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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 40.00 | 4.60% | 910.00 | 900.00 | 920.00 | 910.00 | 870.00 | 870.00 | 38,238 | 14:49:13 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Special Industry Machy, Nec | 83.96M | 4.12M | 0.2521 | 36.10 | 148.56M |
From Apr 2019 to Apr 2024
TIDMMSI
RNS Number : 4104Q
MS International PLC
06 June 2018
Chairman's Statement
Results and Review
For the year ending 28(th) April 2018, profit before taxation increased to GBP4.04m (2017 - GBP1.53m) on revenue of GBP68.09m (2017 - GBP53.82m). Earnings per share amounted to 20.5p (2017 - 9.1p). Net cash was stable at GBP15.87m (2017 - GBP15.21m).
In last November's half year statement, reference was made to our Company's two fundamental strengths. First, our long established policy to constantly review our capabilities, and if necessary adjust and adapt. This serves us well by ensuring we are aligned to changing market conditions and demands. Second, our diversified operating structure can deliver significant advantages when trading conditions are varied across totally different sectors.
During the year, those two strengths have been clearly demonstrated and indeed amplified. The 'Defence' division has made a good start towards a recovery in revenue and certainly in profitably as a result of a buoyant export market, although the domestic market remains restrained and subdued. 'Forgings' increased revenue and is breaking even at the trading level while losses, incurred as a consequence of developing the new manufacturing facility in the United States, are again reduced. 'Petrol Station Superstructures' and 'Petrol Station Branding' divisions both traded in a significantly changing international market, though they are at quite differing phases within this process of change.
Export sales at 'Defence' accounted for the major component of the division's revenue, primarily in response to numerous new product offerings, the accumulating benefit of considerable investment in research and development over recent years and our success in demonstrating continually enhanced customer service and support. The domestic market, by comparison, has remained constrained by the UK's tight budget controls which result in inevitable delays to programmes and, in consequence, a market that lacks any reasonable element of clarity.
'Forgings' experienced a significant increase in revenue over the previous year, partly reflecting the first phase of full production from our new facility in the United States. Our plants in the UK and Brazil continue to hold good market positions, reflecting a total commitment to enhancing efficient production, product quality and customer service.
'Petrol Station Superstructures' experienced a check to its growth pattern owing to a notable change in the market it principally serves. Until relatively recently, many of the division's major customers had been global oil companies but they have accelerated the divestment of their company owned petrol filling station estates, with ownership passing to both large and small independent dealer/retailers. Accordingly, construction of new sites and the refurbishment and expansion of existing facilities are passing through a state of limbo as numerous sale and purchase transactions continue to dominate the attention of the sector's active participants.
'Petrol Station Branding' market, by comparison, is perceived to be further advanced in this process of transformation. When ownership of stations changes the incumbent fuel supplier may also be changed and that in turn initiates rebranding of the station. The operational performance of this division is adjusting to the changing market which was lead initially by Germany, then The Netherlands and is now happening in the UK.
Throughout the period, the Company has preserved its established high level of investment across the businesses. This is a multi-faceted approach. A key feature is sustaining our creative and innovative product development programmes across the Group, which also results in us owning, unquestionably, the intellectual property rights of products we develop, particularly important in the defence sector. We also relentlessly strive to improve customer service and support and upgrade plant and equipment as appropriate to ensure we remain at the forefront of manufacturing capability and efficiency. No less important is our investment in personnel, particularly with regard to retaining and recruiting top quality engineers, commercial staff, plus national and international marketeers, together with focused training and development to enhance their potential.
Outlook
We perceive that, with a sustained measure of prudence, we are continuing to move the business forward on an upward trajectory and are well positioned to support and develop opportunities for the Group.
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 (2017-8p). The final dividend is expected to be paid on 24(th) July 2018 to those shareholders on the register at the close of business on 22(nd) June 2018.
