Final Results

MS International

16/07/2026 07:00

RNS Number : 5361M
  
MS International PLC
  
16 July 2026
  
 


 
Chairman's statement
 
 
Introduction
 
An encouraging development we have seen in the last twelve months has been the number of new shareholders investing in the business. I am delighted to welcome them. For their benefit, and to remind longstanding shareholders, in June 2025, I announced the outcome of our internal review of strategic priorities and the decision to focus on our developing 'Defence and Security' division.
 
This statement, therefore, focuses on that division but also covers the pleasing progress made in the other two divisions, 'Forgings' and the recently merged 'Petrol Station Superstructures and Branding' division.
 
Operating Environment
 
In my interim results statement in January, I said that "…I am delighted to tell shareholders that I believe our medium to long term prospects are better than at any time in the Company's history."
 
I still believe this to be the case despite the unparalleled political turmoil we are witnessing as world economies struggle with growth and the repercussions of the conflict in the Middle East.
 
We continue to receive substantial international interest for our range of defence and security products, especially our timely combat proven counter-drone capability. This is detailed in the Outlook section of this statement.
 
Additionally, it's very encouraging that most Governments now regularly state that defence should have a higher priority. However, getting to the point where these objectives translate into firm defence orders is a jump that's taking longer than reasonably anticipated. Anyone with an eye on the political agenda will have seen how Governments are reassessing their defence priorities and objectives against other financial demands. 
 
 
2025/6 Results
 
Against this context, I can report similar Group revenues broadly in line with last year of £115.01m (2025 - £117.50m) with a reduced profit before tax of £15.06m (2025 - £20.05m), which was both anticipated and signalled in earlier shareholder communications. 
 
Basic earnings per share were 67.4p (2025 - 90.0p).
 
The balance sheet has strengthened considerably with cash and cash equivalents of £46.53m (2025 - £27.78m).
 
The Group order book at the April year end was marginally lower than the previous two years mainly owing to delays in the placing of some substantial anticipated defence orders.
 
a)   'Defence and Security'
 
This was a year of resilient performance and continued progress for the division, notwithstanding the delays in worldwide defence procurement decisions. The division delivered sales ahead of budget and maintained strong profitability even though order intake was slow. The US business performed particularly well with continuing success with the US Navy.
 
b)   'Forgings'
 
'Forgings' had a challenging year in the UK, US and Brazil owing to the many uncertainties with US tariffs. This resulted in a disruption in the market and pricing became challenging.
 
Nevertheless, new strategic customers were gained, particularly in the US with our appropriately located facility. The outlook for 'Forgings' is most encouraging.
 
c)   'Petrol Station Superstructures and Branding'
 
Our decision to merge the 'Petrol Station Superstructures' and 'Corporate Branding' divisions was announced in October 2025. The legal merger of these two businesses completed at the end of January this year.  The merger has already produced new opportunities from cross selling and the UK company has gained new business as a consequence.
 
Despite the negative effects of the war in Ukraine, our business in Poland remains resilient, particularly as a supplier of EV charging infrastructure programmes across Western Europe.
 
It's also encouraging that our dedicated branding business in the Netherlands has now returned to profit.
 
 
Outlook
 
a)   'Defence and Security'
 
Despite the worldwide political and economic uncertainty, we have received our first contract for our newly developed MSI-DS Multi Weapon Station for delivery into the Middle East in 2027.
 
Following on from the successful trials of the MSI-DS Terrahawk VSHORAD, these systems have been providing vital protection within the Middle East. The MSI-DS Terrahawk has been officially recognised as having provided protection against a significant number of drones within the region during the conflict.
 
Aside from our success with the US Navy, other significant international Navies continue to express interest with defined requirements. There is hardly a conversation or story worldwide about the future of defence that doesn't refer to drones. Our equipment is at the forefront of counter-drone capabilities, which has stimulated a substantial level of international recognition and interest in our combat proven systems. We anticipate that much of this international interest should convert to orders, which we will, of course, report to shareholders appropriately.
 
We already have the facilities and capacity to meet this demand when it crystalises in the foreseeable future.
 
In light of this, we recently appointed a new US Vice President of Business Development, who is suitably qualified with a commitment to develop the US land and naval markets in the long term.
 
In looking at future financial performance, shareholders should be reminded that our revenue from defence contracts is recognised only once obligations are satisfied, which is when control of goods and services has transferred to the customer. The significance is that, whilst we might be busy in our manufacturing and production facilities, the timing of the transfer of control means revenue and profits are not instantly recognised.
 
b)   'Forgings'
 
In the US, we have begun supplying a major international fork lift truck manufacturer with fork arms and we are optimistic that orders from their US plants will provide consistent revenues in the future. We have the opportunity and flexibility to supply either from our superb US, UK and Brazilian facilities.
 
Our manufacturing plants in the UK, US and Brazil provide many strategic options, particularly in a world where tariffs on steel fork arms and low cost Chinese imports remain key issues.
 
c)   'Petrol Station Superstructures and Branding'
 
This division has excellent prospects based on the new type of superstructures being designed and built for petrol stations in the UK and Europe. Contemporary sites require an EV facility to complement existing facilities. We are also receiving a growing number of requests for complex structures providing additional road-user facilities such as meeting rooms, car wash facilities and coffee shops.
 
Our unique database of over 40,000 thousand designs and plans, of both UK and European petrol stations, built up over the last 30 years give us an advantage in terms of immediate access to construction details and gives us a significant competitive advantage in this diverse market.
 
In the UK Corporate Branding business, we are aware of planned changes by some of the on sites owned and managed by the independent operators, so our pipeline is excellent.
 
In our corporate branding business in the Netherlands, our customer portfolio has become more widely diversified as we service other markets such as theme parks, hotels, automotive showrooms, and airports as well as petrol stations. This diversification across different sectors has not yet been tested in the UK but our success in Europe will provide a strong impetus when we have the UK capacity to diversify.
 
We will continue to see the benefits of increasingly being the UK and Eastern Europe market leader in this wide sector.
 
 
Progress on Strategic Priorities
 
Shareholders may recall that early in 2025 we tested the market's appetite for their interest in acquiring our 'Forgings' and 'Petrol Station Superstructures and Branding' businesses. Whilst interest was expressed, mainly from financial buyers, it wasn't at levels that we felt valued the business fairly given their prospects. 
 
