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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 15.00 | 1.72% | 885.00 | 880.00 | 890.00 | 885.00 | 870.00 | 870.00 | 9,360 | 12:16:23 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Special Industry Machy, Nec | 83.96M | 4.12M | 0.2521 | 35.11 | 144.47M |
From Apr 2019 to Apr 2024
TIDMMSI
RNS Number : 2950B
MS International PLC
06 June 2019
Chairman's Statement
Results and review
For the year ending 27(th) April 2019, the result on a 'like for like' basis increased by 48% to GBP5.99m (2018 - GBP4.04m) on revenue of GBP77.71m (2018 - 68.09m) an uplift of 14% on last year. On a similar basis, earnings per share would have been 29.0p (2018- 20.5p) an increase of 41%.
However, after a one-off GBP1.2m charge for 'guaranteed minimum pension equalisation' (see note 3 of the notes to the financial statements) the profit before taxation is reduced to GBP4.79m and earnings per share to 23.1p. Net cash was GBP22.89m (2018 - GBP15.87m) an increase of 44% on last year. The value of the Group order book at year-end was down on this time last year and there is very clear evidence, that many customers are reticent to place new orders until their perceived specific requirements become critically essential.
Reviewing the status of the varied markets we serve and responding to notable changes whether they be positive or negative is clearly an important management function and one that we always take very seriously in a thoroughly well informed, but also sensitive manner.
Fortuitously, as a Group we are very well armed, as we align to the ups and downs of the global markets we serve thanks to our diverse, profitable, international operations and a strong cash position, which supports those major product and facility developments that are in hand.
A key element in our 'Defence' business strategy has been to increase our presence significantly within the global defence market so that we can effectively counter the varied current constraints on UK MoD decisions regarding future requirements and expenditure. It is pleasing to report that once again, international sales accounted for the major component of revenue as we reap the benefits of our considerable investment in a substantial number of new products aimed specifically at the global market.
'Forgings' had a 10% uplift in revenue over the comparable period, overcoming the many challenges in international markets posed by product imported from lower cost economies. Our strategic move last year to focus on manufacturing in the United States has been exceptionally well received in a country where domestically manufactured product has considerable appeal over imported goods. This maturing investment phase is also enabling us to rationalise and re-position some of our UK production facilities, thereby better aligning our business with the notable decline of fork-lift truck production in the UK.
'Petrol Station Superstructures' enjoyed a significant upturn in activity with revenue increasing markedly compared to the period of market weakness during the previous year. Largely this is being driven by the structural transformation of traditional 'petrol filling station' sites, that were once almost exclusively selling fuel, into ones that are distinct, local convenience stores and multiple food outlets with ample car parking - that also serve fuel. This repositioning to a much broader retail offering has gathered substantial momentum across our customer base with clear benefits for the division. Furthermore, a much higher focus by management and the team on improving all round performance brought its just rewards.
'Petrol Station Branding' division maintained an admirable performance in line with that of the previous year. Here again the market is rapidly changing as the global oil companies continue to divest their estates to the numerous groups of fuel retail ownership. As a result the established branding programmes of the vendors are subject to review as the new owners determine their own priorities, fuel suppliers and schedules of requirements. Notwithstanding such significant changes, we are able to accommodate and support the priorities of these new customers without difficulty, thanks to the high reputation of our business. Pleasingly, our substantial activities across much of mainland Europe are now gaining notable traction in the UK through our fledgling operation which continues to prosper.
Outlook
This has been a creditable year of progress for the Group and we are encouraged by the good progress made across the various businesses. However, we believe that we are approaching 'very interesting times'. Despite our best endeavours in corporate product development and international marketing, there are times, such as now, when experience tells us some challenging external influences may come to bear on the business.
Nevertheless, recognising the challenges ahead of the game, is of course critical to maintain momentum. We believe that we are fully aware of such circumstances and we will do whatever is necessary to overcome any hurdles and protect at all times the Company's past and future development.
We are committed to moving the business forward and have the resilience, experience, and dedication along with a great team of people plus the financial resources to support and develop opportunities as they arise.
