Petrol Station Superstructures' - mobility hubs
Operations in both the UK and the Poland performed resiliently against a prevailing uncertain backdrop. Despite the challenges, the division continued to make great progress, pleasingly exceeding management's revenue forecasts. Many forecourt operators have continued to develop their sites to incorporate a substantial grocery store and catering facility and Global-MSI designed, manufactured and erected many such structures during the period.
As with all construction orientated businesses, the negative impact of the lack of readily available materials and their associated fluctuating costs, became a major factor in terms of managing day to day operations. Such disruptive circumstances necessitated some contracts to be re-negotiated to the mutual satisfaction of all parties.
'Corporate Branding'
This division traded at similar levels to the prior year, as commercial activity remained seriously constrained across mainland Europe's national borders. We took action to restructure the division's operations in both The Netherlands and Germany and much has been achieved as a result, leaving it better geared to the current needs of the market. Pleasingly, the UK based business has continued to prosper, gaining market share and expanding operational capabilities and facilities.
Outlook
'Defence'
Foremost, we look forward with confidence to a favourable report on our 30mm naval weapon system, presently on approval test by the US Navy.
Furthermore, recent events have served to focus attention on the need for appropriate national security to combat potential lethal land-based threats. We believe that, as our additional 'in-house' product developments come to fruition, there will be numerous opportunities across international markets to supply our, tested and proven, land-based defence equipment.
'Forgings'
Demand for our high quality, forged products is increasing, as customers seek assured and dependable security of supply. To that end, we will continue to invest in further automating our manufacturing facilities in the UK, the United States and South America.
'Petrol Station Superstructures'
The markets we serve are vigorously embracing change, not only in the development of providing and dispensing alternative fuel types but also in broadening their provision of services to include groceries and catering facilities. The development expertise and scale of the buildings required to dispense such services are most appropriate to the designs, manufacturing and erection skills of Global-MSI. We expect further growth opportunities for both our UK and Polish operations.
'Corporate Branding'
We have completed restructuring in The Netherlands and Germany and expanded our UK operations. So, now that inter-country business activity across mainland Europe has been restored, we are cautiously optimistic that we will achieve a more profitable division this year.
Pleasingly, we have already received instructions from a number of major customers to speedily recommence projects, that they had put 'on hold', owing to the scale and duration of the pandemic.
Summary
We believe that we have placed each of our businesses in a strong and exciting position within the markets which we serve. Close monitoring of performance and further support in the development of new products and services will, no doubt, bring further rewards.
All matters considered the Board recommends the payment of a final dividend of 7.5p per share (2021 - 6.5p) making a total for the year of 9.25p (2021 - 8.25p).
The final dividend is expected to be paid on the 12th August 2022, to those shareholders on the register at the close of business on the 15th July 2022.
Michael Bell
27(th) June 2021
MS INTERNATIONAL plc Michael Bell Tel: 01302 322133 Shore Capital (Nominated Adviser and Broker) Patrick Castle Tel: 020 7408 4090 Daniel Bush
Copies of this announcement are available from the Company's registered office at MS INTE RNATIONAL plc, Balby Carr Bank, Doncaster, DN4 8DH, England. The Notice of AGM will be posted to shareholders on 5(th) July, 2022. The full Annual Report and Accounts will be posted to shareholders in the week commencing 11(th) July, 2022. They will be made available on the Company's website at www.msiplc.com and will be delivered to the Registrar of Companies after it has been laid before the Company's members at the Annual General Meeting to be held on 28(th) July, 2022 at The Holiday Inn, Warmsworth, Doncaster.