Following a sale process, I am pleased to report that, at the time of this announcement, we have encouraging interest from potential buyers for our recently merged 'Petrol Station Superstructures and Branding' business.
 
Presently, I am not in a position to give more detail as we are currently negotiating with potential buyers but I am hoping that an announcement can be made before the end of the summer. 
 
Meanwhile, we have received unsolicited interest in the 'Forgings' business but have not undertaken a formal sale process. We intend to revisit this once the 'Petrol Station Superstructures and Branding' process is approaching a satisfactory conclusion. 
 
Board Changes
 
It is with considerable regret and sadness that this will be my last Chairman's statement as I have realised that age brings notable challenges and that I can be of most benefit to the company as an adviser, with substantial experience and knowhow, rather than as an active Board member.
 
I have been with the Company for over 50 years, the majority of those as Chairman and Chief Executive, and have led the evolution of the Company from an international coal mining equipment business through many changes to its current position as a leading innovative and growing international defence company.
 
I am honoured that the Board has asked me to assume the title of 'Life President' of the Company and I have signed an agreement which begins immediately so that I am available to help on any issue or initiative.
 
I will, therefore, be stepping down today from the Board and I am delighted to announce that Anthony Wreford will become the independent Non-Executive Chairman with immediate effect.  Anthony first advised our business at the time of the hostile Dobson Park bid for the Company in 1988 and we reengaged with him some two to three years ago as part of our review of strategic priorities. In an independent advisory role, he has played an important part in our recent strategic decisions. His appointment will help a smooth handover given his familiarity with our strategy and our senior management.  Further information in accordance with the AIM Rules will be provided in a separate announcement today.
 
I am also pleased to announce that, with immediate effect, Michael O'Connell has been appointed as Group CEO following his tenure as Group Managing Director.  Michael and I have worked together for over 40 years and he is fully aligned with my approach to the business, customer relationships and the principles by which we have grown this business.
 
This is a brilliant business with tremendous employees and I am so proud of how we have built the Company over the past 40 years. As the largest shareholder in the Company and my strong belief in the Company's prospects, it is my intention to remain a substantial shareholder for the foreseeable future.
 
I look forward to keeping in touch with employees, customers and shareholders who have supported and contributed to our growth and success. I thank them for the support they have shown me during my tenure as both Chairman and Chief Executive.
 
Whilst this is, inevitably, a sad day for me, I leave the management of the businesses in very capable hands.
 
 
 
Summary and Final Dividend
 
As we have previously communicated, these results confirm a year of strategic progress and new opportunities without these being yet reflected in the overall financial performance. I am confident that many of the market barriers that have constrained us last year will ease during the current financial year.
 
I, therefore, leave the Board confident that our prospects remain excellent.
 
The Board recommends the payment of a final dividend of 20p per share (2025 - 18p), making a total for the year of 26p per share (2025 - 23p). The dividend is expected to be paid on 18th September 2026 to shareholders on the Register at the close of business on 21st August 2026.
 
Michael Bell
15th July 2026
 
 
 
 




MS INTERNATIONAL plc 


 


 




Michael Bell


 


Tel: 01302 322133








 








Shore Capital (Nominated Adviser and Broker)


 


 




Patrick Castle / Daniel Bush / Lucy Bowden


 


Tel: 020 7408 4090








 


 





 Copies of this announcement are available from the Company's registered office at MS INTERNATIONAL plc, Balby Carr Bank, Doncaster, DN4 8DH, England. The Notice of AGM will be posted to shareholders on or before 17th August 2026. The full Annual Report and Accounts will be posted to shareholders no later than 17th August 2026. They will be made available on the Company's website at www.msiplc.com and will be delivered to the Registrar of Companies after it has been laid before the Company's members at the Annual General Meeting to be held on 9th September 2026 at The Holiday Inn, Warmsworth, Doncaster.
 
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.




 




Consolidated income statement


 
























For the year ended 30th April 2026












































2026


 


2025




Continuing operations














Total


 


Total




















£'000


 


£'000


































Revenue














115,007


 


117,503




Cost of sales














(75,473)


 


(77,505)




Gross profit














39,534


 


39,998


































Distribution costs














(4,987)






(4,727)




Administrative expenses














(19,727)


 


(16,476)




Derivative losses














(867)


 


(73)




















(25,581)


 


(21,276)




Group operating profit














13,953


 


18,722


































Interest received














1,214






1,354




Interest paid














(111)






(26)




















1,103


 


1,328




Profit before taxation














15,056


 


20,050




Taxation














(4,036)


 


(5,519)




Profit for the year attributable to equity holders of the parent














11,020


 


14,531


































Basic earnings per share














67.4p


 


90.0p




Diluted earnings per share














65.7p


 


87.0p






























































































Consolidated statement of comprehensive income


 








For the year ended 30th April 2026


































































2026


 


2025




















Total


 


Total




















£'000


 


£'000


































Profit for the year attributable to equity holders of the parent


 










11,020


 


14,531




Exchange differences on retranslation of foreign operations






 


 


(777)


 


435




Net other comprehensive loss to be reclassified to profit or loss in subsequent years


 


(777)


 


435




Revaluation of land and buildings














(86)


 


1,080




Deferred tax on transfer of building














 (180)


 


-




Deferred tax on revaluation surplus on land and buildings














51


 


52




Net other comprehensive (loss)/income not being reclassified to profit or loss in subsequent years


 


(215)






1,132


































Total comprehensive income for the year attributable to equity holders of the parent


 


10,028


 


16,098




 




 




Consolidated and company statement of changes in equity




For the year ended 30th April 2026




































































Share capital






Capital redemption reserve






Other reserves


Revaluation reserve






Special reserve






Currency translation reserve






Treasury shares






Retained earnings






Total shareholders' funds




 










£'000






£'000






£'000


£'000






£'000






£'000






£'000






£'000






£'000




 












































































(a) Group


 




































































At 30th April 2024






1,784






957






2,815


9,923






1,629






(607)






(3,702)






39,661






52,460




Profit for the year






- 






- 






- 


- 






- 






- 






- 






14,531






14,531




Other comprehensive (loss)/income






- 






- 






- 


(1,677)






- 






435






- 






2,809






1,567




Total comprehensive (loss)/income






- 






- 






- 


(1,677)