All matters considered the Board recommends the payment of a maintained final dividend of 6.5p per share, making the total for the year of 8.25p (2018 - 8.25p). The final dividend is expected to be paid on 25th July, 2019 to those shareholders on the register at the close of business on 21st June, 2019.
Michael Bell
Hot Features
Premium
5(th) June 2019
For any further information please contact:
MS INTERNATIONAL plc Tel: 01 302 322133
Michael Bell
Shore Capital Tel: (0) 20 7408 4090
Nomad and Broker
Patrick Castle/Daniel Bush
Consolidated income statement
For the 52 weeks ended 27th April, 2019
2019 2018
Continuing operations Total Total
GBP000 GBP000
Revenue 77,708 68,085
Cost of sales (56,131) (49,903)
Gross profit 21,577 18,182
Distribution costs (3,537) (3,383)
Administrative expenses (11,846) (10,546)
------------------------------------------------------------------------
(15,383) (13,929)
6,194 4,253
Past service pension costs (1,198) -
Group operating profit 4,996 4,253
Interest received 93 51
Interest paid (116) (82)
Other finance costs - pensions (186) (183)
-------- --------
(209) (214)
Profit before taxation 4,787 4,039
Taxation (975) (653)
Profit for the period attributable to equity holders of the parent 3,812 3,386
Earnings per share: basic and diluted 23.1p 20.5p
Consolidated statement of comprehensive income
For the 52 weeks ended 27th April, 2019
2019 2018
Total Total
GBP000 GBP000
Profit for the period attributable to equity holders of the parent 3,812 3,386
Exchange differences on retranslation of foreign operations (242) (175)
Net other comprehensive (loss)
to be reclassified to profit or loss in subsequent periods (242) (175)
Remeasurement gains on defined benefit pension scheme 403 858
Deferred taxation on remeasurement on defined benefit scheme (69) (146)
Revaluation surplus on land and buildings - 2,052
Deferred taxation on revaluation surplus on land and buildings - (254)
Net other comprehensive income not being reclassified to profit or loss in subsequent
periods 334 2,510
Total comprehensive income for the period attributable to equity holders of the parent 3,904 5,721
Consolidated and company statement of changes in equity
For the 52 weeks ended 27th April,
2019
Share Capital Other Revaluation Share Currency Treasury Retained Total
capital redemption reserves reserve Premium translation shares earnings shareholders'
reserve account reserve funds
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
(a) Group
At 29th April,
2017 1,840 901 2,815 4,257 1,629 696 (3,059) 19,962 29,041
Profit for the
period - - - - - - - 3,386 3,386
Other
comprehensive
income/loss - - - 1,798 - (175) - 712 2,335
------- -------- -------- -------------
Total
comprehensive
income/loss - - - 1,798 - (175) - 4,098 5,721
Dividends paid - - - - - - - (1,362) (1,362)
At 28th April,
2018 1,840 901 2,815 6,055 1,629 521 (3,059) 22,698 33,400
IFRS 15
adjustment - - - - - - - (144) (144)
Profit for the
period - - - - - - - 3,812 3,812
Other
comprehensive
income/(loss) - - - - - (242) - 334 92
------- ---------- -------- ----------- ------- ----------- -------- -------- -------------
Total
comprehensive
income/(loss) - - - - - (242) - 4,146 3,904
Dividends paid - - - - - - - (1,362) (1,362)
At 27th April,
2019 1,840 901 2,815 6,055 1,629 279 (3,059) 25,338 35,798
(b) Company
At 29th April,
2017 1,840 901 1,565 4,351 1,629 - (3,059) 18,745 25,972
Profit for the
period - - - - - - - 532 532
Other
comprehensive
income - - - 1,704 - - - 712 2,416
------- ---------- -------- ----------- ------- ----------- -------- -------- -------------
Total
comprehensive
income - - - 1,704 - - - 1,244 2,948
Dividends paid - - - - - - - (1,362) (1,362)
At 28th April,
2018 1,840 901 1,565 6,055 1,629 - (3,059) 18,627 27,558
IFRS 15
adjustment - - - - - - - (144) (144)
Reserve
transfer - - 6,055 (6,055) - - - - -
Loss for the
period - - - - - - - (233) (233)
Other
comprehensive
income - - - - - - - 334 334
------- ---------- -------- ----------- ------- ----------- -------- -------- -------------
Total
comprehensive
income - - - - - - - 101 101
