REG - MS International PLC - Final Results <Origin Href="QuoteRef">MSTL.L</Origin> - Part 1
RNS Number : 3461HMS International PLC07 June 2017MS INTERNATIONAL plc
Results for the 52 weeks ended 29th April, 2017
Chairman's Statement
Results and Review
It has been a period of solid growth across much of the Group coupled with important and significant new investment to ensure we continue to take full advantage of future opportunities.
Revenue has increased across three of the Group's four divisions and it would have been all four had it not been for the rescheduling of a delivery, for a long standing international defence customer, into our 2017/18 financial year. Even so, overall revenue was up an impressive 9.2% at 53.82m for the year ended 29th April 2017 (2016 - 49.28m).
Investment across the divisions was considerable and wide ranging, reflecting our determination and commitment to optimise their future potential. This increased investment nevertheless impacted short term returns and profit before taxation amounted to 1.53m (2016 - 1.68m). Earnings per share were 9.1p (2016 - 9.6p).
The balance sheet is strong and at the year-end had net cash amounting to 15.21m (2016 - 12.76m).
'Defence division' markets generally remained testing, reflecting the many constraints placed on global defence ministries which are faced with numerous, diverse threats and yet often only have limited resources to support military procurement programmes. Hence, although programmes may be approved and planning initiated, thereafter they frequently become delayed; postponed or at worst, even cancelled. Despite such unpredictability, it is important that we continue to invest in extensive new product development as well as essential international marketing campaigns, as we seek to match the ever-changing requirements and expectations of the international market.
'Forgings division' lifted revenue by 6% as a result of strong growth in the United States and a good measure of recovery in our Brazilian operations. European markets serviced from our UK facility, remained relatively constant but were, as a result, highly competitive. The very recent production 'start-up phase' of our new superb and substantial fork-arm manufacturing property in South Carolina - a notable investment - is in process. Whilst there is still much to do and costs to complete, the facility will provide a significant capability to meet the opportunities of a changing market place.
'Petrol Station Superstructures division' produced an impressive performance, lifting revenue by some 26% over last year. Pleasingly, the number of petrol stations operating in the UK increased in 2016, the first upturn in several decades. Demand for new station builds, upgrades, plus repairs and maintenance work created a strong market for 'Global-MSI'. Clearly, we are also benefiting from having added the complimentary capabilities of station branding via 'Petrol Sign' to that of our established design, manufacture and construction of canopies and convenience stores. Our broader offering has enabled the division's marketing operations to gain added impetus. Elsewhere, in a response to a lean market for new petrol stations in Eastern Europe, our Polish operation successfully expanded into other markets and completed new station builds in twelve other countries around the world in addition to its native Poland.
'Petrol Station Branding division,' with operations in the Netherlands; Germany and the UK are all making progress. Towards the end of the period, we were at last able to commence initial work on an extensive programme to rebrand the estate of a major petrol station client in Germany. The Netherlands' operation continues to support the initiation of the German programme and the UK business also in its first year of operation, successfully winning business independently and also when teaming-up with the 'Petrol Station Superstructures Division', for those clients requiring a 'one-stop' turn-key service.
Outlook
We believe that the Group is in excellent shape and well positioned to achieve further progress following the considerable investment made across the various businesses. The order book is at a higher level than at this time last year; in particular there is a good level of orders in hand for both established and recently developed defence products. The new fork-arm facility in the United States has commenced some initial production and the prospects for our two divisions that service the petrol station market, look most promising.
All matters considered the Board recommends the payment of a maintained final dividend of 6.5p per share (2016 - 6.5p), making the total for the year of 8p (2016 - 8p). The final dividend is expected to be paid on 24th July 2017 to those shareholders on the register at the close of business on 23rd June 2017.