- 






435






- 






17,340






16,098




Equity settled share-based payment expense






- 






-






-


- 






-






- 






- 






78


 


78




Deferred tax on share option relief






- 






-






-


- 






-






- 






- 






192


 


192




Purchase of own shares






- 






-






-


- 






-






- 






(4,483)






- 


 


(4,483)




Exercise of share options






- 






-






-


- 






-






- 






798






(447)


 


351




Dividends paid






- 






-






-


- 






-






- 






- 






(3,507)






(3,507)




Transactions with owners recognised directly in equity






- 






-






-


- 






-






- 






(3,685)






(3,684)


 


(7,369)




At 30th April 2025






1,784






957






2,815


8,246






1,629






(172)






(7,387)






53,317






61,189




Profit for the year






- 






- 






- 


- 






- 






- 






- 






11,020






11,020




Other comprehensive (loss)/income






- 






- 






- 


(136)






- 






(777)






- 






(79)






(992)




Total comprehensive (loss)/income






- 






- 






- 


(136)






- 






(777)






- 






10,941






10,028




Equity settled share-based payment expense






- 






- 






-


- 






-






- 






- 






71


 


71




Deferred tax on share option relief






- 






- 






-


- 






-






- 






- 






608






608




Exercise of share options






- 






- 






-


- 






-






- 






881






(544)






337




Dividends paid






- 






- 






-


- 






-






- 






- 






(3,922)






(3,922)




Transactions with owners recognised directly in equity






- 






- 






- 


- 






- 






- 






881






(3,787)






(2,906)




At 30th April 2026


 


1,784


 


957


 


2,815


8,110


 


1,629


 


(949)


 


(6,506)


 


60,471


 


68,311




(b) Company


 




































































At 30th April 2024






1,784






957






7,620


- 






1,629






- 






(3,702)






22,367






30,655




Profit for the year






- 






- 






- 


- 






- 






- 






- 






4,293






4,293




Other comprehensive income






- 






- 






- 


- 






- 






- 






- 






- 






- 




Total comprehensive income






- 






- 






- 


- 






- 






- 






- 






4,293






4,293




Equity settled share-based payment expense






- 






- 






- 


- 






- 






- 






- 






78


 


78




Deferred tax on share option relief






-






-






-


-






-






-






- 






192


 


192




Purchase of own shares






- 






- 






- 


- 






- 






- 






(4,483)






- 






(4,483)




Exercise of share options






- 






- 






- 


- 






- 






- 






798






(447)






351




Dividends paid






-






-






-


-






-






-






- 






(3,507)


 


(3,507)




Transactions with owners recognised directly in equity






- 






- 






- 


- 






- 






- 






(3,685)






(3,684)






(7,369)




At 30th April 2025






1,784






957






7,620


- 






1,629






- 






(7,387)






22,976






27,579




Profit for the year






- 






- 






- 


- 






- 






- 






- 






(77)






(77)




Other comprehensive income






- 






- 






- 


- 






- 






- 






- 






- 






- 




Total comprehensive income






- 






- 






- 


- 






- 






- 






- 






(77)






(77)




Equity settled share-based payment expense






- 






- 






- 


- 






- 






- 






- 






71


 


71




Deferred tax on share option relief






- 






- 






- 


- 






- 






- 






- 






608






608




Exercise of share options






-






-






-


-






-






-






881






(544)






337




Dividends paid






- 






- 






- 


- 






- 






- 






- 






(3,922)






(3,922)




Transactions with owners recognised directly in equity






- 






- 






- 


- 






- 






- 






881






(3,787)






(2,906)




At 30th April 2026


 


1,784


 


957


 


7,620


- 


 


1,629


 


- 


 


(6,506)


 


19,112


 


24,596




 




 




Consolidated and company statements of financial position




At 30th April 2026






Group


 


Company




 






2026


 


2025






2026


 


2025












£'000


 


£'000






£'000


 


£'000




ASSETS


 
































Non-current assets


 
































Property, plant and equipment






30,578


 


30,257






318


 


1,571




Right-of-use assets






895


 


385






 - 


 


5,421




Intangible assets






2,901


 


2,367






 - 


 


 - 




Investments in subsidiaries






 - 


 


 - 






15,312


 


16,449




Deferred income tax asset






4


 


7






1,115


 


584




Derivative assets






4


 


 - 






4


 


 - 




Trade and other receivables






 - 


 


 - 






7,289


 


8,492




Contract assets






540


 


428






 - 


 


 - 












34,922


 


33,444






24,038


 


32,517




Current assets


 
































Inventories






20,677


 


30,733






 - 


 


3,109




Derivative asset






263


 


1,134






263


 


1,134




Trade and other receivables






20,471


 


33,669






7,362


 


4,355




Contract assets






4,919


 


7,376






 - 


 


 - 




Cash and cash equivalents






45,080


 


23,745






2,050


 


9,087




Restricted cash held in Escrow






1,446


 


4,038






 - 


 


 - 












92,856


 


100,695






9,675


 


17,685










































TOTAL ASSETS


 


127,778


 


134,139






33,713


 


50,202










































EQUITY AND LIABILITIES


 
































Equity


 
































Share capital






1,784


 


1,784






1,784


 


1,784




Capital redemption reserve






957


 


957






957


 


957




Other reserves






2,815


 


2,815






7,620


 


7,620




Revaluation reserve






8,110


 


8,246






 - 


 


 - 




Special reserve






1,629


 


1,629






1,629


 


1,629




Currency translation reserve






(949)


 


(172)






 - 


 


 - 




Treasury shares






(6,506)


 


(7,387)






(6,506)


 


(7,387)




Retained earnings






60,471


 


53,317






19,112


 


22,976




TOTAL EQUITY SHAREHOLDERS' FUNDS


 


68,311


 


61,189






24,596


 


27,579




Non-current liabilities


 
































Contract liabilities






2,198


 


7,208






 - 


 


 - 




Deferred income tax liability






2,310


 


2,242






 - 


 


 - 




Lease liabilities






677


 


61






 - 


 


5,123




Trade and other payables






1,253


 


623






921


 


 - 












6,438


 


10,134






921


 


5,123




Current liabilities


 
































Trade and other payables






18,694


 


15,863






8,196


 


13,759




Warranty provision






899


 


929






 - 


 


 - 




Current tax liabilities






1,003


 


1






 - 


 


 - 




Contract liabilities






32,200


 