Dividends paid - - - - - - - (1,362) (1,362)
At 27th April,
2019 1,840 901 7,620 - 1,629 - (3,059) 17,222 26,153
Consolidated and company statements of financial position
At 27th April, 2019
Group Company
2019 2018 2019 2018
GBP000 GBP000 GBP000 GBP000
ASSETS
Non-current assets
Property, plant and equipment 20,426 20,766 1,265 14,043
Intangible assets 4,483 4,893 - -
Investments in subsidiaries - - 15,036 15,204
Deferred income tax asset 1,156 1,092 1,241 1,092
26,065 26,751 17,542 30,339
Current assets
Inventories 12,624 11,666 1,462 1,017
Trade and other receivables 7,044 14,617 22,489 10,003
Income tax receivable 44 114 21 -
Prepayments 1,774 1,127 299 335
Cash and cash equivalents 22,886 15,866 - -
44,372 43,390 24,271 11,355
TOTAL ASSETS 70,437 70,141 41,813 41,694
EQUITY AND LIABILITIES
Equity
Share capital 1,840 1,840 1,840 1,840
Capital redemption reserve 901 901 901 901
Other reserves 2,815 2,815 7,620 1,565
Revaluation reserve 6,055 6,055 - 6,055
Share premium account 1,629 1,629 1,629 1,629
Currency translation reserve 279 521 - -
Treasury shares (3,059) (3,059) (3,059) (3,059)
Profit/(loss) for the period 3,812 3,386 (233) 531
Retained earnings 21,526 19,312 17,455 18,096
TOTAL EQUITY SHAREHOLDERS' FUNDS 35,798 33,400 26,153 27,558
Non-current liabilities
Defined benefit pension liability 6,802 6,421 6,802 6,421
Deferred income tax liability 1,567 1,625 - 1,154
8,369 8,046 6,802 7,575
Current liabilities
Bank overdraft - - 582 342
Trade and other payables 25,375 28,052 8,276 6,204
Income tax payable 895 643 - 15
26,270 28,695 8,858 6,561
TOTAL EQUITY AND LIABILITIES 70,437 70,141 41,813 41,694
Consolidated and company cash flow statements
For the 52 weeks ended 27th April, 2019 Group Company
2019 2018 2019 2018
GBP000 GBP000 GBP000 GBP000
Profit/(loss) before taxation 4,787 4,039 (312) 488
Adjustments to reconcile profit before taxation to net cash inflow
/(outflow) from operating
activities
Past service pension costs 1,198 - 1,198 -
IFRS 15 working capital adjustment (144) - (144) -
Depreciation charge 1,318 1,266 551 708
Amortisation charge 375 507 - -
Net increase/(reversal) of impairment in investment in subsidiary
undertaking - - 168 (213)
Profit on sale of fixed assets (80) (113) (60) (84)
Dividends received - - (690) (360)
Finance costs 209 214 249 232
Foreign exchange losses (460) (74) - -
Increase in inventories (958) (1,521) (445) 241
Decrease/(increase) in receivables 7,573 (3,224) (1,384) (1,530)
(Increase)/decrease in prepayments (647) (184) 36 489
(Decrease)/increase in payables (1,849) 2,679 1,992 (6,281)
(Decrease)/increase in progress payments (828) (91) 80 213
Pension fund payments (600) (389) (600) (389)
Cash generated from/(invested in) operating activities 9,894 3,109 639 (6,486)
Net interest paid (23) (31) (63) (49)
Taxation paid (797) (111) (36) (89)
Net cash inflow/(outflow) from operating activities 9,074 2,967 540 (6,624)
Investing activities
------- --------
Investment in MSI- Forks Inc - - - (652)
Dividends received from subsidiaries - - 690 360
Transfer of net assets to MSI-Defence Systems Ltd. - - - (5,127)
Purchase of property, plant and equipment (891) (1,106) (284) (568)
Proceeds on disposal of property, plant and equipment 199 157 176 105
------- --------
Net cash (outflow)/inflow from investing activities (692) (949) 582 (5,882) Financing activities Dividends paid (1,362) (1,362) (1,362) (1,362) Net cash outflow from financing activities (1,362) (1,362) (1,362) (1,362) Increase/(decrease) in cash and cash equivalents 7,020 656 (240) (13,868) Opening cash and cash equivalents/(bank overdraft) 15,866 15,210 (342) 13,526 Closing cash and cash equivalents/(bank overdraft) 22,886 15,866 (582) (342)
The financial information set out above does not constitute the Company's statutory accounts for the periods ended 27(th) April, 2019 or 28th April, 2018 but is derived from those accounts. Statutory accounts for 2018 have been delivered to the Registrar of Companies, and those for 2019 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 periods ended 27th April, 2019 and 28th April, 2018.
