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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5.00 | 0.57% | 875.00 | 870.00 | 880.00 | 882.00 | 870.00 | 870.00 | 2,660 | 11:00:10 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Special Industry Machy, Nec | 83.96M | 4.12M | 0.2521 | 34.51 | 142.03M |
From Apr 2019 to Apr 2024
TIDMMSI
RNS Number : 9844P
MS International PLC
24 November 2016
Hot Features
Premium
MS INTERNATIONAL plc
Unaudited Interim Condensed
Group Financial Statements
29th October, 2016
EXECUTIVE DIRECTORS
Michael Bell
Michael O'Connell
Nicholas Bell
NON EXECUTIVE
Roger Lane-Smith
David Pyle
David Hansell
SECRETARY
David Kirkup
REGISTERED OFFICE
Balby Carr Bank
Doncaster
DN4 8DH
England
PRINCIPAL OPERATING DIVISIONS
Defence
Forgings
Petrol Station Superstructures
Petrol Station Branding
Chairman's Statement
It is again pleasing to report that we continue to make good overall progress across our diverse businesses, despite the persistent political and economic uncertainty prevailing around the world and in the varied markets we serve.
For the first half year ended 29(th) October 2016, profit before taxation increased to GBP0.61m (2015 - GBP0.40m) on an uplift in revenue to GBP25.00m (2015 - GBP23.98m). Earnings per share amounted to 3.3p (2015 - 2.4p)
The balance sheet remains robust with net cash and short term deposits amounting to GBP9.76m. This strong position has been maintained notwithstanding the cash impact of costs relating to the strategically important construction, together with first phase equipping, of our new substantial fork-arm manufacturing plant in the United States. Cash at the last year end was GBP12.76m.
The upward trajectory in revenue at 'Defence' continues, despite the relentless and inevitable frustrations of new programme order delays arising primarily from current financial budget constraints for many customers. 'Forgings' markets generally remained subdued and consequently highly competitive but despite adverse conditions revenue was maintained. 'Petrol Station Superstructures' operations in the UK and Poland, by contrast, achieved an outstandingly high level of activity on new station developments complemented by extensive station upgrades and repair and maintenance programmes. However, a short term delay against the proposed initiation date for a major rebranding programme in mainland Europe by one of our customers, caused a disappointing downturn in revenue at Petrol Sign bv. Pleasingly, instructions to proceed have since been given and so we anticipate a busy period for some months ahead, subject to the caveat of there not being excessively inclement weather conditions to slow down the installation work.
As previously reported, following the acquisition of Petrol Sign bv last year, we initiated 'Petrol Sign' brand start-up operations in the UK and Germany. It is most encouraging that both have made a very positive start and have won business in their markets. Following these successful initial developments and recognising the growth potential for all three of our 'Petrol Sign' businesses, we formed a new Group division 'Petrol Station Branding'. There has, of course, been and remains considerable work and related start-up costs to develop the perceived potential of these growth initiatives. Our clear object is to establish well managed operations and attain the correct balance between revenue and costs, which is so essential if we are to perform successfully and admirably meet our own high expectations.
Naval weapon system development programmes continue at 'Defence' and as many of the new products come to fruition, the emphasis is now progressing to enhanced international marketing activity with shipbuilders and end-users. This is creating a much broader base of market opportunities, greater brand recognition and by working more closely with international naval shipbuilders we can become part of the early ship design phase with our products supportively specified that will enrich growth prospects for the business.
'Forgings' principal international markets are focused on the manufacturers of fork-lift trucks and those supplying equipment for the construction, agricultural and quarrying industries. These generally have been depressed for some considerable time and so naturally have become highly competitive. To combat these pressures, management attention continues to focus on process and other efficiency improvements to ensure we unlock the positive benefits that we can identify for our businesses in the global fork-arm supply market. Added to that, our new fork-arm manufacturing facility, presently under construction in the United States, is at an advanced stage and our commitment to having an enhanced and strong presence in that market is being progressively well supported.
We perceive further growth in our two closely related petrol station construction and branding divisions and we will continue to invest to take advantage of the perceived business opportunities for both our products and services.
Overall we believe the Group has come a long way in the past year, making good progress and undertaking the right steps for all the individual businesses to ensure that we can maximise the Group's potential in challenging times and markets. Orders in hand are some 7% higher than six months ago, the balance sheet is in excellent shape and there is a first-class positive and constructive attitude prevailing throughout the business.