45,670






 - 


 


3,092




Lease liabilities






233


 


353






 - 


 


649












53,029


 


62,816






8,196


 


17,500










































TOTAL EQUITY AND LIABILITIES


 


127,778


 


134,139






33,713


 


50,202




 




Consolidated and company cash flow statements


 


 




For the year ended 30th April 2026






Group


 


Company


 




 






2026


 


2025






2026


 


2025












£'000


 


£'000






£'000


 


£'000










































Profit/(loss) before taxation






15,056


 


20,050






(5,797)


 


(537)




Adjustments to reconcile profit/(loss) before taxation to cash generated from operating activities:


 




























Depreciation charge of owned assets and right-of-use assets






2,740


 


2,514






1,098


 


1,382




Amortisation charge






138


 


89






  - 


 


  - 




Profit on disposal of property, plant and equipment






(82)


 


(194)






(33)


 


(190)




Profit on disposal of right of use assets






  - 


 


  - 






(374)


 


  - 




Loss on transfer of group companies






  - 


 


  - 






2,943


 


  - 




Equity settled share-based payment expense






71


 


78






71


 


78




Finance income






(1,103)


 


(1,328)






(5)


 


(212)




Foreign exchange movements






(1,131)


 


(117)






  - 


 


  - 




Decrease/(increase) in inventories






10,067


 


(5,862)






1,422


 


(1,286)




Decrease/(increase) in receivables






14,994


 


(13,105)






(1,600)


 


1,929




Decrease in derivatives






867


 


73






867


 


73




Increase/(decrease) in payables






3,431


 


(3,332)






(1,105)


 


3,666




(Decrease)/increase in contract liabilities






(18,256)


 


2,055






(2,299)


 


1,308




Cash generated from operating activities


 


26,792


 


921






(4,812)


 


6,211




Net interest received






1,136


 


1,350






133


 


399




Taxation (paid)/received






(1,915)


 


(5,520)






572


 


193




Net cash inflow/(outflow) from operating activities


 


26,013


 


(3,249)






(4,107)


 


6,803










































Investing activities


 
































Dividends received from subsidiaries






  - 


 


  - 






5,000


 


1,500




Purchase of property, plant and equipment






(2,716)


 


(3,733)






(253)


 


(932)




Purchase of intangible assets






(673)


 


(18)






  - 


 


  - 




Proceeds on disposal of property, plant and equipment






127


 


281






84


 


236




Cash disposed on transfer of divisions to group companies






  - 


 


  - 






(3,458)


 


  - 




Investment in shares of subsidiary company






  - 


 


  - 






(105)


 


  - 




Decrease in cash held in the Escrow account maturing in more than 90 days






2,592


 


3,132






  - 


 


  - 




Net cash (outflow)/inflow from investing activities






(670)


 


(338)






1,268


 


804




Financing activities


 
































Buy back of own shares






  - 


 


(4,483)






  - 


 


(4,483)




Money received from the exercise of share options






337


 


351






337


 


351




Lease payments






(471)


 


(393)






(613)


 


(817)




Dividends paid






(3,922)


 


(3,507)






(3,922)


 


(3,507)




Net cash outflow from financing activities


 


(4,056)


 


(8,032)






(4,198)


 


(8,456)




Increase/(decrease) in cash and cash equivalents


 


21,287


 


(11,619)






(7,037)


 


(849)




Opening cash and cash equivalents






23,745


 


35,509






9,087


 


9,936




Exchange differences on cash and cash equivalents






48


 


(145)






  - 


 


  - 




Closing cash and cash equivalents


 


45,080


 


23,745






2,050


 


9,087




























 
The financial information set out above does not constitute the Company's statutory accounts for the periods ended 30th April 2026 or 30th April 2025 but is derived from those accounts. Statutory accounts for 2025 have been delivered to the Registrar of Companies and those for 2026 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.
 
The accounting policies applied in this financial information are aligned with those in the Group's financial statements for the years ended 30th April 2026 and 30th April 2025. Those financial statements were prepared in accordance with UK-adopted international accounting standards and the applicable legal requirements of the Companies Act 2006, except for the revaluation of certain financial instruments and properties, and in accordance with the requirements of the AIM Rules.




 




1.     Segment information


 






































































































































































For management and reporting purposes, the Group operated through three trading divisions during the years ended 30th April 2026 and 30th April 2025. This includes 'Defence and Security', 'Forgings', and 'Petrol Station Superstructures and Branding'. Following a restructure of the Group during the year, the previously reported 'Corporate Branding' segment now forms part of the 'Petrol Station Superstructures and Branding' segment. With effect from the current financial year, the two former divisions now constitute a single operating segment and this change resulted from the operational integration under single management. Accordingly, the prior year has also been restated for comparative purposes.
 
These divisions are the basis on which the Group reports its primary business segment information. The Board, which includes the chief operating decision maker, considers each trading division as a separate operating segment and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Therefore, Group financing (including finance costs and finance revenue) and income taxes are managed on a group basis and are therefore not allocated to operating segments.


























































































 




















'Defence and
Security'






'Forgings'






'Petrol Station Superstructures and Branding'






Total












 


 










2026


 


2025






2026


 


2025






2026


 


2025






2026


 


2025












 


 










£'000


 


£'000






£'000


 


£'000






£'000


 


£'000






£'000


 


£'000




Segmental revenue


 
















































































Total revenue






 


 










71,598


 


82,449






13,446


 


13,770






30,193


 


21,836






115,237


 


118,055




Revenue from other segments






 


 










- 


 


- 






- 


 


- 






(230)


 


(552)






(230)


 


(552)




Revenue from external customers






 


 










71,598


 


82,449






13,446


 


13,770






29,963


 


21,284






115,007


 


117,503


























































































Revenue recognised at a point in time






















62,651






77,901






13,446






13,770






29,963






21,284






106,060






112,955




Revenue recognised over time






















8,947






4,548






- 






- 






- 






- 






8,947






4,548




Revenue from external customers






















71,598






82,449






13,446






13,770






29,963






21,284






115,007






117,503












 














 














 














 














 












Segment result


 
















































































Operating profit/(loss)






 


 










12,762


 


17,740






(547)


 


573






1,738


 


409






13,953


 


18,722


























































































Segmental assets


 
















































































Assets attributable to segments






 


 










80,269


 