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 Petrol Station Branding division is engaged
in the design and installation of the complete appearance of petrol stations.
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 not allocated to operating segments.
Defence Forgings Petrol Station Petrol Station Total
Superstructures Branding
2019 2018 2019 2018 2019 2018 2019 2018 2019 2018
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue
From external
customers 26,678 21,900 15,695 14,336 15,871 12,236 19,464 19,613 77,708 68,085
From other
segments - - - - 450 199 226 142 676 341
Segment
revenue 26,678 21,900 15,695 14,336 16,321 12,435 19,690 19,755 78,384 68,426
Segment result 2,836 2,600 (442) (536) 2,055 17 1,745 2,172 6,194 4,253
Past service
pension costs (1,198) -
Net finance
costs (209) (214)
Profit before
taxation 4,787 4,039
Taxation (975) (653)
Profit for the
period 3,812 3,386
Segmental
assets 29,942 40,801 8,988 5,272 10,787 8,845 9,291 10,005 59,008 64,923
Unallocated assets (see
below) 11,429 5,218
Total assets 70,437 70,141
Segmental
liabilities 19,500 19,329 6,125 1,978 4,330 1,970 2,806 4,402 32,761 27,679
Unallocated liabilities
(see below) 1,878 9,062
Total
liabilities 34,639 36,741
Capital
expenditure 67 18 406 530 196 149 118 211 787 908
Depreciation 77 154 517 480 488 628 365 365 1,447 1,627
Unallocated assets includes certain fixed assets, (including all UK properties - see note
12(e)) intangible assets, current assets and deferred tax assets. Unallocated liabilities
includes the defined pension benefit scheme liability and certain current liabilities.
Geographical analysis
The following table presents revenue and expenditure and certain assets and liabilities information
by geographical segment for the periods ended 27th April, 2019 and 28th April, 2018. The Group's
geographical segments are based on the location of the Group's assets. Revenue from external
customers is based on the geographical location of its customers.