Consolidated income statement For the year ended 30th April, 2022 2022 2021 Continuing operations Total Total GBP'000 GBP'000 Revenue 74,524 61,539 Cost of sales (54,121) (44,218) ---------------------------------------------------------------------------------------- --------- --------- Gross profit 20,403 17,321 Distribution costs (3,304) (2,581) Administrative expenses (12,097) (12,954) O ther operating income 1,185 - ------------------------------------------------------------------------------------- (14,216) (15,535) --------- --------- Group operating profit 6,187 1,786 Share of net profit of joint venture - 28 --------- Interest received 1 10 Interest paid (95) (92) Other finance costs - pensions (126) (140) --------- (220) (222)
--------- --------- Profit before taxation 5,967 1,592 Taxation (1,035) (415) ---------------------------------------------------------------------------------------- --------- --------- Profit for the year attributable to equity holders of the parent 4,932 1,177 ---------------------------------------------------------------------------------------- --------- --------- Basic earnings per share 30.9p 7.2p Diluted earnings per share 29.6p 7.0p Consolidated statement of comprehensive income For the year ended 30th April, 2022 2022 2021 Total Total GBP'000 GBP'000 Profit for the year attributable to equity holders of the parent 4,932 1,177 Exchange differences on retranslation of foreign operations (603) (38) ---------------------------------------------------------------------------------------- --------- --------- Net other comprehensive loss to be reclassified to profit or loss in subsequent years (603) (38) --------------------------------------------------------------------------------------- --------- --------- Remeasurement gains on defined benefit pension scheme 1,601 1,213 Deferred tax on remeasurement on defined benefit scheme (145) (230) Revaluation of land and buildings 3,868 - Deferred tax on revaluation surplus on land and buildings (798) - Net other comprehensive income not being reclassified to profit or loss in subsequent years 4,526 983 --------------------------------------------------------------------------------------- --------- --------- Total comprehensive income for the year attributable to equity holders of the parent 8,855 2,122 --------------------------------------------------------------------------------------- --------- --------- Consolidated and company statement of changes in equity For the year ended 30th April, 2022 Share Capital Other Revaluation Special Currency Treasury Retained Total capital redemption reserves reserve reserve translation shares earnings shareholders' reserve reserve funds GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 (a) Group At 30th April, 2020 1,840 901 2,815 6,055 1,629 224 (3,059) 19,723 30,128 Profit for the year - - - - - - - 1,177 1,177 Other comprehensive (loss)/income - - - - - (38) - 983 945 ------- -------- -------- ------------- Total comprehensive (loss)/income - - - - - (38) - 2,160 2,122 Dividends paid - - - - - - - (578) (578) Purchase of own shares - - - - - - (636) - (636) Cancellation of shares (56) 56 - - - - 906 (906) - --------------- ------- ---------- -------- ----------- ------- ----------- -------- -------- ------------- At 30th April, 2021 1,784 957 2,815 6,055 1,629 186 (2,789) 20,399 31,036 Profit for the year - - - - - - - 4,932 4,932 Other comprehensive income/(loss) - - - 3,868 - (603) - 658 3,923 ------- ---------- -------- ----------- ------- ----------- -------- -------- ------------- Total comprehensive income/(loss) - - - 3,868 - (603) - 5,590 8,855 Dividends paid - - - - - - - (1,316) (1,316) --------------- At 30th April, 2022 1,784 957 2,815 9,923 1,629 (417) (2,789) 24,673 38,575 --------------- ------- ---------- -------- ----------- ------- ----------- -------- -------- ------------- (b) Company At 30th April, 2020 1,840 901 7,620 - 1,629 - (3,059) 15,618 24,549 Profit for the year - - - - - - - 1,548 1,548 Other comprehensive income - - - - - - - 899 899 ------- ---------- -------- ----------- ------- ----------- -------- -------- ------------- Total comprehensive income - - - - - - - 2,447 2,447 Dividends paid (note 10) - - - - - - - (578) (578) Purchase of own shares (note 22) - - - - - - (636) - (636) Cancellation of shares (56) 56 - - - - 906 (906) - --------------- ------- ---------- -------- ----------- ------- ----------- -------- -------- ------------- At 30th April, 2021 1,784 957 7,620 - 1,629 - (2,789) 16,581 25,782 Profit for the year - - - - - - - 3,362 3,362 Other comprehensive income - - - - - - - 1,232 1,232 ------- ---------- -------- ----------- ------- ----------- -------- -------- ------------- Total comprehensive income - - - - - - - 4,594 4,594 Dividends paid - - - - - - - (1,316) (1,316) --------------- At 30th April, 2022 1,784 957 7,620 - 1,629 - (2,789) 19,859 29,060 --------------- ------- ---------- -------- ----------- ------- ----------- -------- -------- ------------- Consolidated and company statements of financial position At 30th April, 2022 Group Company 2022 2021 2022 2021 GBP'000 GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Property, plant and equipment 24,537 19,113 1,017 935 Right-of-use assets 1,479 530 5,029 5,486 Intangible assets 3,002 3,558 - - Investments in subsidiaries - - 18,126 17,313 Investment in joint venture 34 36 - - Deferred income tax asset 1,435 1,606 1,374 1,600 ------------------------------------ -------- -------- -------- 30,487 24,843 25,546 25,334 -------- -------- -------- -------- Current assets Inventories 16,327 12,423 2,592 1,498 Trade and other receivables 11,396 9,369 15,394 16,135 Contract assets 1,773 1,998 - - Income tax receivable 6 194 - 141 Prepayments 1,352 2,010 218 543 Cash and cash equivalents 18,092 17,390 3,258 943 Restricted cash held in Escrow 1,158 6,165 - - ------------------------------------ -------- -------- -------- 50,104 49,549 21,462 19,260 -------- -------- -------- -------- TOTAL ASSETS 80,591 74,392 47,008 44,594 ------------------------------------ -------- -------- -------- -------- EQUITY AND LIABILITIES Equity Share capital 1,784 1,784 1,784 1,784 Capital redemption reserve 957 957 957 957
Other reserves 2,815 2,815 7,620 7,620 Revaluation reserve 9,923 6,055 - - Special reserve 1,629 1,629 1,629 1,629 Currency translation reserve (417) 186 - - Treasury shares (2,789) (2,789) (2,789) (2,789) Retained earnings 24,673 20,399 19,859 16,581 ------------------------------------ -------- -------- -------- -------- TOTAL EQUITY SHAREHOLDERS' FUNDS 38,575 31,036 29,060 25,782 ------------------------------------ -------- -------- -------- -------- Non-current liabilities Defined benefit pension liability 4,720 7,095 4,720 7,095 Deferred income tax liability 2,578 1,553 - - Lease liabilities 1,158 380 4,807 5,214 ------------------------------------ -------- -------- -------- -------- 8,456 9,028 9,527 12,309 -------- -------- -------- -------- Current liabilities Trade and other payables 14,176 12,410 7,068 5,234 Contract liabilities 18,329 21,192 622 874 Income tax payable 702 561 324 - Lease liabilities 353 165 407 395 ------------------------------------ -------- -------- -------- -------- 33,560 34,328 8,421 6,503 -------- -------- -------- -------- TOTAL EQUITY AND LIABILITIES 80,591 74,392 47,008 44,594 ------------------------------------ -------- -------- -------- -------- Consolidated and company cash flow statements For the year ended 30th April, 2022 Group Company 2022 2021 2022 2021 GBP'000 GBP'000 GBP'000 GBP'000 Profit before taxation 5,967 1,592 2,509 92 Adjustments to reconcile profit before taxation to cash generated from operating activities: Past service pension costs - 205 - 205 Depreciation charge of owned assets and right-of-use assets 1,746 1,666 931 895 Amortisation charge 227 237 - - Impairment of goodwill 349 348 - - Write off of acquired goodwill - 8 - - Profit on sale of fixed assets (169) (74) (163) (61) Share of net profit of joint venture - (28) - - Termination of lease - (7) - - Finance costs 220 222 292 366 Foreign exchange (losses)/gains (142) 516 - - (Increase)/decrease in inventories (3,657) 3,377 (1,094) 44 (Increase)/decrease in receivables (1,541) (6,834) 19 37 Decrease/(increase) in prepayments 611 (237) 325 (246) Increase in payables 1,340 1,162 1,518 1,296 (Decrease)/increase in progress payments (3,660) 7,824 (252) (163) Pension fund payments (900) (600) (900) (600) ---------------------------------------------------------------- -------- -------- --------- ---------- Cash generated from operating activities 391 9,377 3,185 1,865 Net interest paid (43) (52) (1) (49) Taxation (paid)/received (447) 460 151 - ---------------------------------------------------------------- -------- -------- --------- ---------- Net