All matters considered the Board has declared a maintained interim dividend per share of 1.5p (2015 - 1.5p) payable to shareholders on 23rd December 2016.
Michael Bell
23(rd) November 2016
For any further information please contact:
MS INTERNATIONAL plc
Michael Bell Tel: 01 302 322133
Shore Capital
Nomad and Broker
Bidhi Bhoma/Patrick Castle Tel: (0) 20 7408 4090
INDEPENT REVIEW REPORT TO MS INTERNATIONAL plc
Introduction
We have been engaged by the Company to review the condensed set of financial statements in
the half-yearly financial report for the 26 weeks ended 29th October 2016 which comprises
the Interim condensed consolidated income statement, Interim condensed consolidated statement
of comprehensive income, Interim condensed consolidated statement of financial position, Interim
Group statement of changes in equity, Interim Group cash flow statement and the related explanatory
notes. We have read the other information contained in the half yearly financial report and
considered whether it contains any apparent misstatements or material inconsistencies with
the information in the condensed set of financial statements.
This report is made solely to the company in accordance with guidance contained in International
Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the company, for our work, for this report, or for the conclusions we have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors.
The directors are responsible for preparing the half-yearly financial report in accordance
with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in note 2, the annual financial statements of the group are prepared in accordance
with IFRSs as adopted by the European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in accordance with International Accounting
Standard 34, "Interim Financial Reporting", as adopted by the European Union and the AIM rules
issued by the London Stock Exchange.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial
statements in the half-yearly financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK
and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review
of interim financial information consists of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with International
Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the
condensed set of financial statements in the half-yearly financial report for the 26 weeks
ended 29th October 2016 is not prepared, in all material respects, in accordance with International
Accounting Standard 34 as adopted by the European Union and the AIM rules issued by the London
Stock Exchange.
Ernst & Young LLP
Leeds
23rd November, 2016
Interim condensed consolidated income
statement
26 weeks ended 29th Oct., 2016 26 weeks ended 31st Oct., 2015
unaudited unaudited
GBP000 GBP000
Products 18,070 18,217
Contracts 6,925 5,764
Revenue 24,995 23,981
Cost of sales (18,002) (18,169)
Gross profit 6,993 5,812
Distribution costs (1,613) (1,582)
Administrative expenses (4,657) (3,744)
Operating profit 723 486
Finance Income 11 17
Other finance costs - pension (124) (108)
Profit before taxation 610 395
Taxation (70) (6)
Profit for the period attributable to
equity holders of the parent 540 389
Earnings per share: basic and diluted 3.3p 2.4p
Interim condensed consolidated statement of comprehensive income
26 weeks ended 29th Oct., 2016 26 weeks ended 31st Oct., 2015
unaudited unaudited
GBP000 GBP000
Profit for the period attributable to
equity holders of the parent 540 389
Exchange differences on retranslation of
foreign operations 1,391 (234)
Other comprehensive income/( loss) 1,391 (234)
Remeasurement (losses)/gains on defined
benefit pension scheme (871) 889
Deferred taxation on remeasurement
gains/losses on defined benefit pension
scheme 73 (297)
Other comprehensive (loss)/income (798) 592
Total comprehensive income for the period
attributable to equity holders of the
parent 1,133 747
Interim condensed consolidated statement of financial position
29th Oct., 2016 30th April, 2016
unaudited audited
ASSETS GBP000 GBP000
Non-current assets
Property, plant and equipment 18,778 15,955
Intangible assets 5,697 5,671
Deferred income tax asset 1,442 1,376
25,917 23,002
Current assets
Inventories 9,168 7,043
Trade and other receivables 13,883 8,996
Income tax receivable 229 118
Prepayments 950 784
Cash and short-term deposits 9,763 12,758
33,993 29,699
TOTAL ASSETS 59,910 52,701
EQUITY AND LIABILITIES
Equity
Issued capital 1,840 1,840
Capital redemption reserve 901 901
Other reserves 2,815 2,815
Revaluation reserve 4,263 4,222
Special reserve 1,629 1,629
Currency translation reserve 1,330 (61)
Treasury shares (3,059) (3,059)
Retained earnings 18,442 19,773
Total Equity 28,161 28,060
Non-current liabilities
Defined benefit pension liability 8,485 7,644