United Kingdom Rest of the
Europe Americas World Total
2019 2018 2019 2018 2019 2018 2019 2018 2019 2018
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue
External 30,755 24,914 33,143 25,803 9,572 7,536 4,238 9,832 77,708 68,085
Non-current
assets 17,637 18,322 3,832 4,203 4,596 4,226 - - 26,065 26,751
Current
assets 34,301 32,724 7,670 8,499 2,401 2,167 - - 44,372 43,390
Liabilities 31,701 32,076 2,260 4,256 679 409 - - 34,640 36,741
Capital
expenditure 350 586 190 216 351 304 - - 891 1,106
Information about major customers 2019 2018
Revenue from major customers arising from sales reported in the Defence
segment: GBP000 GBP000
Customer 1 10,871 -
Customer 1 - 7,137
Revenue from major customers arising from sales reported in the
Petrol Station
Branding segment:
Customer 1 11,905 -
Customer 1 - 14,761
2 Employee information 2019 2018
Number Number
The average number of employees, including executive
directors, during the period was:
Production 264 251
Technical 65 69
Distribution 27 33
Administration 91 78
447 431
(a) Staff costs 2019 2018
Including executive directors, employment costs were
as follows: GBP000 GBP000
Wages and salaries 17,609 16,029
Social Security costs 1,934 1,850
Other pension costs 666 637
20,209 18,516
2019 2018
(b) Directors' emoluments GBP000 GBP000
Aggregate directors' emoluments 1,672 1,431
Post employment benefits 47 37
1,719 1,468
3 Past service pension costs 2019 2018
GBP000 GBP000
Guaranteed minimum pension equalisation adjustment. (1,198) -
(1,198) -
4(a) Taxation
The charge for taxation comprises: 2019 2018
GBP000 GBP000
Current tax
United Kingdom corporation tax 540 -
Adjustments in respect of previous years (16) 33
Foreign corporation tax 635 682
Group current tax 1,159 715
Deferred tax
Origination and reversal of temporary differences (247) (62)
Adjustments in respect of prior years 63 -
- -
Group deferred tax (184) (62)
Tax on profit 975 653
Tax relating to items charged or credited to other comprehensive income
Deferred tax
Deferred tax on measurement gains on pension scheme current year 69 146
Deferred tax on revaluation surplus on land and buildings - 254
Income tax in the statement of comprehensive income 69 400
(b) Factors affecting the tax charge for the year
The tax assessed for the period differs to the standard rate of corporation tax in the UK
(19%) (2018 - 19%). The differences are explained below:
2019 2018
GBP000 GBP000
Profit before tax 4,787 4,039
Profit multiplied by standard rate of corporation tax of 19% (2018 - 19%) 910 767
Expenses not deductible for tax purposes (102) (288)
Adjustments in respect of overseas tax rates 120 141
Current tax adjustment in respect of prior periods (16) 33
Deferred tax adjustment in respect of prior periods 63 -
Total tax charge for the period 975 653
(c) Factors affecting future tax charge
The UK corporation tax rate will remain at 19% until it reduces to 17% in 2020. At 27th April,
2019 the rate reductions to 17% had been enacted. Deferred tax at 27th April, 2019 has therefore
been provided at 17% or at a blended rate depending on when the underlying temporary differences
are expected to unwind. Deferred tax in relation to intangibles recognised on the acquisition
of Petrol Sign bv has been provided at 25% being the main corporation tax rate in The Netherlands.
-----------------------------------------------------------------------------------------------------------------
5 Earnings per share
The calculation of basic earnings per share is based
on:
(a) Profit for the period attributable to equity holders of the parent
of GBP3,812,000 (2018 - GBP3,386,000).
(b) 16,504,691 (2018 - 16,504,691) Ordinary shares, being the weighted
average number of Ordinary shares in issue.
This represents 18,396,073 (2018 - 18,396,073) being the weighted average
number of Ordinary shares in issue less 1,891,382 (2018 - less 1,891,382)
being the weighted average number of shares both held within the ESOT 245,048
(2018 - 245,048) and purchased by the Company 1,646,334 (2018 - 1,646,334).
6 Dividends paid and proposed 2019 2018
GBP000 GBP000
Declared and paid during the year
On Ordinary shares
Final dividend for 2018 : 6.50p (2017 - 6.50p) 1,073 1,073
Interim dividend for 2019 : 1.75p (2018 - 1.75p) 289 289
1,362 1,362
Proposed for approval by shareholders at the AGM
Final dividend for 2019 : 6.50p (2018 - 6.50p) 1,073 1,073
7 Trade and other receivables
Group Company
2019 2018 2019 2018
GBP000 GBP000 GBP000 GBP000
Trade receivables 6,913 14,032 3,456 2,998
Retentions on contracts 113 568 - 22
Amounts owed by subsidiary undertakings - - 9,029 6,983
Other receivables 18 17 4 -
7,044 14,617 22,489 10,003
The aggregate amount of costs incurred and recognised profits to date on contracts is
GBP15,819,000
(2018 - GBP12,159,000).