cash (outflow)/inflow from operating activities (99) 9,785 3,335 1,816 ---------------------------------------------------------------- -------- -------- --------- ---------- Investing activities Payments for acquisitions, net of cash acquired - (89) - - Dividends received from subsidiaries - - 1,249 1,498 Purchase of property, plant and equipment (2,703) (781) (578) (268) Purchase of intangible assets (54) - - - Proceeds on disposal of property, plant and equipment 227 97 185 62 Decrease/(increase) in cash held in the Escrow account maturing in more than 90 days 5,007 (6,165) - - Net cash inflow/(outflow) from investing activities 2,477 (6,938) 856 1,292 ---------------------------------------------------------------- -------- -------- --------- ---------- Financing activities Purchase of own shares - (636) - (636) Lease payments (405) (327) (560) (560) Dividends paid (1,316) (578) (1,316) (578) Net cash outflow from financing activities (1,721) (1,541) (1,876) (1,774) ---------------------------------------------------------------- -------- -------- --------- ---------- Increase in cash and cash equivalents 657 1,306 2,315 1,334 Opening cash and cash equivalents/(bank overdraft) 17,390 16,125 943 (391) Exchange differences on cash and cash equivalents 45 (41) - - Closing cash and cash equivalents 18,092 17,390 3,258 943 ---------------------------------------------------------------- -------- -------- --------- ----------
The financial information set out above does not constitute the Company's statutory accounts for the periods ended 30(th) April, 2022 or 30th April, 2021 but is derived from those accounts. Statutory accounts for 2021 have been delivered to the Registrar of Companies and those for 2022 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
1. Segment information The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the years ended 30th April, 2022 and 30th April, 2021. 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 Superstructures' division is engaged in the design, manufacture, construction, branding, maintenance, and restyling of petrol station superstructures. The 'Corporate Branding' division is engaged in the design, manufacture, installation, and service of corporate brandings. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Group financing (including finance costs and finance revenue) and income taxes are managed on a group basis and are therefore not allocated to operating segments. 'Defence' 'Forgings' 'Petrol Station 'Corporate Total Superstructures' Branding' 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Segmental revenue Total revenue 30,219 27,078 16,482 9,970 15,143 11,774 13,009 12,972 74,853 61,794 Revenue from other segments - - - - (245) (145) (84) (110) (329) (255) -------------- ------- ------- ------- ------- --------- ------- ------- ------- ------- ------- Revenue from external customers 30,219 27,078 16,482 9,970 14,898 11,629 12,925 12,862 74,524 61,539 -------------- ------- ------- ------- ------- --------- ------- ------- ------- ------- ------- Segment result Operating
profit 4,123 2,570 2,245 425 1,074 448 (1,255) (1,657) 6,187 1,786 Share of net profit of joint venture - 28 Net finance costs (220) (222) -------------- ------- ------- Profit before taxation 5,967 1,592 Taxation (1,035) (415) -------------- ------- ------- Profit for the year 4,932 1,177 -------------- ------- ------- Segmental assets Assets attributable to segments 33,393 35,414 7,883 4,066 9,380 8,492 8,050 8,468 58,706 56,440 Unallocated assets* 21,885 17,952 Total assets 80,591 74,392 -------------- ------- ------- Segmental liabilities Liabilities attributable to segments 23,643 24,795 3,547 2,445 3,109 2,970 3,591 3,510 33,890 33,720 Unallocated liabilities * 8,126 9,636 -------------- ------- ------- Total liabilities 42,016 43,356 -------------- ------- ------- Other segmental information Capital expenditure 1,933 440 389 24 195 131 186 186 2,703 781 Depreciation 210 176 561 545 714 377 261 263 1,746 1,361 Amortisation 10 - - - 43 55 174 182 227 237 Impairment - - - - - - 349 348 349 348 * Unallocated assets include certain fixed assets (including all UK properties), current assets and deferred income tax assets. Unallocated liabilities include the defined pension benefit scheme liability, the deferred income tax liability, and certain current liabilities. Assets