Deferred income tax liability 1,537 1,590
10,022 9,234
Current liabilities
Trade and other payables 21,436 15,253
Income tax payable 291 154
21,727 15,407
TOTAL EQUITY AND LIABILITIES 59,910 52,701
Interim Group statement of changes in equity
Issued Capital Other Revaluation Special Foreign Treasury Retained Total
capital redemption reserves reserve reserve exchange shares earnings unaudited
reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1st May, 2016 1,840 901 2,815 4,222 1,629 (61) (3,059) 19,773 28,060
Profit for the
period - - - - - - - 540 540
Other comprehensive
income/(loss) - - - - - 1,391 - (798) 593
1,840 901 2,815 4,222 1,629 1,330 (3,059) 19,515 29,193
Change in
taxation rates - - - 41 - - - - 41
Dividend paid - - - - - - - (1,073) (1,073)
At 29th
October, 2016 1,840 901 2,815 4,263 1,629 1,330 (3,059) 18,442 28,161
Issued Capital Other Revaluation Special Foreign Treasury Retained Total
capital redemption reserves reserve reserve exchange shares earnings unaudited
reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 2nd May,
2015 1,840 901 2,815 4,146 1,629 (289) (3,059) 20,316 28,299
Profit for the
period - - - - - - - 389 389
Other comprehensive
(loss)/income - - - - - (234) - 592 358
1,840 901 2,815 4,146 1,629 (523) (3,059) 21,297 29,046
Change in
taxation rate - - - 83 - - - - 83
Dividend paid - - - - - - - (1,073) (1,073)
At 31st
October, 2015 1,840 901 2,815 4,229 1,629 (523) (3,059) 20,224 28,056
Interim Group cash flow statement
26 weeks 26 weeks
ended ended
29th 31st
Oct., Oct.,
2016 2015
unaudited unaudited
GBP'000 GBP'000
Profit before taxation 610 396
Adjustments to reconcile profit before
taxation to net cash in flows from operating
activities
Depreciation charge 549 525
Amortisation charge 286 154
Profit on disposal of fixed assets (19) (42)
Finance costs 113 91
Foreign exchange movements 396 (78)
(Increase)/decrease in inventories (2,125) 544
Increase in receivables (4,887) (1,243)
Increase in prepayments (166) (329)
Increase/(decrease) in payables 3,027 (196)
Increase/(decrease) in progress payments 3,156 (461)
Pension fund deficit reduction payments (154) (143)
Cash flows from operations 786 (782)
Interest received 11 17
Taxation paid (73) (86)
Net cash flow from operating activities 724 (851)
Investing activities
----------
Acquisition of Petrol Sign BV - (2,608)
Purchase of property, plant and equipment (2,684) (1,210)
Sale of property, plant and equipment 38 43
---------- ----------
Net cash flows used in investing activities (2,646) (3,775)
Financing activities
Dividend paid (1,073) (1,073)
---------- ----------
Net cash flows used in financing activities (1,073) (1,073)
Movement in cash and cash equivalents (2,995) (5,699)
Opening cash and cash equivalents 12,758 17,148
Closing cash and cash equivalents 9,763 11,449
Notes to the interim Group financial statements
1 Corporate information
MS INTERNATIONAL plc is a public limited company incorporated in England and Wales. The Company's
ordinary shares are traded on the AIM market of the London Stock Exchange. The principal activities
of the Company and its subsidiaries ("the Group") are described in Note 4.
The interim condensed consolidated financial statement of the Group for the twenty six weeks
ended 29th October, 2016 were authorised for issue in accordance with a resolution of the
directors on 23rd November, 2016.
2 Basis of preparation and accounting policies
The annual consolidated financial statements of the Group are prepared in accordance with
IFRS as adopted by the European Union. The consolidated condensed set of financial statements
included in this half-yearly financial report which has not been audited has been prepared
in accordance with International Accounting Standard 34, "Interim Financial Reporting," as
adopted by the European Union. The accounting policies are consistent with those applied in
the Group Annual financial statements for the 52 weeks ended 30th April, 2016.
The interim financial information has been reviewed by the Group's auditors, Ernst & Young
LLP, their report is included on page 4. These interim financial statements do not constitute
statutory financial statements within the meaning of section 435 of the Companies Act 2006.
The interim condensed consolidated financial statements do not include all the information
and disclosures required in the annual financial statements and should be read in conjunction
with the Group's annual financial statements as at 30th April, 2016.
There are no accounting standards or interpretations that have become effective in the current
reporting period which have had a material effect on the net assets, results and disclosures
of the Group. The Group has not early adopted any other standard, interpretation or amendment
that has been issued but is not yet effective.