82,770






5,851


 


6,603






15,403


 


17,674






101,523


 


107,047




Unallocated assets*






































































26,255


 


27,092




Total assets






































































127,778


 


134,139


























































































Segmental liabilities


 
















































































Liabilities attributable to segments






 


 










44,716


 


58,101






2,145


 


1,435






7,073


 


7,976






53,934


 


67,512




Unallocated liabilities*






































































5,533


 


5,438




Total liabilities






































































59,467


 


72,950


























































































Other segmental information


 
















































































Capital expenditure






 


 










2,296


 


2,898






19


 


378






401


 


457






2,716


 


3,733




Depreciation






 


 










1,234


 


1,000






530


 


594






976


 


920






2,740


 


2,514




Amortisation






 


 










95


 


46






- 


 


- 






43


 


43






138


 


89




 




* Unallocated assets include certain fixed assets (including all UK properties), current assets and deferred income tax assets. Unallocated liabilities include the defined pension benefit scheme liability, the deferred income tax liability, and certain current liabilities.


























































































Assets and liabilities attributable to segments comprise the assets and liabilities of each segment adjusted to reflect the elimination of the cost of investment in subsidiaries and the provision of financing loans provided by 'MS INTERNATIONAL plc'.


























































































Revenue between segments is determined on an arm's length basis. Segment results, assets, and liabilities include items directly attributable to the segment as well as those that can be allocated on a reasonable basis.


























































































Geographical analysis


 














































































































































The following table presents revenue, assets, liabilities and capital expenditure by geographical location for the years ended 30th April 2026 and 30th April 2025. The Group's geographical segments are based on the location of the Group's divisions.












United Kingdom






Europe






USA






South America






Total












2026






2025






2026


 


2025






2026


 


2025






2026


 


2025






2026


 


2025












£'000






£'000






£'000


 


£'000






£'000


 


£'000






£'000


 


£'000






£'000


 


£'000


























































































External revenue by origin






59,949






80,124






9,319


 


6,563






43,894


 


28,829






1,845


 


1,987






115,007


 


117,503




Non-current assets






26,563






25,509






3,219


 


2,775






5,133


 


5,121






7


 


39






34,922


 


33,444




Current assets






82,017






78,828






3,419


 


2,938






6,494


 


17,986






926


 


943






92,856


 


100,695




Liabilities






39,186






41,773






3,130


 


2,410






17,093


 


28,649






58


 


118






59,467


 


72,950




Capital expenditure






2,180






3,580






- 


 


54






536


 


95






- 


 


4






2,716


 


3,733
















































































































































































 
Revenue disaggregated by customer base is shown as follows:




























































2026


 


2025




























































£'000


 


%


 


£'000






%


























































































United Kingdom






















































38,776


 


34%


 


21,899






19%




Asia and Middle East






















































16,599


 


14%


 


46,756






40%




USA






















































43,802


 


38%


 


28,829






25%




Europe






















































13,778


 


12%


 


17,072






14%




South America






















































1,955


 


2%


 


2,876






2%




Rest of World






















































97


 


0%


 


71






0%


























































































Total revenue






















































115,007


 


100%


 


117,503






100%




























































 


 


 


 


































































































The Group's largest customer, which is reported in the 'Defence and Security' division, contributed 17.7% to the Group's revenue (2025 - 37.1% from a different customer). The Group's second and third largest customer, also reported in the 'Defence and Security' division, were the only other customers that contributed more than 10% to the Group's revenue as shown in the table below.
 


































































 


 


 


 








































































2026


 


2025




























































£'000


 


%


 


£'000






%




























































 


 


 


 
















'Defence and Security' - Customer 1






















































20,301


 


17.7%


 


4,383






3.7%




'Defence and Security' - Customer 2






















































12,795


 


11.1%


 


15,996






13.6%




'Defence and Security' - Customer 3






















































11,818


 


10.3%


 


43,546






37.1%




Other customers contributing less than 10% of turnover






































70,093


 


60.9%


 


53,578






45.6%




Total revenue






















































115,007


 


100%


 


117,503






100%




 




2.     Derivative financial instruments


 


 


 


 


 
















 


 


 


 


 


 
















The Group and Company have in place a number of forward currency contracts in respect of USD denominated cash inflows in the 'Defence and Security' division. During the year, forward currency contracts totalling $28,250,000 at an average exchange rate of 1.3195 have been taken out.




 


 


 


 


 


 
















The Group and Company has chosen not to adopt hedge accounting with respect to forward exchange contracts and as a result a loss of £867,000 (2025 - £73,000 loss) arising from the change in the fair value of the contracts has been included within operating profit.




 


 


 


 


 


 
















2026


 


US Dollar


 


Sterling


 


Average forward rate






Change in fair value




 


 


$'000


 


£'000


 










£'000




 


 


 


 


 


 


 












Non-current derivative asset


 


269


 


204






1.3210






4




Current derivative asset


 


14,271


 


10,807






1.3206






263




Total


 


14,540


 


11,011


 


1.3206


 


267




 


 


 


 


 


 


 












2025


 


US Dollar


 


Sterling


 


Average forward rate






Change in fair value




 


 


$'000


 


£'000


 










£'000




 


 


 


 


 


 
















Non-current derivative asset


 


-


 


-


 


-






-




Current derivative asset


 


28,400


 


22,412


 


1.2672






1,134




Total


 


28,400


 


22,412


 


1.2672






1,134




 


 


 


 


 


 


 






 




In the tables above the US Dollar represents the total amount payable under the forward exchange contracts and the Sterling represents the total amount receivable under the forward exchange contracts.