and liabilities attributable to segments comprise the assets and liabilities of each segment adjusted to reflect the elimination of the cost of investment in subsidiaries and the provision of financing loans provided by MS INTERNATIONAL plc. Revenue between segments is determined on an arm's length basis. Segment results, assets, and liabilities include items directly attributable to the segment as well as those that can be allocated on a reasonable basis. Geographical analysis The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the years ended 30th April, 2022 and 30th April, 2021. The Group's geographical segments are based on the location of the Group's assets. United Kingdom Europe USA South America Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 External revenue by origin 41,665 41,191 11,599 12,987 18,917 5,934 2,343 1,427 74,524 61,539 Non-current assets 20,160 17,373 4,327 3,706 5,913 3,751 87 13 30,487 24,843 Current assets 37,235 39,457 6,147 6,899 6,024 2,306 698 887 50,104 49,549 Liabilities 28,380 32,516 4,112 3,729 9,223 7,081 301 30 42,016 43,356 Capital expenditure 2,377 644 133 137 193 - - - 2,703 781 Revenue disaggregated by destination is shown as follows: 2022 2021 GBP'000 % GBP'000 % United Kingdom 31,287 42% 22,259 36% Europe 17,103 23% 26,574 43% USA 19,406 26% 5,934 10% South America 2,421 3% 1,427 2% Rest of World 4,307 6% 5,345 9% Total revenue 74,524 100% 61,539 100% ------------------------ --------- --------- ------- ------- ------- ------- ------- --------- --------- --------
The Group's largest customer, which is reported in the 'Defence' division, contributed 14.2% to the Group's revenue (2021: 14.9% in the 'Defence' division from a different customer). Only one other customer, also in the 'Defence' division, contributed more than 10% to the Group's revenue with a contribution of 11.4% (2021: 11.3% in the 'Defence' division).
2. Other operating income 2022 2021 GBP'000 GBP'000 Settlement of contractual dispute 1,185 - ------------------------------------------------------------------- --------- --------- -------- -------- 1,185 - ------------------------------------------------------------------- --------- --------- -------- -------- During the year, the Group settled a protracted contractual dispute, the terms of which are confidential. The amount received has been recognised in other income. The Group has incurred GBP0.6m of legal costs in the current year in relation to this matter. These costs are included in administrative expenses. 2. Employee information The average number of employees, including executive directors, during the year was as follows: Group Company 2022 2021 2022 2021 Number Number Number Number Production 252 243 74 73 Technical 71 72 23 24 Distribution 26 32 2 5 Administration 98 96 39 32 -------------------------------------------------------------------- --------- --------- -------- -------- 447 443 138 134 --------- --------- -------- -------- (a) Staff costs Including executive directors, employment costs were as follows: Group Company 2022 2021 2022 2021 GBP'000 GBP'000 GBP'000 GBP'000 Wages and salaries 18,942 17,420 7,139 6,123 Covid-19 job retention scheme income (1,636) (1,690) - (313) Social security costs 3,233 3,263 722 647 Pension costs 570 557 352 344 Share options expense 29 29 29 29 -------------------------------------------------------------------- --------- --------- -------- -------- 21,138 19,579 8,242 6,830 --------- --------- -------- -------- The Covid-19 job retention scheme income has been received in the following countries:
2022 2021 GBP'000 GBP'000 UK - 313 The Netherlands 1,310 1,113 USA 251 254 Poland 75 10 --------- --------- 1,636 1,690 ------------------------------------------------------------------- --------- --------- -------- -------- (b) Directors' emoluments 2022 2021` GBP'000 GBP'000 Aggregate directors' emoluments 1,810 1,570 Pension contributions 52 42 -------------------------------------------------------------------- --------- --------- -------- -------- 1,862 1,612 ------------------------------------------------------------------- --------- --------- -------- -------- 3. (a) Taxation The charge for taxation comprises: 2022 2021 GBP'000 GBP'000 Current tax United Kingdom corporation tax 667 410 Adjustments in respect of previous years (10) 25 Foreign corporation tax 120 30 --------------------------------------------------------------------- -------- -------- Group