(a) Trade receivables are denominated in
the following currencies
Group Company
2019 2018 2019 2018
GBP000 GBP000 GBP000 GBP000
Sterling 3,674 7,160 2,751 2,194
Euro 2,141 5,961 701 812
US dollar 778 582 - -
Other currencies 320 329 4 (8)
6,913 14,032 3,456 2,998
Group Total Not past < 30 30-60 60-90 > 90 days
due days days days
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
2019 6,913 6,245 505 148 13 2
2018 14,032 9,377 4,446 142 24 43
As at 27th April, 2019 trade receivables at a nominal value of GBP105,000
(2018 - GBP97,000) were impaired and fully provided. Bad debts of GBP65,000
(2018 - GBP15,000) were recovered and bad debts of GBP52,000 (2018 - GBP28,000)
were incurred.
Company
2019 2,764 2,649 40 81 - (6)
2018 2,998 2,172 808 17 - 1
As at 27th April, 2019 trade receivables at a nominal value of GBP51,000
(2018 - GBP32,000) were impaired and fully provided. Bad debts of GBP20,000
(2018 - GBP11,000) were recovered and bad debts of GBP39,000 (2018 - GBP6,000)
were incurred.
(b) Retentions on contracts are denominated
in the following currencies
Group Company
2019 2018 2019 2018
GBP000 GBP000 GBP000 GBP000
Sterling 113 568 - 22
Euro - - - -
US dollar - - - -
Other currencies - - - -
113 568 - 22
Retentions on contracts are non interest bearing and represent amounts contractually
retained by customers on completion of contracts for specific time periods
as follows:
Total Up to 6 - 12 12 - 18 18 - 24
Group 6 months months months months
GBP000 GBP000 GBP000 GBP000 GBP000
2019 113 93 20 - -
2018 568 546 22 - -
Company
2019 - - - - -
2018 22 - 22 - -
8 Cash and cash equivalents/bank overdraft Group Company
2019 2018 2019 2018
GBP000 GBP000 GBP000 GBP000
Cash at bank and in hand 17,151 7,504 - -
Short term deposits 5,735 8,362 - -
Bank overdraft - - (582) (342)
22,886 15,866 (582) (342)
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 - Company
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. This
also includes the impact of the change in the prior year for the related
deferred tax due to the change in corporation tax (18% to 17%).
Share premium account
The balance classified as special reserve represents the share premium on
the issue of the Company's equity share capital.
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
2019 2018
GBP000 GBP000
Employee Share Ownership
Trust 100 100
Shares in treasury 2,959 2,959
3,059 3,059
The preliminary announcement is prepared on the same basis as set out in the
previous year's accounts apart from the adoption of new accounting standards
IFRS 9 'Financial Instruments' and IFRS 15 'Revenue from Contracts with Customers'.
The Directors confirm to the best of their knowledge that:
(a) the financial statements, prepared in accordance with International Financial
Reporting Standards, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the group and the undertakings included
in the consolidation taken as a whole; and
(b) the Chairman's Statement includes a fair review of the development and
performance of the business and the position of the group and the undertakings
included in the consolidation taken as a whole, together with a description
of the principal risks and uncertainties that they face.
The preliminary announcement was approved by the Board on 5th June, 2019 and
the above responsibility statement was signed on its behalf by Michael Bell,
Executive Chairman and Michael O'Connell, Group Finance Director.
Copies of this announcement are available from the Company's registered office
at MS INTERNATIONAL plc, Balby Carr Bank, Doncaster, DN4 8DH, England. The
full Annual Report and Accounts which will include the Notice of AGM, will
be posted to shareholders shortly and will be available on our website at
www.msiplc.com and will be delivered to the Registrar of Companies after it
has been laid before the Company in general meeting.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
FR SSIFMIFUSEIM
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June 06, 2019 02:00 ET (06:00 GMT)
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