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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -12.00 | -1.46% | 810.00 | 820.00 | 840.00 | 830.00 | 820.00 | 820.00 | 11,787 | 16:35:17 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Special Industry Machy, Nec | 83.96M | 4.12M | 0.2521 | 32.92 | 135.5M |
From Apr 2019 to Apr 2024
TIDMMSI
RNS Number : 3461H
MS International PLC
07 June 2017
MS INTERNATIONAL plc
Results for the 52 weeks ended 29(th) April, 2017
Chairman's Statement
Results and Review
It has been a period of solid growth across much of the Group coupled with important and significant new investment to ensure we continue to take full advantage of future opportunities.
Revenue has increased across three of the Group's four divisions and it would have been all four had it not been for the rescheduling of a delivery, for a long standing international defence customer, into our 2017/18 financial year. Even so, overall revenue was up an impressive 9.2% at GBP53.82m for the year ended 29th April 2017 (2016 - GBP49.28m).
Investment across the divisions was considerable and wide ranging, reflecting our determination and commitment to optimise their future potential. This increased investment nevertheless impacted short term returns and profit before taxation amounted to GBP1.53m (2016 - GBP1.68m). Earnings per share were 9.1p (2016 - 9.6p).
The balance sheet is strong and at the year-end had net cash amounting to GBP15.21m (2016 - GBP12.76m).
'Defence division' markets generally remained testing, reflecting the many constraints placed on global defence ministries which are faced with numerous, diverse threats and yet often only have limited resources to support military procurement programmes. Hence, although programmes may be approved and planning initiated, thereafter they frequently become delayed; postponed or at worst, even cancelled. Despite such unpredictability, it is important that we continue to invest in extensive new product development as well as essential international marketing campaigns, as we seek to match the ever-changing requirements and expectations of the international market.
'Forgings division' lifted revenue by 6% as a result of strong growth in the United States and a good measure of recovery in our Brazilian operations. European markets serviced from our UK facility, remained relatively constant but were, as a result, highly competitive. The very recent production 'start-up phase' of our new superb and substantial fork-arm manufacturing property in South Carolina - a notable investment - is in process. Whilst there is still much to do and costs to complete, the facility will provide a significant capability to meet the opportunities of a changing market place.
'Petrol Station Superstructures division' produced an impressive performance, lifting revenue by some 26% over last year. Pleasingly, the number of petrol stations operating in the UK increased in 2016, the first upturn in several decades. Demand for new station builds, upgrades, plus repairs and maintenance work created a strong market for 'Global-MSI'. Clearly, we are also benefiting from having added the complimentary capabilities of station branding via 'Petrol Sign' to that of our established design, manufacture and construction of canopies and convenience stores. Our broader offering has enabled the division's marketing operations to gain added impetus. Elsewhere, in a response to a lean market for new petrol stations in Eastern Europe, our Polish operation successfully expanded into other markets and completed new station builds in twelve other countries around the world in addition to its native Poland.
'Petrol Station Branding division,' with operations in the Netherlands; Germany and the UK are all making progress. Towards the end of the period, we were at last able to commence initial work on an extensive programme to rebrand the estate of a major petrol station client in Germany. The Netherlands' operation continues to support the initiation of the German programme and the UK business also in its first year of operation, successfully winning business independently and also when teaming-up with the 'Petrol Station Superstructures Division', for those clients requiring a 'one-stop' turn-key service.
Outlook
We believe that the Group is in excellent shape and well positioned to achieve further progress following the considerable investment made across the various businesses. The order book is at a higher level than at this time last year; in particular there is a good level of orders in hand for both established and recently developed defence products. The new fork-arm facility in the United States has commenced some initial production and the prospects for our two divisions that service the petrol station market, look most promising.
All matters considered the Board recommends the payment of a maintained final dividend of 6.5p per share (2016 - 6.5p), making the total for the year of 8p (2016 - 8p). The final dividend is expected to be paid on 24(th) July 2017 to those shareholders on the register at the close of business on 23rd June 2017.