current tax expense 777 465 --------------------------------------------------------------------- -------- -------- Deferred tax Origination and reversal of temporary differences 261 (40) Adjustments in respect of previous years (5) (10) Adjustments in respect of difference in applicable tax rate 2 - -------------------------------------------------------------------- -------- -------- Group deferred tax expense/(credit) 258 (50) --------------------------------------------------------------------- -------- -------- Total tax expense on profit 1,035 415 --------------------------------------------------------------------- -------- -------- Tax relating to items charged to other comprehensive income: 2022 2021 GBP'000 GBP'000 Deferred tax charged through other comprehensive income Deferred tax on measurement gains on pension scheme current year (145) (230) Deferred tax on revaluation surplus on land and buildings (798) - Deferred tax in the Consolidated statement of comprehensive income (943) (230) --------------------------------------------------------------------- -------- -------- (b) Factors affecting the tax charge for the year The tax charge assessed for the year is lower than (2021: higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below: 2022 2021 GBP'000 GBP'000 Profit before tax 5,967 1,592 -------------------------------------------------------------------------- -------- ---------- Profit multiplied by standard rate of corporation tax of 19% (2021 - 19%) 1,134 302 Effects of: Expenses not deductible for tax purposes (247) (164) Adjustments in respect of overseas tax rates 161 262 Current tax adjustment in respect of previous years (10) 25 Deferred tax adjustment in respect of previous years (5) (10) Deferred tax adjustment in respect of different applicable rates 2 - -------------------------------------------------------------------------- -------- ---------- Total taxation expense for the year 1,035 415 -------------------------------------------------------------------------- -------- ---------- (c) Factors affecting future tax charge The rate of corporation tax in the UK will remain at 19% until April 2023 when it will increase to 25%. As the changes have been enacted as at 30th April, 2022, deferred income tax has been provided at 25% or a blended rate depending upon when the underlying temporary timing differences are expected to unwind. Deferred tax in relation to intangibles recognised on the acquisition of 'MSI-Sign Group B.V.' has been provided at 25.8%, being the main corporation tax rate in The Netherlands. 4. Earnings per share The calculation of basic earnings per share of 30.9p (2021 - 7.2p) is based on the profit for the year attributable to equity holders of the parent of GBP4,932,000 (2021 - GBP1,177,000) and on a weighted average number of ordinary shares in issue of 15,949,691 (2021 - 16,342,816). At 30th April, 2022 there were 1,055,000 (2021 - 380,000) dilutive shares on option with a weighted average effect of 716,575 (2021 - 391,667) giving a diluted earnings per share of 29.6p (2021 - 7.0p). 2022 2021 Number of ordinary shares in issue at start of the year 17,841,073 18,396,073 Cancellation of ordinary shares during the year - (555,000) ------------------------------------------------------------ ------------ ------------ Number of ordinary shares in issue at the end of the year 17,841,073 17,841,073 ------------------------------------------------------------ ------------ ------------ Weighted average number of shares in issue 17,841,073 18,234,198 Less weighted average number of shared held in the ESOT (245,048) (245,048) Less weighted average number of shares purchased by the Company (1,646,334) (1,646,334) ------------------------------------------------------------ ------------ ------------ Weighted average number of shares to be used in basic EPS calculation 15,949,691 16,342,816 Weighted average number of the 1,055,000 (2021 - 380,000) dilutive shares 716,575 391,667 Weighted average diluted shares 16,666,266 16,734,483 ------------------------------------------------------------ ------------ ------------ Profit for the year attributable to equity holders to the parent in GBP 4,932,000 1,177,000 Basic earnings per share 30.9p 7.2p Diluted earnings per share 29.6p 7.0p 5. Dividends paid and proposed 2022 2021 GBP'000 GBP'000 Declared and paid