As at the reporting date, the assets and liabilities of the overseas subsidiaries are translated
into the presentation currency of the Group at the rate of exchange ruling at the balance
sheet date and their income statements are translated at the weighted average exchange rates
for the year. The exchange differences arising on the retranslation are taken directly to
a separate component of equity.
The figures for the year ended 30th April, 2016 do not constitute the Group's statutory accounts
for the period but have been extracted from the statutory accounts. The auditor's report on
those accounts, which have been filed with the Registrar of Companies, was unqualified and
did not contain any statement under section 498(2) or (3) of the Companies Act 2006.
3 Principal risks and uncertainties
The principal risk and uncertainties facing the Group relate to levels of customer demand
for the Group's products and services. Customer demand is driven mainly by general economic
conditions but also by pricing, product quality and delivery performance of MS INTERNATIONAL
plc and in comparison with our competitors. Sterling exchange rates against other currencies
can influence pricing.
The Group has considerable financial resources together with long term contracts with a number
of customers. As a consequence, the Directors believe that the Group is well placed to manage
its business risk successfully despite the current uncertain economic outlook.
After making enquiries the Directors have a reasonable expectation that the Company and the
Group have adequate resources to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in preparing the annual report
and accounts.
Segment
4 information
Primary reporting format - divisional
(a) segments
The reporting format is determined by the differences in manufacture and services provided
by the Group. The Defence division is engaged in the design, manufacture and service of defence
equipment. The Forgings division is engaged in the manufacture of forgings. The Petrol Station
Superstructures division is engaged in the design and construction of petrol station Superstructures.
The Petrol Station Branding division is engaged in the design and installation of the complete
appearance of petrol stations. The Directors are of the opinion that seasonality does not
significantly affect these results.
The following table presents revenue and profit information about the Group's divisions for
the periods ended 29th October, 2016 and 31st October, 2015.
Defence Forgings Petrol Station Petrol Station Total
Superstructures Branding
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
unaudited unaudited
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue
External 10,180 9,228 5,936 6,062 6,956 5,679 1,923 3,012 24,995 23,981
Total revenue 10,180 9,228 5,936 6,062 6,956 5,679 1,923 3,012 24,995 23,981
Segment result 784 (104) (347) (283) 752 355 (466) 518 723 486
Net finance
expense (113) (91)
Profit before
taxation 610 395
Taxation (70) (6)
Profit for the
period 540 389
Capital
expenditure 159 145 2,221 807 159 173 145 61
Depreciation 109 116 159 177 156 126 50 20
The following table presents segment assets and liabilities of the Group's divisions for the
periods ended 29th October, 2016 and 31st October, 2015.
Segmental
assets 28,629 26,500 6,308 5,305 7,276 5,020 1,718 1,929 43,931 38,754
Unallocated
assets 15,979 14,362
Total assets 59,910 53,116
Segmental
liabilities 13,966 13,592 2,444 1,205 3,320 2,335 901 969 20,631 18,101
Unallocated
liabilities 11,118 6,959
Total
liabilities 31,749 25,060
Unallocated assets includes certain fixed assets, intangible assets, current assets and deferred
tax assets. Unallocated liabilities includes the defined benefit pension scheme liability
and certain current liabilities.
Following the establishment of the Petrol Station Branding division, management have revised
the allocation of certain incomes and costs which have led to a restatement of the prior period
segment result for the divisions. The total segment result for the Group for the prior period
remains unchanged.
5 Income tax
The major components of income tax expense in the consolidated income
statement are:
26 weeks ended 29th Oct., 26 weeks ended 31st Oct.,
2016 2015
unaudited unaudited
GBP'000 GBP'000
Current income tax charge 123 128
Current tax 123 128
Relating to origination and reversal of
temporary differences (39) (98)
Impact of reduction in deferred tax rate
( 18% to 17%) (14) (24)
Deferred tax (53) (122)
Total income expense reported in the
consolidated income statement 70 6
Deferred taxation has been provided at the applicable tax rate depending on when the underlying
deferred tax is expected to unwind.
The Finance Bill 2016 provides that the rate of UK corporation tax will be reduced from 18%
to 17% on 1st April, 2020.
The Bill was substantively
enacted at the balance sheet
date.