Michael Bell
6th June 2017
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
Consolidated income statement
For the 52 weeks ended 29th April, 2017
2017
2016
Continuing operations
Total
Total
000
000
Revenue
53,823
49,282
Cost of sales
(38,875)
(36,413)
Gross profit
14,948
12,869
Distribution costs
(3,654)
(3,104)
Administrative expenses
(9,523)
(7,909)
(13,177)
(11,013)
Group operating profit
1,771
1,856
Finance revenue
33
47
Finance costs
(31)
(5)
Other finance costs - pensions
(247)
(216)
(245)
(174)
Profit before taxation
1,526
1,682
Taxation
(28)
(98)
Profit for the period attributable to equity holders of the parent
1,498
1,584
Earnings per share: basic and diluted
9.1p
9.6p
Consolidated and company statement of comprehensive income
For the 52 weeks ended 29th April, 2017
Group
Company
2017
2016
2017
2016
Total
Total
Total
Total
000
000
000
000
Profit for the period attributable to equity holders of the parent
1,498
1,584
2,702
1,926
Exchange differences on retranslation of foreign operations
757
228
-
-
Net other comprehensive profit to be reclassified to profit or loss in subsequent periods
757
228
-
-
Remeasurement gains/(losses) on defined benefit pension scheme
95
(826)
95
(826)
Deferred taxation on remeasurement on defined benefit scheme
(16)
165
(16)
165
Change in taxation rates
(75)
(153)
(75)
(153)
Net other comprehensive income/(loss) not being reclassified to profit or loss in subsequent periods
4
(814)
4
(814)
Total comprehensive income for the period attributable to equity holders of the parent
2,259
998
2,706
1,112
Consolidated and company statement of changes in equity
For the 52 weeks ended 29th April, 2017
Issued capital
Capital redemption reserve
Other reserves
Revaluation reserve
Special reserve
Foreign exchange reserve
Treasury shares
Retained earnings
Total
'000
'000
'000
'000
'000
'000
'000
'000
'000
(a) Group
At 2nd May, 2015
1,840
901
2,815
4,146
1,629
(289)
(3,059)
20,316
28,299
Profit for the period
-
-
-
-
-
-
-
1,584
1,584
Other comprehensive income/(loss)
-
-
-
-
-
228
-
(814)
(586)
Total comprehensive income
-
-
-
-
-
228
-
770
998
Dividends paid
-
-
-
-
-
-
-
(1,320)
(1,320)
Change in taxation rates
-
-
-
83
-
-
-
-
83
Depreciation of buildings revaluation
-
-
-
(7)
-
-
-
7
-
At 30th April, 2016
1,840
901
2,815
4,222
1,629
(61)
(3,059)
19,773
28,060
Profit for the period
-
-
-
-
-
-
-
1,498
1,498
Other comprehensive income
-
-
-
-
-
757
-
4
761
Total comprehensive income
-
-
-
-
-
757
-
1,502
2,259
Dividends paid
-
-
-
-
-
-
-
(1,320)
(1,320)
Change in taxation rates
-
-
-
42
-
-
-
-
42
Depreciation of buildings revaluation
-
-
-
(7)
-
-
-
7
-
At 29th April, 2017
1,840
901
2,815
4,257
1,629
696
(3,059)
19,962
29,041
(b) Company
At 2nd May, 2015
1,840
901
1,565
4,240
1,629
-
(3,059)
17,554
24,670
Profit for the period
-
-
-
-
-
-
-
1,926
1,926
Other comprehensive loss
-
-
-
-
-
-
-
(814)
(814)
Total comprehensive income
-
-
-
-
-
-
-
1,112
1,112
Dividends paid
-
-
-
-
-
-
-
(1,320)
(1,320)
Change in taxation rates
-
-
-
83
-
-
-
-
83
Depreciation of buildings revaluation
-
-
-
(7)
-
-
-
7
-
At 30th April, 2016
1,840
901
1,565
4,316
1,629
-
(3,059)
17,353
24,545
Profit for the period
-
-
-
-
-
-
-
2,702
2,702
Other comprehensive loss
-
-
-
-
-
-
-
4
4
Total comprehensive income
-
-
-
-
-
-
-
2,706
2,706
Dividends paid
-
-
-
-
-
-
-
(1,320)
(1,320)
Change in taxation rates
-
-
-
41
-
-
-
-
41
Depreciation of buildings revaluation
-
-
-
(6)
-
-
-
6
-
At 29th April, 2017
1,840
901
1,565
4,351
1,629
-
(3,059)
18,745
25,972
Consolidated and company statements of financial position
At 29th April, 2017
Group
Company
2017
2016
2017
2016
'000
'000
'000
'000
ASSETS
Non-current assets
Property, plant and equipment
19,099
15,955
12,653
12,869
Intangible assets
5,301
5,671
-
4
Investments in subsidiaries
-
-
14,339
14,170
Deferred income tax asset
1,272
1,376
1,272
1,376
25,672
23,002
28,264
28,419
Current assets
Inventories
10,145
7,043
7,989
5,808