 


 


 


 


 


 


 






 




3.     Employee information


 


 


 


 


 






















































The average number of employees, including executive directors, during the year was as follows:












 


 


 


 








 


Group


 


Company








 


2026






2025






2026


 


2025








 


Number






Number






Number


 


Number










































Production


 


237






253






69


 


73




Technical


 


79






81






19


 


21




Distribution


 


27






28






2


 


2




Administration


 


94






92






42


 


40








 


437






454






132


 


136










































(a)   Staff costs










































































Including executive directors, employment costs were as follows:












































Group


 


Company












2026






2025






2026


 


2025












£'000






£'000






£'000


 


£'000










































Wages and salaries






26,597






25,633






8,878


 


9,328




Social security costs






5,743






3,562






2,497


 


896




Pension costs






826






834






342


 


398




Redundancy costs






160






15






  - 


 


  - 




Equity settled share-based payment expense






71






78






71


 


78




Cash settled share-based payment provision






457


 
 


330






457


 


330








33,854


30,452






12,245


 


11,030
















































































(b)   Directors' emoluments




























































2026


 


2025




























£'000


 


£'000










































Short-term employee benefits






















4,993


 


3,735




Pension contributions






















78


 


133




Gain on exercise of share options






















842


 


1,385




























5,913


 


5,253




 
During the year one executive director (2025 - two directors) exercised LTIP share options totalling 50,000 (2025 - 100,000) at an exercise price of £0 (2025 - £0) per share. The gain on these options was the difference between the market price at the date of exercise of £12.25 (2025 - £9.75 to £11.50 per share), and the exercise price of £0 (2025 - £0) per share.
Between July 2025 and October 2025 four directors exercised CSOP share options totalling 26,664 (2025 - 38,334) at an exercise price of £1.41 per share. The gain on these options is the difference between the market price at the date of exercise, which ranged from £11.00 per share to £14.40 per share (2025 - £9.75 to £11.50 per share), and the exercise price of £1.41 (2025 - £1.41) per share.
 




4. Taxation


 






































(a) Tax expense




















 




















The charge for taxation comprises:




























2026


 


2025












£'000


 


£'000




Current tax


 
















United Kingdom corporation tax






2,261


 


5,495




Foreign corporation tax






1,156


 


275




Adjustments in respect of previous years






63


 


(155)




Group current tax expense






3,480


 


5,615


























Deferred tax


 
















Origination and reversal of temporary differences






659


 


(41)




Adjustments in respect of previous years






(103)


 


(55)




Group deferred tax expense/(credit)






556


 


(96)




Total tax expense on profit


 


4,036


 


5,519


























Tax relating to items charged to other comprehensive income:




























2026






2025












£'000






£'000




 


 
















Deferred tax on revaluation surplus on land and buildings






129


 


(52)




Deferred tax expense/(credit) in the Consolidated statement of comprehensive income






129


 


(52)


























Tax relating to items charged directly to equity:




























2026






2025












£'000






£'000


























Deferred tax on share option relief






(608)






(192)




Total tax credit charged directly to equity






(608)






(192)


























(b)   Factors affecting the tax charge for the year


 
















 




The tax charge assessed for the year is higher than (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
























 












2026


 


2025


 












£'000


 


£'000


 
























 




Profit before tax






15,056


 


20,050


 




Profit multiplied by standard rate of corporation tax of 25% (2025 - 25%)






3,764


 


5,013


 




 


















 




Effects of:


















 




Expenses not deductible for tax purposes






234






327


 




Adjustments in respect of overseas tax rates






(6)






21


 




Unrecognised tax losses






69






367


 




Dual residency tax






15


 


1


 




Current tax adjustment in respect of previous years






63


 


(155)


 




Deferred tax adjustment in respect of previous years






(103)


 


(55)


 




Total taxation expense for the year






4,036


 


5,519


 




 


















 




(c)   Factors affecting future tax charge


 














 




At the reporting date, there are no factors that would affect the future tax charge and therefore deferred income taxation has been provided at the rate at the reporting date of 25%.


 
























 




5.     Earnings per share


 






































The calculation of basic earnings per share of 67.4p (2025 - 90.0p) is based on the profit for the year attributable to equity holders of the parent of £11,020,000 (2025 - £14,531,000) and on a weighted average number of ordinary shares in issue of 16,351,904 (2025 - 16,153,308). At 30th April 2026 there were 692,901 (2025 - 720,870) dilutive shares on option with an effect of 413,177 (2025 - 545,606) giving a diluted earnings per share of 65.7p (2025 - 87.0p).


































2026


 


2025


























Number of ordinary shares in issue at start of the year






17,841,073


 


17,841,073




Number of ordinary shares in issue at the end of the year






17,841,073


 


17,841,073












 












Weighted average number of shares in issue






17,841,073


 


17,841,073




Less weighted average number of shared held in the ESOT






(4,686)


 


(19,105)




Less weighted average number of shares purchased by the Company






(1,484,483)


 


(1,668,660)




Weighted average number of shares to be used in basic EPS calculation






16,351,904


 


16,153,308




Dilutive effect of 692,901 (2025 - 720,870) shares on option






413,177


 


545,606




Weighted average diluted shares






16,765,081


 


16,698,914


























Profit for the year attributable to equity holders of the parent in £






11,020,000


 


14,531,000




Basic earnings per share






67.4p


 


90.0p




Diluted earnings per share






65.7p


 


87.0p






































































6.    Dividends paid and proposed


 


2026


 


2025












£'000


 


£'000




Declared and paid during the year:




















Final dividend for 2025: 18p (2024 - 16.5p)






2,938


 


2,703




Interim dividend for 2026: 6p (2025 - 5p)






984


 


804












3,922


 


3,507












 


 








Proposed for approval by shareholders at the AGM:






 


 








Final dividend for 2026: 20p (2025 - 18p)






3,286


 


2,910




 




7.   Trade and other receivables
































 
































Current trade and other receivables
 


Group


 


Company




 






















2026


 


2025






2026


 


2025




























£'000


 


£'000






£'000


 


£'000


























































Trade receivables (net of allowance for expected credit losses)


14,130


 


25,673






-


 


1,782




Amounts owed by subsidiary undertakings






-


 


-






6,445


 


1,733




Prepayments (*)






3,032


 


3,265






75


 


358




Other receivables (**)






3,203


 


4,082






106


 


11




Income tax receivable






106


 


649






736


 


471




























20,471


 


33,669






7,362


 


4,355


























































(*) Included in Prepayments in the Group is £1,690,000 (2025 - £1,964,000) for the payment in advance to certain suppliers in relation to contracts within the 'Defence and Security' division. There are no payments in advance within the Company (2025 - nil).




 




































(**) Included in Other receivables in the Group is £1,780,000 (2025 - £3,497,000) of costs in relation to obtaining a contract, which will be expensed to profit and loss in line with future recognition of revenue on certain contracts. There are no costs in relation to obtaining a contract within the Company (2025 - nil).