during the year Final dividend for 2021: 6.50p (2020 - 1.75p) 1,037 289 Interim dividend for 2022: 1.75p (2021 - 1.75p) 279 289 ------------------------------------------------------------ ------------ 1,316 578 ------------ ------------ Proposed for approval by shareholders at the AGM Final dividend for 2022: 7.5p (2021- 6.5p) 1,196 1,037 ------------------------------------------------------------ ------------ ------------ 6. Trade and other receivables Group Company 2022 2021 2022 2021 GBP'000 GBP'000 GBP'000 GBP'000 Trade receivables (net of allowance for expected credit losses) 10,167 8,764 2,366 2,184 Amounts owed by subsidiary undertakings - - 13,024 13,872 Amounts owed by joint venture 228 130 - -
Other receivables 1,001 475 4 79 -------- 11,396 9,369 15,394 16,135 -------- -------- -------- --------- (a) Trade receivables Trade receivables are denominated in the following currencies: Group Company 2022 2021 2022 2021 GBP'000 GBP'000 GBP'000 GBP'000 Sterling 5,554 6,112 1,576 1,675 Euro 1,786 1,692 790 509 US dollar 2,406 695 - - Other currencies 421 265 - - ------------------------------------------------------------ -------- --------- 10,167 8,764 2,366 2,184 -------- -------- -------- --------- Trade receivables are non-interest bearing, generally have 30 day terms, and are shown net of provision for expected credit losses. The aged analysis of trade receivables after provision for expected credit losses is as follows: Group Company 2022 2021 2022 2021 GBP'000 GBP'000 GBP'000 GBP'000 Not past due 7,234 7,268 2,316 2,033 < 30 days 2,062 1,381 24 122 30-60 days 64 102 19 28 60-90 days 11 28 8 - > 90 days 796 (15) (1) 1 ------------------------------------------------------------ -------- -------- -------- --------- Total 10,167 8,764 2,366 2,184 ------------------------------------------------------------- -------- -------- -------- --------- In the Group, trade receivables with a nominal value of GBP52,000 (2021 - GBP43,000) were impaired and fully provided as at 30th April, 2022. During the year, bad debts of GBP20,000 (2021 - GBP81,000) were recovered and bad debts of GBP29,000 (2021 - GBP16,000) were incurred. In the Company, trade receivables with a nominal value of GBP33,000 (2021 - GBP11,000) were impaired and fully provided as at 30th April, 2022. During the year, bad debts of GBP7,000 (2021 - GBP69,000) were recovered and bad debts of GBP29,000 (2021 - GBP7,000) were incurred. (b) Amounts owed by joint venture Amounts owed by joint venture are non-interest bearing and have 30 day terms. The aged analysis of amounts owed by joint venture net of provision for expected credit losses as follows: Group 2022 2021 GBP'000 GBP'000 Not past due 135 50 < 30 days 47 33 30-60 days 34 41 60-90 days 12 6 ------------------------------------------------------------ -------- -------- -------- --------- Total 228 130 ------------------------------------------------------------- -------- -------- -------- --------- At 30th April, 2022 there was no provision for expected credit losses relating to amounts owed by joint venture (2021 - nil). (c) Intercompany receivables All amounts due from Group companies are repayable on demand and are not charged interest. The majority of intercompany balances are to group entities with liquid assets and are capable of being repaid on demand. There has been no impairment recognised on intercompany receivables (2021 - nil). There are loans to 'MS INTERNATIONAL Estates Limited', which although repayable on demand, are supported by properties, which will not be immediately realisable. The directors have assessed the likelihood of default and the loss in the event of default as well as the balance at the reporting date and conclude that there is no material impairment of the receivable. The amounts receivable at the reporting date can be categorised as: Company 2022 2021 GBP'000 GBP'000 Amounts due from companies backed by liquid assets 7,099 7,587 Amounts due from 'MS INTERNATIONAL Estates Limited' 5,925 6,285 --------------------------------------------------------------------------------- -------- --------- 13,024 13,872 7. Cash and cash equivalents Group Company 2022 2021 2022 2021 GBP'000 GBP'000 GBP'000 GBP'000 Cash at bank and in hand 18,092 17,390 3,258 943 Restricted cash held in Escrow - maturing in more than 90 days 1,158 6,165 - - Total cash 19,250 23,555 3,258 943 The balance held in Escrow provides security to Lloyds Bank plc in respect of any guarantees, indemnities, and performance bonds given by the Group in the ordinary course of business. 