Trade and other receivables
11,393
8,996
14,566
9,655
Income tax receivable
199
118
-
-
Prepayments
943
784
824
682
Cash and cash equivalents
15,210
12,758
13,526
11,017
37,890
29,699
36,905
27,162
TOTAL ASSETS
63,562
52,701
65,169
55,581
EQUITY AND LIABILITIES
Equity
Equity share capital
1,840
1,840
1,840
1,840
Capital redemption reserve
901
901
901
901
Other reserve
2,815
2,815
1,565
1,565
Revaluation reserve
4,257
4,222
4,351
4,316
Special reserve
1,629
1,629
1,629
1,629
Currency translation reserve
696
(61)
-
-
Treasury shares
(3,059)
(3,059)
(3,059)
(3,059)
Profit for the period
1,498
1,584
2,572
1,755
Retained earnings
18,464
18,189
16,174
15,598
TOTAL EQUITY SHAREHOLDERS' FUNDS
29,041
28,060
25,973
24,545
Non-current liabilities
Defined benefit pension liability
7,485
7,644
7,485
7,644
Deferred income tax liability
1,449
1,590
911
987
8,934
9,234
8,396
8,631
Current liabilities
Trade and other payables
25,464
15,253
30,607
22,270
Income tax payable
123
154
193
135
25,587
15,407
30,800
22,405
TOTAL EQUITY AND LIABILITIES
63,562
52,701
65,169
55,581
Consolidated and company cash flow statements
For the 52 weeks ended 29th April, 2017
Group
Company
2017
2016
2017
2016
000
000
000
000
Profit before taxation
1,526
1,682
2,544
1,880
Adjustments to reconcile profit before taxation to net cash inflow/(outflow) from operating activities
Depreciation charge
1,105
1,060
853
861
Amortisation charge
535
609
4
9
Impairment in investment in subsidiary undertaking
-
-
(155)
28
Profit on sale of fixed assets
(35)
(98)
(34)
(91)
Finance costs
245
174
228
170
Foreign exchange gains
419
83
-
-
(Increase)/decrease in inventories
(3,102)
2,394
(2,181)
1,585
(Increase)/decrease in receivables
(2,397)
840
(4,911)
(403)
Increase in prepayments
(159)
(194)
(142)
(187)
Increase/(decrease) in payables
3,126
(1,981)
1,409
(1,705)
Increase/(decrease) in progress payments
7,085
(2,479)
6,928
(2,479)
Pension fund payments
(311)
(275)
(311)
(275)
Cash generated from /(invested in) operating activities
8,037
1,815
4,232
(607)
Net interest received
2
42
19
46
Taxation (paid)/received
(242)
(134)
65
16
Net cash inflow/(outflow) from operating activities
7,797
1,723
4,316
(545)
Investing activities
Acquisition of Petrol Sign bv
-
(2,612)
-
(2,438)
Investment in Petrol Sign GmbH
-
-
-
(19)
Investment in Global MSI bv
(14)
-
Purchase of property, plant and equipment
(4,165)
(2,330)
(720)
(1,172)
Sale of property, plant and equipment
140
149
117
141
Net cash outflow from investing activities
(4,025)
(4,793)
(617)
(3,488)
Financing activities
Dividends paid
(1,320)
(1,320)
(1,320)
(1,320)
Dividend received from subsidiary
-
-
130
171
Net cash outflow from financing activities
(1,320)
(1,320)
(1,190)
(1,149)
Increase/(decrease) in cash and cash equivalents
2,452
(4,390)
2,509
(5,182)
Opening cash and cash equivalents
12,758
17,148
11,017
16,199
Closing cash and cash equivalents
15,210
12,758
13,526
11,017
The financial information set out above does not constitute the Company's statutory accounts for the periods ended 29th April, 2017 or 30th April, 2016 but is derived from those accounts. Statutory accounts for 2016 have been delivered to the Registrar of Companies, and those for 2017 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
1
Segment information
The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the periods ended 29th April, 2017 and 30th April, 2016. The reporting format is determined by the differences in manufacture and services provided by the Group. The Defence division is engaged in the design, manufacture and service of defence equipment. The Forgings division is engaged in the manufacture of forgings. The Petrol Station Superstructures division is engaged in the design, manufacture, construction, branding, maintenance and restyling of petrol station superstructures. The Petrol Station Branding division is engaged in the design and installation of the complete appearance of petrol stations.
Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the consolidated financial statements. Group financing (including finance costs and finance revenue) and income taxes are managed on a group basis and are not allocated to operating segments.
Defence
Forgings
Petrol Station
Petrol Station
Total
Superstructures
Branding
2017
2016
2017
2016
2017
2016
2017
2016
2017
2016
000
000
000
000
000
000
000
000
000
000
Restated
Restated
Restated
Restated
Revenue
External
20,847
21,907
12,562
11,922
13,745
10,842
6,669
4,611
53,823
49,282
Total revenue
20,847
21,907
12,562
11,922
13,745
10,842
6,669
4,611
53,823
49,282
Segment result
1,822
1,950
(721)
(393)
957
262
(287)
37
1,771
1,856
Net finance costs
(245)
(174)
Profit before taxation
1,526
1,682
Taxation
(28)
(98)
Profit for the period
1,498
1,584
Segmental assets
30,576
24,607
5,178
5,250
8,260
9,525
5,514
3,668
49,528
43,050
Unallocated assets (see below)
14,034
9,651
Total assets
63,562
52,701
Segmental liabilities
18,333
10,411
1,905
1,378
2,572
2,458
2,644
985
25,454
15,232
Unallocated liabilities (see below)
9,067
9,409
Total liabilities
34,521
24,641
Capital expenditure
219
214
3,297
1,443
254
470
341
80
4,111
2,207
Depreciation
211
233
305
362
627
575
347
336
1,490
1,506
Unallocated assets includes certain fixed assets, intangible assets, current assets and deferred tax assets. Unallocated liabilities includes the defined pension benefit scheme liability and certain current liabilities.
Following the establishment of the Petrol Station Branding division, management have revised the allocation of certain costs which has led to a restatement of the prior year segment result for the divisions. The total segment result of the Group for the prior year remains unchanged.
Geographical analysis
The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 29th April, 2017 and 30th April, 2016. The Group's geographical segments are based on the location of the Group's assets. Revenue from external customers is based on the geographical location of its customers.
Europe
North America
Rest of the World
Total
2017
2016
2017
2016
2017
2016
2017
2016
000
000
000
000
000
000
000
000
Revenue
External
45,599
39,238
6,072
3,935
2,152
6,109
53,823
49,282
Non-current assets
21,230
21,683
4,351
1,246
91
73
25,672
23,002
Current assets
35,911
27,544
1,213
1,483
766
672
37,890
29,699
Liabilities
29,163
22,675
4,922
1,531
436
435
34,521
24,641
Capital expenditure
992
1,261
3,149
1,069
24
-
4,165
2,330
Information about major customers
2017
2016
Revenue from major customers arising from sales reported in the Defence segment:
000
000
Customer1
9,065
-
Customer 1
-
10,042
2
Employee Information
2017
2016
Number
Number
The average number of employees, including executive directors, during the period was:
Production
234
237
Technical
65
68
Distribution
30
31
Administration
80
59
409
395
(a)
Staff costs
2017
2016
Their, including executive directors, employment costs were as follows:
000
000
Wages and salaries
12,764
11,558
Social Security costs
1,355
1,227
Other pension costs
398
412
14,517
13,197
2017
2016
(b)
Directors' emoluments
000
000
Aggregate directors' emoluments
1,152
1,128
Post employment benefits
31
31
1,183
1,159
3
Taxation
The charge for taxation comprises:
2017
2016
000
000
Current tax
United Kingdom corporation tax
9
83
Tax over provided in previous years
15
(82)
Foreign corporation tax
116
150
Group current tax
140
151
Deferred tax
Origination and reversal of temporary differences
(73)
(54)
Adjustments in respect of prior years
(26)
37