 




































Non-current trade and other receivable






Group






Company




 






2026






2025






2026






2025




 






£'000






£'000






£'000






£'000




 




































Amounts owed by subsidiary undertakings






-






-






7,289






8,492




Total non-current trade and other receivables






-






-






7,289






8,492




 




































(a)   Trade receivables










































































Trade receivables are denominated in the following currencies:




























Group


 


Company




 






















2026


 


2025






2026


 


2025




























£'000


 


£'000






£'000






£'000


























































Sterling


















10,281


 


15,230






-


 


1,524




Euro






















1,723


 


822






-


 


258




US dollar






1,605


 


9,063






-


 


-




Other currencies






521


 


558






-


 


-




























14,130


 


25,673






-


 


1,782


























































Trade receivables are non-interest bearing, generally have 30 day terms, and are shown net of provision for expected credit losses. The aged analysis of trade receivables after provision for expected credit losses is as follows:


























































 


 


















Group


 


Company




























2026






2025






2026






2025




 


 


 


 


 


 


£'000


 


£'000


 


£'000


 


£'000


























































Not past due






8,354 






19,426 






- 






1,718 




< 30 days






1,272 






715 






- 






37 




30-60 days






273 






4,556 






- 






9 




60-90 days






92 






49 






- 






18 




> 90 days






4,139 






927 






- 






- 




Total






















14,130 






25,673 






- 






1,782 


























































In the Group, trade receivables with a nominal value of £716,000 (2025 - £14,000) were impaired and fully provided as at 30th April 2026. During the year, expected credit losses of £13,000 (2025 - £12,000) were recovered and expected credit losses of £715,000 (2025 - £11,000) were incurred.


























































In the Company, trade receivables with a nominal value of £15,000 (2025 - £11,000) were impaired and fully provided as at 31st January 2026, being the date the net assets of the trading divisions 'MSI-Forks', 'Global-MSI' and 'Petrol Sign' were transferred to subsidiary companies. During the year, expected credit losses of £nil (2025 - £5,000) were recovered and expected credit losses of £4,000 (2025 - £11,000) were incurred. At the balance sheet date there were no trade receivables outstanding in the Company.


























































(b)   Amounts owed by subsidiary undertakings










































































All amounts due from Group companies are repayable on demand and are not charged interest. The majority of intercompany balances are to group entities with liquid assets and are capable of being fully repaid on demand, with the exception of loans to 'MSI-Sign Group BV' and 'MSI-Sign Group GmbH' for which an expected credit loss allowance of £2,081,000 (2025 - £2,842,000) is held. It is expected that all such loans will be settled within 12 months of the balance sheet date and the balances have been classified as current assets accordingly.


























































In terms of the expected credit loss allowance relating to 'MSI-Sign Group B.V.' and 'MSI-Sign Group GmbH' there has been a release of £761,000 (2025 - £257,000 release) during the year.










The loans to 'MS INTERNATIONAL Estates Limited' and 'MS INTERNATIONAL Estates LLC', which although are repayable on demand, are supported by properties which are not immediately realisable. As a result they have been classified within non-current trade and other payables.










The directors have assessed the likelihood of default and the loss in the event of default as well as the balance at the reporting date and conclude that there is no further impairment of the receivable.










The amounts receivable at the reporting date can be categorised as:












































Company












































2026


 


2025












































£'000


 


£'000


























































Current: amounts due from companies backed by liquid assets














6,445


 


1,733




Non-current: amounts due from 'MS INTERNATIONAL Estates Limited'










7,289


 


7,631




Non-current: amounts due from 'MS INTERNATIONAL Estates LLC'






-


 


861












































13,734


 


10,225




 




8.   Cash and cash equivalents


 








































































Group


 


Company




 






















2026


 


2025






2026


 


2025




























£'000


 


£'000






£'000


 


£'000


























































Cash at bank and in hand






















             45,080


 


      23,745






2,050


 


9,087




Restricted cash held in Escrow - maturing in more than 90 days














               1,446


 


         4,038






 - 


 


 - 




Total cash






















             46,526


 


      27,783






           2,050


 


9,087


























































The balance held in Escrow provides security to both Lloyds Bank plc and Barclays Bank plc in respect of certain guarantees, indemnities, and performance bonds totalling £1,446,000 (2025 - £4,038,000) given by the Group in the ordinary course of business.




The Company is party to a cross guarantee between 'MS INTERNATIONAL plc' and 'MSI-Defence Systems Ltd' which has been put in place to ensure compliance with banking operations.


























































9.   Net funds


 






































































































(a) Analysis of net funds


 


















 


 


 




 


 


















Group


 


Company




 






















2026


 


2025






2026


 


2025




























£'000


 


£'000






£'000


 


£'000




























 


 










 


 








Cash and cash equivalents






















45,080


 


23,745






2,050


 


9,087




Restricted cash held in Escrow






















1,446


 


4,038






  - 


 


  - 




Lease liabilities






















(910)


 


(414)






  - 


 


(5,772)




























45,616


 


27,369






2,050


 


3,315


























































(b) Group movement in net funds


 








































































Cash and cash equivalent


 


Restricted cash held in Escrow


 


Lease liabilities


 


Total




























£'000


 


£'000


 


£'000


 


£'000


























































At 30th April 2024






















35,509






7,170






(804)






41,875




Cash flows






















(11,619)






(3,132)






393






(14,358)




Foreign exchange adjustments






















(145)






  - 






19






(126)




Interest






















  - 






  - 






(22)






(22)




At 30th April 2025


 
 


 


 


 


 


23,745






4,038






(414)






27,369




Cash flows






















21,287






(2,592)






471






19,166




New leases






















  - 






  - 






(981)






(981)




Cancellation of leases






















  - 






  - 






70






70




Foreign exchange adjustments






















48






  - 






(23)






25




Interest






















  - 






  - 






(33)






(33)




At 30th April 2026






















45,080


 


1,446


 


(910)


 


45,616




 




















































(c) Company movement in net funds


 








































































 


 


Cash and cash equivalents


 


Lease liabilities


 


Total




























 


 


£'000


 


£'000


 


£'000


























































At 30th April 2024






























9,936






(6,401)






3,535




Cash flows






























(849)






817






(32)




Interest






























  - 






(188)






(188)




At 30th April 2025


 


 


 


 


 










9,087






(5,772)






3,315




Cash flows






























(7,037)






613






(6,424)




Transfer of leases to group companies






























  - 






5,286






5,286




Interest






























  - 






(127)






(127)




At 30th April 2026






















 


 


2,050


 


  - 


 


2,050




 




















































 




10.   Reserves


 


































Capital redemption reserve






The balance classified as capital redemption reserve represents the nominal value of issued share capital of the Company, repurchased.


