Michael Bell
5(th) June 2018
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
Patrick Castle/Daniel Bush
Consolidated income statement
For the 52 weeks ended 28th April, 2018
2018 2017
Continuing operations Total Total
GBP000 GBP000
Revenue 68,085 53,823
Cost of sales (49,903) (38,875)
Gross profit 18,182 14,948
Distribution costs (3,383) (3,654)
Administrative expenses (10,546) (9,523)
------------------------------------------------------------------------
(13,929) (13,177)
Group operating profit 4,253 1,771
Finance revenue 51 33
Finance costs (82) (31)
Other finance costs - pensions (183) (247)
---------
(214) (245)
Profit before taxation 4,039 1,526
Taxation (653) (28)
Profit for the period attributable to equity holders of the parent 3,386 1,498
Earnings per share: basic and diluted 20.5p 9.1p
Consolidated and company statement of comprehensive income
For the 52 weeks ended 28th April, 2018
Group Company
2018 2017 2018 2017
Total Total Total Total
GBP000 GBP000 GBP000 GBP000
Profit for the period attributable to equity holders of the parent 3,386 1,498 532 2,702
Exchange differences on retranslation of foreign operations (175) 757 - -
Net other comprehensive (loss)/ profit to be reclassified to profit or
loss in subsequent
periods (175) 757 - -
Remeasurement gains on defined benefit pension scheme 858 95 858 95
Deferred taxation on remeasurement on defined benefit scheme (146) (16) (146) (16)
Change in taxation rates - (75) - (75)
Revaluation surplus on land and buildings 2,052 - 1,935 -
Deferred taxation on revaluation surplus on land and buildings (254) - (231) -
Net other comprehensive income not being reclassified to profit or
loss in subsequent periods 2,510 4 2,416 4
Total comprehensive income for the period attributable to equity
holders of the parent 5,721 2,259 2,948 2,706
--------- -------- ------- -------
Consolidated and company statement of changes in equity
For the 52 weeks ended 28th
April, 2018
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,
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
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
(b) Company
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
income - - - - - - - 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
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
Consolidated and company statements of financial position
At 28th April, 2018
Group Company
2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment 20,766 19,099 14,043 12,653
Intangible assets 4,893 5,301 - -
Investments in subsidiaries - - 15,204 14,339
Deferred income tax asset 1,092 1,272 1,092 1,272
26,751 25,672 30,339 28,264
Current assets
Inventories 11,666 10,145 1,017 7,989
Trade and other receivables 14,617 11,393 10,003 14,566
Income tax receivable 114 199 - -
Prepayments 1,127 943 335 824
Cash and cash equivalents 15,866 15,210 - 13,526
43,390 37,890 11,355 36,905
TOTAL ASSETS 70,141 63,562 41,694 65,169
EQUITY AND LIABILITIES
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 6,055 4,257 6,055 4,351
Special reserve 1,629 1,629 1,629 1,629
Currency translation reserve 521 696 - -
Treasury shares (3,059) (3,059) (3,059) (3,059)
Profit for the period 3,386 1,498 531 2,572
Retained earnings 19,312 18,464 18,096 16,174
TOTAL EQUITY SHAREHOLDERS' FUNDS 33,400 29,041 27,558 25,973
Non-current liabilities
Defined benefit pension liability 6,421 7,485 6,421 7,485
Deferred income tax liability 1,625 1,449 1,154 911
8,046 8,934 7,575 8,396
Current liabilities
Bank overdraft - - 342 -
Trade and other payables 28,052 25,464 6,204 30,607
Income tax payable 643 123 15 193
28,695 25,587 6,561 30,800
TOTAL EQUITY AND LIABILITIES 70,141 63,562 41,694 65,169
Consolidated and company cash flow statements
For the 52 weeks ended 28th April, 2018 Group Company
2018 2017 2018 2017
GBP000 GBP000 GBP000 GBP000
Profit before taxation 4,039 1,526 488 2,544
Adjustments to reconcile profit before taxation
to net cash inflow/(outflow) from operating
activities
Depreciation charge 1,266 1,105 708 853
Amortisation charge 507 535 - 4
Net reversal of impairment in investment
in subsidiary undertaking - - (213) (155)
Profit on sale of fixed assets (113) (35) (84) (34)
Finance costs 214 245 232 228
Foreign exchange (losses)/gain (74) 419 - -
(Increase)/decrease in inventories (1,521) (3,102) 241 (2,181)
Increase in receivables (3,224) (2,397) (1,530) (4,911)
(Increase)/decrease in prepayments (184) (159) 489 (142)
Increase/(decrease) in payables 2,679 3,126 (6,281) 1,409
(Decrease)/increase in progress payments (91) 7,085 213 6,928
Pension fund payments (389) (311) (389) (311)
Cash generated from/(invested in) operating
activities 3,109 8,037 (6,126) 4,232
Net interest (paid)/received (31) 2 (49) 19
Taxation (paid)/received (111) (242) (89) 65
Net cash inflow/(outflow) from operating
activities 2,967 7,797 (6,264) 4,316
Investing activities
-------- -------- --------- --------
Investment in MSI- Forks Inc - - (652) -
Investment in Global MSI bv - - - (14)
Transfer of net assets to MSI-Defence - - (5,127) -
Systems Ltd.