Michael Bell
6th June 2017
Hot Features
Premium
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
Bidhi Bhoma/Patrick Castle
Consolidated income statement
For the 52 weeks ended 29th April, 2017
2017 2016
Continuing operations Total Total
GBP000 GBP000
Revenue 53,823 49,282
Cost of sales (38,875) (36,413)
Gross profit 14,948 12,869
Distribution costs (3,654) (3,104)
Administrative expenses (9,523) (7,909)
-------------------------------------------------------------------- --------- ---------
(13,177) (11,013)
Group operating profit 1,771 1,856
Finance revenue 33 47
Finance costs (31) (5)
Other finance costs - pensions (247) (216)
--------- ---------
(245) (174)
---
Profit before taxation 1,526 1,682
Taxation (28) (98)
Profit for the period attributable to equity holders of the parent 1,498 1,584
Earnings per share: basic and diluted 9.1p 9.6p
Consolidated and company statement of comprehensive income
For the 52 weeks ended 29th April, 2017
Group Company
2017 2016 2017 2016
Total Total Total Total
GBP000 GBP000 GBP000 GBP000
Profit for the period attributable to equity holders of the
parent 1,498 1,584 2,702 1,926
Exchange differences on retranslation of foreign operations 757 228 - -
Net other comprehensive profit to be reclassified to profit or
loss in subsequent periods 757 228 - -
Remeasurement gains/(losses) on defined benefit pension scheme 95 (826) 95 (826)
Deferred taxation on remeasurement on defined benefit scheme (16) 165 (16) 165
Change in taxation rates (75) (153) (75) (153)
Net other comprehensive income/(loss) not being reclassified to
profit or loss in subsequent
periods 4 (814) 4 (814)
Total comprehensive income for the period attributable to
equity holders of the parent 2,259 998 2,706 1,112
--------- -------- --------- ---------
Consolidated and company statement of changes in equity
For the 52 weeks ended 29th April, 2017
Issued Capital Other Revaluation Special Foreign Treasury Retained Total
capital redemption reserves reserve reserve exchange shares earnings
reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(a) Group
At 2nd May,
2015 1,840 901 2,815 4,146 1,629 (289) (3,059) 20,316 28,299
Profit for the
period - - - - - - - 1,584 1,584
Other
comprehensive
income/(loss) - - - - - 228 - (814) (586)
------- --------- -------- --------
Total
comprehensive
income - - - - - 228 - 770 998
Dividends paid - - - - - - - (1,320) (1,320)
Change in
taxation rates - - - 83 - - - - 83
Depreciation of
buildings
revaluation - - - (7) - - - 7 -
At 30th April,
2016 1,840 901 2,815 4,222 1,629 (61) (3,059) 19,773 28,060
Profit for the
period - - - - - - - 1,498 1,498
Other
comprehensive
income - - - - - 757 - 4 761
------- ---------- --------- ----------- -------- -------- -------- -------- --------
Total
comprehensive
income - - - - - 757 - 1,502 2,259
Dividends paid - - - - - - - (1,320) (1,320)
Change in
taxation rates - - - 42 - - - - 42
Depreciation of
buildings
revaluation - - - (7) - - - 7 -
At 29th April,
2017 1,840 901 2,815 4,257 1,629 696 (3,059) 19,962 29,041
(b) Company
At 2nd May,
2015 1,840 901 1,565 4,240 1,629 - (3,059) 17,554 24,670
Profit for the
period - - - - - - - 1,926 1,926
Other
comprehensive
loss - - - - - - - (814) (814)
------- ---------- --------- ----------- -------- -------- -------- -------- --------
Total
comprehensive
income - - - - - - - 1,112 1,112
Dividends paid - - - - - - - (1,320) (1,320)
Change in
taxation rates - - - 83 - - - - 83
Depreciation of
buildings
revaluation - - - (7) - - - 7 -
At 30th April,
2016 1,840 901 1,565 4,316 1,629 - (3,059) 17,353 24,545
Profit for the
period - - - - - - - 2,702 2,702
Other
comprehensive
loss - - - - - - - 4 4
------- ---------- --------- ----------- -------- -------- -------- -------- --------
Total
comprehensive
income - - - - - - - 2,706 2,706
Dividends paid - - - - - - - (1,320) (1,320)
Change in
taxation rates - - - 41 - - - - 41
Depreciation of
buildings
revaluation - - - (6) - - - 6 -
At 29th April,
2017 1,840 901 1,565 4,351 1,629 - (3,059) 18,745 25,972
Consolidated and company statements of financial position
At 29th April, 2017
Group Company
2017 2016 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment 19,099 15,955 12,653 12,869
Intangible assets 5,301 5,671 - 4
Investments in subsidiaries - - 14,339 14,170
Deferred income tax asset 1,272 1,376 1,272 1,376
25,672 23,002 28,264 28,419
Current assets
Inventories 10,145 7,043 7,989 5,808
Trade and other receivables 11,393 8,996 14,566 9,655
Income tax receivable 199 118 - -
Prepayments 943 784 824 682
Cash and cash equivalents 15,210 12,758 13,526 11,017
37,890 29,699 36,905 27,162