8. Net funds Analysis of net funds Group Company 2022 2021 2022 2021 GBP'000 GBP'000 GBP'000 GBP'000 Cash and cash equivalents 18,092 17,390 3,258 943 Restricted cash held in Escrow 1,158 6,165 - - Lease liabilities (1,511) (545) (5,214) (5,609) 17,739 23,010 (1,956) (4,666) Group movement in net funds Cash and cash Restricted cash held Lease liabilities Total equivalent in Escrow At 30th April, 2020 16,125 - (1,229) 14,896 Cash flows 1,306 6,165 327 7,798 Foreign exchange adjustments (41) - (16) (57) Leases on acquisition - - 402 402 Other changes - - (29) (29) At 30th April, 2021 17,390 6,165 (545) 23,010 Cash flows 657 (5,007) 405 (3,945) Foreign exchange adjustments 45 - 7 52 New leases - - (1,327) (1,327) Other changes - - (51) (51) At 30th April, 2022 18,092 1,158 (1,511) 17,739 Company movement in net funds Cash and cash Lease liabilities Total equivalents At 30th April, 2020 (391) (5,992) (6,383) Cash flows 1,334 560 1,894 Other changes - (177) (177) At 30th April, 2021 943 (5,609) (4,666) Cash flows 2,315 560 2,875
Other changes - (165) (165) At 30th April, 2022 3,258 (5,214) (1,956) 9. Reserves Share capital The balance classified as share capital includes the nominal value on issue of the Company's equity share capital, comprising 10p ordinary shares. Capital redemption reserve The balance classified as capital redemption reserve represents the nominal value of issued share capital of the Company, repurchased. Other reserves Following the transfer of assets held at valuation by the Company to a subsidiary company, a reserve has been created which is non-distributable. This is equal to the revaluation reserve previously arising. Additionally, it includes the non-distributable retained reserve for the revaluation reserve previously showing in the Company for properties now transferred to other members of the Group. Revaluation reserve The asset revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same assets previously recognised in equity. Special reserve The special reserve is a distributable reserve created following the cancellation of a share premium account by way of court order in March 1993. Currency translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. It is also used to record the effect of hedging net investments in foreign operations. Treasury shares The treasury share reserve is detailed as follows: 2022 2021 GBP'000 GBP'000 Employee Share Ownership Trust 100 100 Shares in treasury (see below) 2,689 2,959 2,789 3,059 The Employee Share Ownership Trust ("ESOT") provides for the issue of options over ordinary shares in the Company to Group employees, including executive directors, at the discretion of the Remuneration Committee. The trustee of the ESOT is Appleby Trust (Jersey) Ltd, an independent company registered in Jersey. The trust has purchased an aggregate 245,048 (2021 - 245,048) ordinary shares, which represents 1.5% (2021 - 1.5%) of the issued share capital of the Company at an aggregate cost of GBP100,006. The market value of the shares at 30th April, 2022 was GBP728,000 (2021 - GBP380,000). The Company has not made any payments (2021 - nil) into the ESOT bank accounts during the year. Details of the outstanding share options for directors are included in the Directors' remuneration report. The assets, liabilities, income, and costs of the ESOT have been incorporated into the Company's financial statements. Total ESOT costs charged to the income statement in the year amounts to GBP1,000 (2021 - GBP3,000). During the year, no options have been granted over shares (2021 - nil), no options on shares were exercised (2021 - nil) and no shares were purchased (2021 - nil). The Company made the following purchases and cancellations of its own 10p ordinary shares to be held in Treasury: Number GBP'000 Purchase of 1,000,000 shares from the Group's pension scheme on 11th December, 2013 1,000,000 1,722 Purchase of 646,334 shares on 30th January, 2014 646,334 1,237 Purchase of 555,000 shares on 15th January, 2021 555,000 636 Consideration paid for purchase of own shares 2,201,334 3,595 Cancellation of 555,000 shares at weighted average rate (555,000) (906) Net value of treasury shares 1,646,334 2,689
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