Other reserves


 














Following the transfer of assets held at valuation by the Company to a subsidiary company, a reserve has been created which is non-distributable. This is equal to the revaluation reserve previously arising.


























Additionally, it includes the non-distributable retained reserve for the revaluation reserve previously showing in the Company for properties now transferred to other members of the Group.


























Revaluation reserve


 














The asset revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same assets previously recognised in equity.


























Special reserve


 














The special reserve is a distributable reserve created following the cancellation of a share premium account by way of court order in March 1993.


























Currency translation reserve


 














The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. It is also used to record the effect of hedging net investments in foreign operations.


























Treasury shares


 














The treasury share reserve is detailed as follows:










































2026


 


2025






























£'000


 


£'000






























 


 










Employee Share Ownership Trust (a)






















2


 


3






Shares in treasury (b)






















6,504


 


7,384






























6,506


 


7,387


























(a) The Employee Share Ownership Trust



























The Employee Share Ownership Trust ("ESOT") provides for the issue of options over ordinary shares in the Company to Group employees, including executive directors, at the discretion of the Remuneration Committee. The trustee of the ESOT is Ocorian Ltd, an independent company registered in Jersey.


























At 30th April 2026 the ESOT held 4,045 shares (2025 - 6,045), which represents 0.02% (2025 - 0.04%) of the issued share capital of the Company excluding treasury shares. The market value of these shares was £68,000 (2025 - £61,000) at 30th April 2026.


























A reconciliation of the movement in the number of shares held by the ESOT is as follows:


















































Number






£'000






































ESOT shares at 30th April 2024














91,048






37






Exercise of CSOP share options














(85,003)






(34)






ESOT shares at 30th April 2025














6,045






3






Exercise of CSOP share options














(2,000)






(1)






ESOT shares at 30th April 2026


 


 


 


4,045


 


2






 


 


 


 


 


 


 






During the year, 264,139 (2025 - 349,007) share options were exercised by Group employees, of which 2,000 (2025 - 85,003) were satisfied by the transfer of shares from the ESOT. These shares have been valued at a weighted average cost of £0.41 (2025 - £0.41) per share.






 


 


 


 


 


 


 






The assets, liabilities, income, and costs of the ESOT have been incorporated into the Company's financial statements. Total ESOT costs charged to the income statement in the year amounts to £9,000 (2025 - £11,000). The Company made no payments (2025 - £1,000) into the ESOT bank accounts during the year. Details of the outstanding share options for directors are included in the Directors' remuneration report.






 


 


 


 


 


 


 






(b) Shares in treasury






 


 


 


 


 


 


 






A reconciliation of the movement in the Company's own 10p ordinary shares held in treasury is shown below:
 






 


 


 


 


Number


 


£'000






 


 


 


 


 


 


 






Treasury shares at 30th April 2024


 


 


 


1,516,327


 


3,665






Purchase of 415,000 shares


 


 


 


415,000


 


4,483






Exercise of LTIP shares


 


 


 


(100,000)


 


(329)






Exercise of CSOP share options


 


 


 


(164,004)


 


(435)






Treasury shares at 30th April 2025


 


 


 


1,667,323


 


7,384






Exercise of LTIP shares


 


 


 


(50,000)


 


(168)






Exercise of CSOP share options


 


 


 


(212,139)


 


(712)






Treasury shares at 30th April 2026


 


 


 


1,405,184


 


6,504






 


 


 


 


 


 


 






During the year, 264,139 (2025 - 349,007) share options were exercised, of which 262,139 (2025 - 264,004) were satisfied by the transfer of shares held in treasury by the Company. The share issued from treasury have been valued at a weighted average cost of £3.36 (2025 - £2.89) per share totalling £880,000 (2025 - £764,000).






 






11.   Contracts with customers














The Group and Company have recognised the following assets and liabilities relating to contracts with customers:






















Group






Company














2026






2025






2026






2025














£'000






£'000






£'000






£'000














































Non-current contract assets






540






428






-






-






Current contract assets






4,919






7,376






- 






- 






Contract assets






5,459






7,804






-


 


-














































Current contract liabilities






(32,200)






(45,670)






- 






(3,092)






Non-current contract liabilities






(2,198)






(7,208)






- 






- 






Contract liabilities






(34,398)






(52,878)






- 






(3,092)














 














 














Net contract liabilities






(28,939)






(45,074)






- 






(3,092)














At 30th April 2026 there was no provision for expected credit losses relating to contract assets (2025 - nil).














A reconciliation of the movements in contract liabilities during the year is shown below:






















Group


 


Company














£'000


 


£'000














 


 


 






Contract liabilities as at 30th April 2024






52,635






1,784






New contract liabilities






79,641






5,679






Revenue recognised in the year:






















 - that was included in the contract liability balance as at 30th April 2025






(29,569)






(1,775)






 - relating to new contract liabilities in the year






(55,234)






(2,596)






Transfer of retentions to contract assets






7,604






- 






Exchange differences






(2,199)






- 






Contract liabilities as at 30th April 2025






52,878






3,092






New contract liabilities






55,519






2,543






Revenue recognised in the year:






 














 - that was included in the contract liability balance as at 30th April 2025






(44,859)






(3,092)






 - relating to new contract liabilities in the year






(26,565)






(1,750)






Transfer of retentions to contract assets






(2,345)






- 






Transfer of contract liabilities to group company






- 






(793)






Exchange differences






(230)






- 






Contract liabilities as at 30th April 2026






34,398






- 






























Contract liabilities relate to amounts invoiced on a contract before performance obligations are met and revenue is recognised. Included in the contract liabilities balance as at 30th April 2026 is £7,823,000 (2025 - £12,171,000) relating to unpaid invoices. As the contracts are non-cancellable, they have not been netted off against trade debtors. 














Of the existing contracts that were unsatisfied or partially unsatisfied at 30th April 2026, revenue is expected to be recognised as follows:






















Group






Company














£'000






£'000






























2027






32,200






-






2028






2,198






- 






2029






- 






- 






Total






34,398






-














 




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