Purchase of property, plant and equipment (1,106) (4,165) (568) (720)
Profit on disposal of property, plant
and equipment 157 140 105 117
--------
Net cash outflow from investing activities (949) (4,025) (6,242) (617)
Financing activities
Dividends paid (1,362) (1,320) (1,362) (1,320)
Dividend received from subsidiary - - - 130
Net cash outflow from financing activities (1,362) (1,320) (1,362) (1,190)
Increase/(decrease) in cash and cash
equivalents 656 2,452 (13,868) 2,509
Opening cash and cash equivalents 15,210 12,758 13,526 11,017
Closing cash and cash equivalents/bank
overdraft 15,866 15,210 (342) 13,526
The financial information set out above does not constitute the Company's statutory
accounts
for the periods ended 28(th) April, 2018 or 29th April, 2017 but is derived from those
accounts.
Statutory accounts for 2017 have been delivered to the Registrar of Companies, and those
for
2018 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 28th April, 2018 and 29th April, 2017.
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
2018 2017 2018 2017 2018 2017 2018 2017 2018 2017
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue
External 21,900 20,847 14,336 12,562 12,236 13,745 19,613 6,669 68,085 53,823
Total revenue 21,900 20,847 14,336 12,562 12,236 13,745 19,613 6,669 68,085 53,823
Segment result 2,600 1,822 (536) (721) 17 957 2,172 (287) 4,253 1,771
Net finance costs (214) (245)
Profit before taxation 4,039 1,526
Taxation (653) (28)
Profit for the period 3,386 1,498
Segmental assets 40,801 30,576 5,272 5,178 8,845 8,260 10,005 5,514 64,923 49,528
Unallocated assets (see below) 5,218 14,034
Total assets 70,141 63,562
Segmental liabilities 19,329 18,333 1,978 1,905 1,970 2,572 4,402 2,644 27,679 25,454
Unallocated liabilities (see below) 9,062 9,067
Total liabilities 36,741 34,521
Capital expenditure 18 219 530 3,297 149 254 211 341 908 4,111
Depreciation 154 211 480 305 628 627 365 347 1,627 1,490
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.
Geographical analysis
The following table presents revenue and expenditure and certain assets and liabilities information
by geographical segment for the periods ended 28th April, 2018 and 29th April, 2017. 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
2018 2017 2018 2017 2018 2017 2018 2017
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue
External 50,717 45,599 5,919 6,072 11,449 2,152 68,085 53,823
Non-current
assets 22,525 21,230 4,164 4,351 62 91 26,751 25,672
Current assets 41,223 35,911 1,321 1,213 846 766 43,390 37,890
Liabilities 31,473 29,163 4,681 4,922 587 436 36,741 34,521
Capital
expenditure 802 992 304 3,149 - 24 1,106 4,165
Information about major customers 2018 2017
Revenue from major customers arising from sales reported in the Defence
segment: GBP000 GBP000
Customer 1 7,137 -
Customer 1 - 9,065
Revenue from major customers arising from sales reported in the
Petrol Station Branding segment:
Customer 1 14,761 -
2 Employee information 2018 2017
Number Number
The average number of employees, including executive directors, during the
period was:
Production 251 234
Technical 69 65
Distribution 33 30
Administration 78 80
431 409
(a) Staff costs 2018 2017
Including executive directors, employment costs were as follows: GBP000 GBP000
Wages and salaries 16,029 12,764
Social Security costs 1,850 1,355
Other pension costs 637 398
18,516 14,517
2018 2017
(b) Directors' emoluments GBP000 GBP000
Aggregate directors' emoluments 1,431 1,152
Post employment benefits 37 31
1,468 1,183
3 Taxation
The charge for taxation comprises: 2018 2017
GBP000 GBP000
Current tax
United Kingdom corporation tax - 9
Adjustments in respect of previous years 33 15
Foreign corporation tax 682 116
Group current tax 715 140
Deferred tax
Origination and reversal of temporary differences (62) (73)
Adjustments in respect of prior years - (26)
Impact of reduction in deferred tax rate to 17% - (13)
Group deferred tax (62) (112)
Tax on profit 653 28
Tax relating to items charged or credited to other comprehensive income
Deferred tax
Deferred tax on remeasurement losses on pension scheme current year 146 16
Deferred tax on revaluation surplus on land and buildings 254 -
Impact of reduction in deferred tax rate to 17% - 75
Income tax in the statement of comprehensive income 400 91
(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%) (2017 - 20%). The differences are explained below:
2018 2017
GBP000 GBP000
Profit before tax 4,039 1,526
Profit multiplied by standard rate of corporation tax of 19% (2017 - 20%) 767 305
Expenses not deductible for tax purposes (288) (434)
Adjustments in respect of overseas tax rates 141 181
Current tax adjustment in respect of prior periods 33 15
Deferred tax adjustment in respect of prior periods - (26)
Impact of reduction in deferred tax rate to 17% - (13)
Total tax charge for the period 653 28
(c) Factors affecting future tax change
The UK corporation tax rate will remain at 19% until it reduces to 17% in 2020. At 28th April,
2018 the rate reductions to 17% had been enacted. Deferred tax at 28th April, 2018 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.