TOTAL ASSETS 63,562 52,701 65,169 55,581
EQUITY AND LIABILITIES
Equity
Equity share capital 1,840 1,840 1,840 1,840
Capital redemption reserve 901 901 901 901
Other reserve 2,815 2,815 1,565 1,565
Revaluation reserve 4,257 4,222 4,351 4,316
Special reserve 1,629 1,629 1,629 1,629
Currency translation reserve 696 (61) - -
Treasury shares (3,059) (3,059) (3,059) (3,059)
Profit for the period 1,498 1,584 2,572 1,755
Retained earnings 18,464 18,189 16,174 15,598
TOTAL EQUITY SHAREHOLDERS' FUNDS 29,041 28,060 25,973 24,545
Non-current liabilities
Defined benefit pension liability 7,485 7,644 7,485 7,644
Deferred income tax liability 1,449 1,590 911 987
8,934 9,234 8,396 8,631
Current liabilities
Trade and other payables 25,464 15,253 30,607 22,270
Income tax payable 123 154 193 135
25,587 15,407 30,800 22,405
TOTAL EQUITY AND LIABILITIES 63,562 52,701 65,169 55,581
Consolidated and company cash flow statements
For the 52 weeks ended 29th April, 2017 Group Company
2017 2016 2017 2016
GBP000 GBP000 GBP000 GBP000
Profit before taxation 1,526 1,682 2,544 1,880
Adjustments to reconcile profit before taxation to net cash
inflow/(outflow) from operating
activities
Depreciation charge 1,105 1,060 853 861
Amortisation charge 535 609 4 9
Impairment in investment in subsidiary undertaking - - (155) 28
Profit on sale of fixed assets (35) (98) (34) (91)
Finance costs 245 174 228 170
Foreign exchange gains 419 83 - -
(Increase)/decrease in inventories (3,102) 2,394 (2,181) 1,585
(Increase)/decrease in receivables (2,397) 840 (4,911) (403)
Increase in prepayments (159) (194) (142) (187)
Increase/(decrease) in payables 3,126 (1,981) 1,409 (1,705)
Increase/(decrease) in progress payments 7,085 (2,479) 6,928 (2,479)
Pension fund payments (311) (275) (311) (275)
Cash generated from /(invested in) operating activities 8,037 1,815 4,232 (607)
Net interest received 2 42 19 46
Taxation (paid)/received (242) (134) 65 16
Net cash inflow/(outflow) from operating activities 7,797 1,723 4,316 (545)
Investing activities
-------- -------- -------- --------
Acquisition of Petrol Sign bv - (2,612) - (2,438)
Investment in Petrol Sign GmbH - - - (19)
Investment in Global MSI bv (14) -
Purchase of property, plant and equipment (4,165) (2,330) (720) (1,172)
Sale of property, plant and equipment 140 149 117 141
-------- --------
Net cash outflow from investing activities (4,025) (4,793) (617) (3,488)
Financing activities
Dividends paid (1,320) (1,320) (1,320) (1,320)
Dividend received from subsidiary - - 130 171
Net cash outflow from financing activities (1,320) (1,320) (1,190) (1,149)
Increase/(decrease) in cash and cash equivalents 2,452 (4,390) 2,509 (5,182)
Opening cash and cash equivalents 12,758 17,148 11,017 16,199
Closing cash and cash equivalents 15,210 12,758 13,526 11,017
The financial information set out above does not constitute the Company's statutory
accounts
for the periods ended 29(th) April, 2017 or 30th April, 2016 but is derived from those
accounts.
Statutory accounts for 2016 have been delivered to the Registrar of Companies, and those
for
2017 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 29th April, 2017 and 30th April, 2016.
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. Segment performance
is evaluated based on operating profit or loss which in certain respects, as explained in
the table below, is measured differently from operating profit or loss in the consolidated
financial statements. 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
2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Restated Restated Restated Restated
Revenue
External 20,847 21,907 12,562 11,922 13,745 10,842 6,669 4,611 53,823 49,282
Total revenue 20,847 21,907 12,562 11,922 13,745 10,842 6,669 4,611 53,823 49,282
Segment result 1,822 1,950 (721) (393) 957 262 (287) 37 1,771 1,856
Net finance costs (245) (174)
Profit before
taxation 1,526 1,682
Taxation (28) (98)
Profit for the
period 1,498 1,584
Segmental assets 30,576 24,607 5,178 5,250 8,260 9,525 5,514 3,668 49,528 43,050
Unallocated assets (see
below) 14,034 9,651
Total assets 63,562 52,701
Segmental
liabilities 18,333 10,411 1,905 1,378 2,572 2,458 2,644 985 25,454 15,232
Unallocated liabilities (see
below) 9,067 9,409
Total
liabilities 34,521 24,641
Capital
expenditure 219 214 3,297 1,443 254 470 341 80 4,111 2,207
Depreciation 211 233 305 362 627 575 347 336 1,490 1,506
Unallocated assets includes certain fixed assets, intangible assets, current assets and deferred
tax assets. Unallocated liabilities includes the defined pension benefit scheme liability
and certain current liabilities.