Impact of reduction in deferred tax rate to 17%
(13)
(36)
Group deferred tax
(112)
(53)
Tax on profit
28
98
Tax relating to items charged or credited to other comprehensive income
Deferred tax
Deferred tax on remeasurement losses on pension scheme current year
16
(165)
Impact of reduction in deferred tax rate to 17%
75
153
Income tax in the statement of comprehensive income
91
(12)
(b)
Factors affecting the tax charge for the year
The tax assessed for the period differs to the standard rate of corporation tax in the UK (20%) (2016 - 20%). The differences are explained below:
2017
2016
000
000
Profit before tax
1,526
1,682
Profit multiplied by standard rate of corporation tax of 20% (2016 - 20%)
305
336
Expenses not deductible for tax purposes
(434)
(173)
Adjustments in respect of overseas tax rates
181
16
Current tax adjustment in respect of prior periods
15
(82)
Deferred tax adjustment in respect of prior periods
(26)
37
Impact of reduction in deferred tax rate to 17%
(13)
(36)
Total tax charge for the period
28
98
4
Earnings per share
The calculation of basic earnings per share is based on:
(a) Profit for the period attributable to equity holders of the parent of 1,498,000 (2016 - 1,584,000).
(b) 16,504,691 (2016 - 16,504,691) Ordinary shares, being the weighted average number of Ordinary shares in issue.
This represents 18,396,073 (2016 - 18,396,073) being the weighted average number of Ordinary shares in issue less 1,891,382 (2016 - less 1,891,392) being the weighted average number of shares both held within the ESOT 245,048 (2016 - 245,048) and purchased by the Company 1,646,334 (2016 - 1,646,334).
5
Dividends paid and proposed
2017
2016
000
000
Declared and paid during the year
On Ordinary shares
Final dividend for 2016 : 6.50p (2015 - 6.50p)
1,073
1,073
Interim dividend for 2017 : 1.50p (2016 - 1.50p)
247
247
1,320
1,320
Proposed for approval by shareholders at the AGM
Final dividend for 2017 : 6.50p (2016 - 6.50p)
1,073
1,073
6
Trade and other receivables
Group
Company
2017
2016
2017
2016
000
000
000
000
Trade receivables
9,631
7,744
6,792
6,578
Retentions on contracts
1,723
1,188
1,723
1,188
Amounts owed by subsidiary undertakings
-
-
6,036
1,874
Other receivables
39
64
15
15
11,393
8,996
14,566
9,655
Gross amounts due from customers for contract work - included above
2,270
1,861
2,033
1,666
The aggregate amount of costs incurred and recognised profits to date on contracts is 13,679,000 (2016 - 10,775,000).
(a) Trade receivables are denominated in the following currencies
Group
Company
2017
2016
2017
2016
000
000
000
000
Sterling
6,208
6,019
6,208
6,019
Euro
2,578
983
593
559
US dollar
516
361
(14)
-
Other currencies
329
381
5
-
9,631
7,744
6,792
6,578
Trade receivables are non-interest bearing and are generally on 30 days terms and are shown net of provision for impairment. The aged analysis of trade receivables not impaired is as follows:
Group
Total
Not past due
< 30 days
30-60 days
60-90 days
> 90 days
000
000
000
000
000
000
2017
9,631
8,028
1,397
182
15
9
2016
7,744
6,026
1,424
269
9
16
As at 29th April, 2017 trade receivables at a nominal value of 84,000 (2016 - 102,000) were impaired and fully provided. Bad debts of 19,000 (2016 - 51,000) were recovered and bad debts of 17,000 (2016 - 24,000) were incurred.
Company
2017
6,792
5,623
1,139
30
-
-
2016
6,578
5,182
1,158
238
-
-
As at 29th April, 2017 trade receivables at a nominal value of 37,000 (2016 - 39,000) were impaired and fully provided. Bad debts of 6,000 (2016 - 8,000) were recovered and bad debts of 4,000 (2016 - 23,000) were incurred.