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 GBP3,386,000 (2017
- GBP1,498,000).
(b) 16,504,691 (2017 - 16,504,691) Ordinary shares, being the weighted average number of Ordinary
shares in issue.
This represents 18,396,073 (2017 - 18,396,073) being the weighted average number of Ordinary
shares in issue less 1,891,382 (2017 - less 1,891,382) being the weighted average number of
shares both held within the ESOT 245,048 (2017 - 245,048) and purchased by the Company 1,646,334
(2017 - 1,646,334).
5 Dividends paid and proposed 2018 2017
GBP000 GBP000
Declared and paid during the year
On Ordinary shares
Final dividend for 2017 : 6.50p (2016 - 6.50p) 1,073 1,073
Interim dividend for 2018 : 1.75p (2017 - 1.50p) 289 247
1,362 1,320
Proposed for approval by shareholders at the AGM
Final dividend for 2018 : 6.50p (2017 - 6.50p) 1,073 1,073
6 Trade and
other
receivables
Group Company
2018 2017 2018 2017
GBP000 GBP000 GBP000 GBP000
Trade
receivables 14,032 9,631 2,998 6,792
Retentions on
contracts 568 1,723 22 1,723
Amounts owed by subsidiary undertakings - - 6,983 6,036
Other
receivables 17 39 - 15
14,617 11,393 10,003 14,566
Gross amounts due from customers for
contract work - included above 1,661 2,270 851 2,033
The aggregate amount of costs incurred and recognised profits to date on contracts is GBP12,159,000
(2017 - GBP13,679,000).
(a) Trade receivables are denominated
in the following currencies
Group Company
2018 2017 2018 2017
GBP000 GBP000 GBP000 GBP000
Sterling 7,160 6,208 2,194 6,208
Euro 5,961 2,578 812 593
US dollar 582 516 - (14)
Other
currencies 329 329 (8) 5
14,032 9,631 2,998 6,792
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 < 30 days 30-60 days 60-90 days > 90 days
due
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
2018 14,032 9,377 4,446 142 24 43
2017 9,631 8,028 1,397 182 15 9
As at 28th April, 2018 trade receivables at a nominal value of GBP97,000 (2017 - GBP84,000)
were impaired and fully provided. Bad debts of GBP15,000 (2017 - GBP19,000) were recovered
and bad debts of GBP28,000 (2017 - GBP17,000) were incurred.
Company
2018 2,998 2,172 808 17 - 1
2017 6,792 5,623 1,139 30 - -
As at 28th April, 2018 trade receivables at a nominal value of GBP32,000 (2017 - GBP37,000)
were impaired and fully provided. Bad debts of GBP11,000 (2017 - GBP6,000) were recovered
and bad debts of GBP6,000 (2017 - GBP4,000) were incurred.
(b) Retentions on contracts are
denominated in the following
currencies
Group Company
2018 2017 2018 2017
GBP000 GBP000 GBP000 GBP000
Sterling 568 1,723 22 1,723
Euro - - - -
US dollar - - - -
Other - - - -
currencies
568 1,723 22 1,723
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 months 18 - 24
months months
GBP000 GBP000 GBP000 GBP000 GBP000
2018 568 546 22 - -
2017 1,723 1,723 - - -
Company
2018 22 - 22 - -
2017 1,723 1,723 - - -
7 Cash and cash equivalents/bank Group Company
overdraft
2018 2017 2018 2017
GBP000 GBP000 GBP000 GBP000
Cash at bank
and in hand 7,504 9,880 - 13,526
Short term
deposits 8,362 5,330 - -
Bank
overdraft - - (342) -
15,866 15,210 (342) 13,526
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
2018 2017
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 (2017 - 245,048) Ordinary shares,
which represents 1.3% (2017 - 1.3%) of the issued share capital of the Company
at an aggregate cost of GBP100,006. The market value of the shares at 28th
April, 2018 was GBP453,000 (2017 - GBP414,000). The Company has made payments
of GBPNil (2017 - GBPNil) into the ESOT bank accounts during the period.
No options over shares (2017 - 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 GBP7,000 (2017 - GBP5,000). During
the period no options on shares were exercised (2017 - Nil) and no shares
were purchased (2017 - 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 5th June, 2018 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 SSUFMIFASEDM
(END) Dow Jones Newswires
June 06, 2018 02:00 ET (06:00 GMT)
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