6 Earnings per share
The calculation of basic
earnings per share is based
on:
Profit for the period attributable to equity holders of the parent of
(a) GBP540,000 (2015 - GBP389,000);
16,504,691 (2015 - 16,504,691) Ordinary shares, being the number of
(b) Ordinary shares in issue.
This represents 18,396,073 (2015 - 18,396,073) being the number of Ordinary shares in issue
less 245,048 (2015 - 245,048) being the number of shares held within the ESOT and less 1,646,334
(2015 - 1,646,334) being the number of shares purchased by the Company.
7 Dividends paid and proposed
26 weeks ended 29th Oct., 26 weeks ended 31st Oct.,
2016 2015
unaudited unaudited
GBP'000 GBP'000
Declared and paid during the six
month period
Dividend on ordinary shares
Final dividend for 2016 - 6.50p (2015
- 6.50p) 1,073 1,073
Proposed for approval
Interim dividend for 2016 - 1.50p
(2015 - 1.50p) 248 248
Dividend warrants will be posted on 22nd December, 2016 to those members registered on the
books of the Company on 2nd December, 2016.
8 Property, plant and equipment
Acquisitions and disposals:
During the 26 weeks ended 29th October, 2016, the Group acquired assets with a cost of GBP2,684,000
(2015 - GBP1,210,000).
Retranslation of overseas subsidiaries property, plant and equipment cost and depreciation
into pounds sterling at the balance sheet date resulted in exchange difference increases of
GBP1,021,000 to costs and GBP313,000 to depreciation. These exchange differences were taken
directly to currency translation reserve in Equity.
Assets with a net book value of GBP19,000 (2015 - GBP1,000) were disposed of by the Group
for proceeds of GBP38,000 (2015 - GBP43,000) during the 26 weeks ended 29th October, 2016,
resulting in a gain on disposal of GBP19,000 (2015 - GBP42,000).
9 Cash and cash equivalents
For the purpose of the interim consolidated cash flow statement, cash and cash equivalents
are comprised of the following:
29th Oct., 2016 30th April, 2016
unaudited audited
GBP'000 GBP'000
Cash at bank and in hand 4,445 7,420
Short term deposits 5,318 5,338
9,763 12,758
10 Pension liability
The Company operates an employee pension scheme called the MS INTERNATIONAL plc Retirement
and Death Benefits Scheme ("the Scheme"). IAS19 requires disclosure of certain information
about the Scheme as follows:
- Until 5th April, 1997, the Scheme provided defined benefits and
these liabilities remain in
respect of service prior to 6th April, 1997. From 6th April,
1997 until 31st May 2007 the
Scheme provided future service benefits on a defined
contribution basis.
- The last formal valuation of the Scheme was performed at 5th
April, 2014 by a professionally
qualified actuary.
- The Company has paid contributions into the Scheme for life
assurance premiums and other Scheme
expenses. In addition, from April 2013, the Company has paid
GBP229,000 per annum of deficit
reduction payments into the defined benefit section of the
scheme. With effect from April
2015, the deficit reduction payments paid into the scheme by
the Company have been increased
to GBP300,000 per annum, increasing thereafter at 3% per annum.
- From 1st June, 2007 the Company has operated a defined
contributions scheme for its UK employees
which is administered by a UK pension provider. Member
contributions are paid in line with
this scheme's documentation over the accounting period and the
Company has no further obligations
once the contributions have been made.
- During the period, the Scheme liability has increased by
GBP841,000. A re-measurement loss
of GBP871,000 has been recognised through other comprehensive
income and comprises of a GBP2,301,000
return on plan assets in excess of net interest and a
GBP3,172,000 actuarial loss due to changes
in financial assumptions. The actuarial loss reflects the lower
discount rate and higher inflation
expectations in the period. The interest cost on the net
defined benefit liability of GBP124,000
has been recognised through the income statement. The liability
is reduced by pension fund
deficit payments in the period of GBP154,000.
11 Commitments and contingencies
The Company is contingently liable in respect of guarantees, indemnities and performance bonds
given in the ordinary course of business amounting to GBP5,504,107 at 29th October, 2016 (2015
- 7,013,513).
In the opinion of the directors, no material loss will arise in connection with the above
matters.
The Group and certain of its subsidiary undertakings are parties to legal actions and claims
which have arisen in the normal course of business. The results of actions and claims cannot
be forecast with certainty, but the directors believe that they will be concluded without
any material effect on the net assets of the Group.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLBDBXDDBGLX
(END) Dow Jones Newswires
November 24, 2016 02:00 ET (07:00 GMT)
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