Following the establishment of the Petrol Station Branding division, management have revised
the allocation of certain costs which has led to a restatement of the prior year segment result
for the divisions. The total segment result of the Group for the prior year remains unchanged.
Geographical analysis
The following table presents revenue and expenditure and certain assets and liabilities information
by geographical segment for the periods ended 29th April, 2017 and 30th April, 2016. 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.
Europe North America Rest of the World Total
2017 2016 2017 2016 2017 2016 2017 2016
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue
External 45,599 39,238 6,072 3,935 2,152 6,109 53,823 49,282
Non-current assets 21,230 21,683 4,351 1,246 91 73 25,672 23,002
Current assets 35,911 27,544 1,213 1,483 766 672 37,890 29,699
Liabilities 29,163 22,675 4,922 1,531 436 435 34,521 24,641
Capital expenditure 992 1,261 3,149 1,069 24 - 4,165 2,330
Information about major
customers 2017 2016
Revenue from major customers arising from sales reported in the Defence
segment: GBP000 GBP000
Customer
1 9,065 -
Customer 1 - 10,042
2 Employee Information 2017 2016
Number Number
The average number of employees, including executive directors, during the period
was:
Production 234 237
Technical 65 68
Distribution 30 31
Administration 80 59
409 395
(a) Staff costs 2017 2016
Their, including executive directors, employment costs were as follows: GBP000 GBP000
Wages and salaries 12,764 11,558
Social Security costs 1,355 1,227
Other pension costs 398 412
14,517 13,197
2017 2016
(b) Directors' emoluments GBP000 GBP000
Aggregate directors' emoluments 1,152 1,128
Post employment benefits 31 31
1,183 1,159
3 Taxation
The charge for taxation comprises: 2017 2016
GBP000 GBP000
Current tax
United Kingdom corporation tax 9 83
Tax over provided in previous years 15 (82)
Foreign corporation tax 116 150
Group current tax 140 151
Deferred tax
Origination and reversal of temporary
differences (73) (54)
Adjustments in respect of prior years (26) 37
Impact of reduction in deferred tax rate
to 17% (13) (36)
Group deferred tax (112) (53)
Tax on profit 28 98
Tax relating to items charged or credited
to other comprehensive income
Deferred tax
Deferred tax on remeasurement losses on
pension scheme current year 16 (165)
Impact of reduction in deferred tax rate
to 17% 75 153
Income tax in the statement of comprehensive
income 91 (12)
Factors affecting the tax charge for the
(b) year
The tax assessed for the period differs to the standard
rate of corporation tax in the UK (20%) (2016 - 20%).
The differences are explained below:
2017 2016
GBP000 GBP000
Profit before tax 1,526 1,682
Profit multiplied by standard rate of
corporation tax of 20% (2016 - 20%) 305 336
Expenses not deductible for tax purposes (434) (173)
Adjustments in respect of overseas tax
rates 181 16
Current tax adjustment in respect of prior
periods 15 (82)
Deferred tax adjustment in respect of
prior periods (26) 37
Impact of reduction in deferred tax rate
to 17% (13) (36)
Total tax charge for the period 28 98
4 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 GBP1,498,000 (2016 - GBP1,584,000).
(b) 16,504,691 (2016 - 16,504,691) Ordinary shares,
being the weighted average number of Ordinary shares
in issue.
This represents 18,396,073 (2016 - 18,396,073) being
the weighted average number of Ordinary shares in issue
less 1,891,382 (2016 - less 1,891,392) being the weighted
average number of shares both held within the ESOT
245,048 (2016 - 245,048) and purchased by the Company
1,646,334 (2016 - 1,646,334).