(b) Retentions on contracts are denominated in the following currencies
Group
Company
2017
2016
2017
2016
000
000
000
000
Sterling
1,723
1,188
1,732
1,188
Euro
-
-
-
-
US dollar
-
-
-
-
Other currencies
-
-
-
-
1,723
1,188
1,732
1,188
Retentions on contracts are non interest bearing and represent amounts contractually retained by customers on completion of contracts for specific time periods as follows:
Group
Total
Up to 6 months
6 - 12 months
12 - 18 months
18 - 24 months
000
000
000
000
000
2017
1,723
1,723
-
-
-
2016
1,188
1,188
-
-
-
Company
2017
1,723
1,723
-
-
-
2016
1,188
1,188
-
-
-
7
Cash and cash equivalents
Group
Company
2017
2016
2017
2016
000
000
000
000
Cash at bank and in hand
9,880
7,420
13,526
5,715
Short term deposits
5,330
5,338
-
5,302
15,210
12,758
13,526
11,017
8
Reserves
Share Capital
The balance classified as share capital includes the nominal value on issue of the Company's equity share capital, comprising 10p Ordinary shares.
Capital redemption reserve
The balance classified as capital redemption reserve represents the nominal value of issued share capital of the Company, repurchased.
Other reserve
This is the revaluation reserve previously arising under UK GAAP which is now part of non-distributable retained reserves.
Revaluation reserve
The asset revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same assets previously recognised in equity. This also includes the impact of the change in related deferred tax due to the change in corporation tax (18% to 17%).
Special reserve
The balance classified as special reserve represents the share premium on the issue of the Company's equity share capital.
Currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. It is also used to record the effect of hedging net investments in foreign operations.
Treasury Shares
2017
2016
000
000
Employee Share Ownership Trust
100
100
Shares in treasury (see below)
2,959
2,959
3,059
3,059
During 1991 the Company established an Employee Share Ownership Trust ("ESOT"). The trustee of the ESOT is Appleby Trust (Jersey) Ltd, an independent company registered in Jersey. The ESOT provides for the issue of options over Ordinary shares in the Company to Group employees, including executive directors, at the discretion of the Remuneration Committee.
The trust has purchased an aggregate 245,048 (2016 - 245,048) Ordinary shares, which represents 1.3% (2016 - 1.3%) of the issued share capital of the Company at an aggregate cost of 100,006. The market value of the shares at 29th April, 2017 was 414,000 (2016 - 448,000). The Company has made payments of Nil (2016 - Nil) into the ESOT bank accounts during the period. No options over shares (2016 - Nil) have been granted during the period. Details of the outstanding share options, for Directors are included in the Directors' remuneration report.
The assets, liabilities, income and costs of the ESOT have been incorporated into the Company's financial statements. Total ESOT costs charged to the income statement in the period amounts to 5,000 (2016 - 7,000). During the period no options on shares were exercised (2016 - Nil) and no shares were purchased (2016 - Nil).
The Company made the following purchases of its own 10p Ordinary shares to be held in Treasury:
000
11th December, 2013 1,000,000 shares from the Group's pension scheme.
1,722
30th January, 2014 646,334 shares
1,237
2,959
The preliminary announcement is prepared on the same basis as set out in the previous year's accounts.
The Directors confirm to the best of their knowledge that:
(a) the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the group and the undertakings included in the consolidation taken as a whole; and
(b) the Chairman's Statement includes a fair review of the development and performance of the business and the position of the group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
The preliminary announcement was approved by the Board on 6th June, 2017 and the above responsibility statement was signed on its behalf by Michael Bell, Executive Chairman and Michael O'Connell, Group Finance Director.
Copies of this announcement are available from the Company's registered office at MS INTERNATIONAL plc, Balby Carr Bank, Doncaster, DN4 8DH, England. The full Annual Report and Accounts will be posted to shareholders shortly and will be available on our website at www.msiplc.com and will be delivered to the Registrar of Companies after it has been laid before the Company in general meeting.
This information is provided by RNSThe company news service from the London Stock ExchangeENDFR SSWFWMFWSELM
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