5 Dividends paid and proposed 2017 2016
GBP000 GBP000
Declared and paid during the year
On Ordinary shares
Final dividend for 2016 : 6.50p (2015
- 6.50p) 1,073 1,073
Interim dividend for 2017 : 1.50p (2016
- 1.50p) 247 247
1,320 1,320
Proposed for approval by shareholders
at the AGM
Final dividend for 2017 : 6.50p (2016
- 6.50p) 1,073 1,073
6 Trade and other
receivables
Group Company
2017 2016 2017 2016
GBP000 GBP000 GBP000 GBP000
Trade receivables 9,631 7,744 6,792 6,578
Retentions on contracts 1,723 1,188 1,723 1,188
Amounts owed by subsidiary
undertakings - - 6,036 1,874
Other receivables 39 64 15 15
11,393 8,996 14,566 9,655
Gross amounts due from customers
for contract work - included
above 2,270 1,861 2,033 1,666
The aggregate amount of costs incurred and recognised profits to date on contracts is
GBP13,679,000
(2016 - GBP10,775,000).
(a) Trade receivables are denominated in the
following currencies
Group Company
2017 2016 2017 2016
GBP000 GBP000 GBP000 GBP000
Sterling 6,208 6,019 6,208 6,019
Euro 2,578 983 593 559
US dollar 516 361 (14) -
Other currencies 329 381 5 -
9,631 7,744 6,792 6,578
Trade receivables are non-interest bearing and are generally on 30 days terms and are shown
net of provision for impairment. The aged analysis of trade receivables not impaired is as
follows:
Group Total Not past due < 30 days 30-60 days 60-90 days > 90 days
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
2017 9,631 8,028 1,397 182 15 9
2016 7,744 6,026 1,424 269 9 16
As at 29th April, 2017 trade receivables at a nominal value of GBP84,000 (2016 - GBP102,000)
were impaired and fully provided. Bad debts of GBP19,000 (2016 - GBP51,000) were recovered
and bad debts of GBP17,000 (2016 - GBP24,000) were incurred.
Company
2017 6,792 5,623 1,139 30 - -
2016 6,578 5,182 1,158 238 - -
As at 29th April, 2017 trade receivables at a nominal value of GBP37,000 (2016 - GBP39,000)
were impaired and fully provided. Bad debts of GBP6,000 (2016 - GBP8,000) were recovered and
bad debts of GBP4,000 (2016 - GBP23,000) were incurred.
(b) Retentions on contracts are denominated in the
following currencies
Group Company
2017 2016 2017 2016
GBP000 GBP000 GBP000 GBP000
Sterling 1,723 1,188 1,732 1,188
Euro - - - -
US dollar - - - -
Other - - - -
currencies
1,723 1,188 1,732 1,188
Retentions on contracts are non interest bearing and represent amounts contractually retained
by customers on completion of contracts for specific time periods as follows:
Group Total Up to 6 6 - 12 months 12 - 18 18 - 24
months months months
GBP000 GBP000 GBP000 GBP000 GBP000
2017 1,723 1,723 - - -
2016 1,188 1,188 - - -
Company
2017 1,723 1,723 - - -
2016 1,188 1,188 - - -
7 Cash and cash equivalents Group Company
2017 2016 2017 2016
GBP000 GBP000 GBP000 GBP000
Cash at bank and in hand 9,880 7,420 13,526 5,715
Short term deposits 5,330 5,338 - 5,302
15,210 12,758 13,526 11,017
8 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 reserve
This is the revaluation reserve previously arising under UK GAAP which is now part of
non-distributable
retained reserves.
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 related deferred tax
due to the change in corporation tax (18% to 17%).
Special reserve
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
2017 2016
GBP000 GBP000
Employee Share Ownership Trust 100 100
Shares in treasury (see below) 2,959 2,959
3,059 3,059
During 1991 the Company established an Employee Share Ownership Trust ("ESOT"). The trustee
of the ESOT is Appleby Trust (Jersey) Ltd, an independent company registered in Jersey. The
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 trust has purchased an aggregate 245,048 (2016 - 245,048) Ordinary shares, which
represents
1.3% (2016 - 1.3%) of the issued share capital of the Company at an aggregate cost of
GBP100,006.
The market value of the shares at 29th April, 2017 was GBP414,000 (2016 - GBP448,000). The
Company has made payments of GBPNil (2016 - GBPNil) into the ESOT bank accounts during the
period. No options over shares (2016 - Nil) have been granted during the period. 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 period amounts
to GBP5,000 (2016 - GBP7,000). During the period no options on shares were exercised (2016
- Nil) and no shares were purchased (2016 - Nil).
The Company made the following purchases of its own 10p Ordinary shares to be held in
Treasury:
GBP000
11th December, 2013 1,000,000 shares from the Group's pension scheme. 1,722
30th January, 2014 646,334 shares 1,237
2,959
The preliminary announcement is prepared on the same basis as set out in the previous year's
accounts.
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 6th June, 2017 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 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 company news service from the London Stock Exchange
END
FR SSWFWMFWSELM
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