REG - MS International PLC - Final Results <Origin Href="QuoteRef">MSTL.L</Origin> - Part 2

MS InternationalAnnouncement

16/07/2015 11:29

- Part 2: For the preceding part double click  ID:nRSR4901Qa 

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 2nd May, 2015 and 3rd May, 2014.  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  
                                                                                                                                                                                                                                                                                                                                                                      2015      2014             2015                 2014     2015     2014     2015      2014    
                                                                                                                                                                                                                                                                                                                                                                      £000      £000             £000                 £000     £000     £000     £000      £000    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 External                                                                                                                                                                                                                                                                                                                                                             36,255    32,803           4,810                4,487    4,438    9,840    45,503    47,130  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 Non-current assets                                                                                                                                                                                                                                                                                                                                                   18,174    19,026           192                  61       108      175      18,474    19,262  
 Current assets                                                                                                                                                                                                                                                                                                                                                       34,063    29,682           1,432                1,191    201      856      35,696    31,206  
 Liabilities                                                                                                                                                                                                                                                                                                                                                          25,593    20,805           259                  390      19       653      25,871    21,325  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 Capital expenditure                                                                                                                                                                                                                                                                                                                                                  751       904              135                  -        -        36       886       940     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 
 
 Information about major customers                                                                                   2015          2014  
 Revenue from major customers arising from sales reported in the Defence segment:            £000    £000  
 Customer 1                                                                                                                10,715                
 Customer 1                                                                                                                              10,796  
                                                                                                                                                 
 
 
 (2)  Employee Information                                                                      2015      2014    
                                                                                                Number    Number  
      The average number of employees, including executive directors, during the period was:                      
      Production                                                                                210       199     
      Technical                                                                                 65        62      
      Distribution                                                                              27        25      
      Administration                                                                            54        51      
                                                                                                                  
                                                                                                                  
                                                                                                356       337     
                                                                                                                  
                                                                                                                  
                                                                                                                  
 (a)  Staff costs                                                                               2015      2014    
      Their, including executive directors, employment costs were as follows:                   £000      £000    
      Wages and salaries                                                                        11,967    11,162  
      Social Security costs                                                                     1,313     1,302   
      Other pension costs                                                                       506       408     
                                                                                                                  
                                                                                                                  
                                                                                                13,786    12,872  
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                2015      2014    
 (b)  Directors' emoluments                                                                     £000      £000    
      Aggregate directors' emoluments                                                           1,141     1,112   
 
 
 (3)  Taxation                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                  
      The charge for taxation comprises:                                                                                                                                                                                                                                                                          2015     2014   
                                                                                                                                                                                                                                                                                                                  £000     £000   
      Current tax                                                                                                                                                                                                                                                                                                                 
      United Kingdom corporation tax                                                                                                                                                                                                                                                                              19       236    
      Tax over provided in previous years                                                                                                                                                                                                                                                                         (5)      (32)   
      Foreign corporation tax                                                                                                                                                                                                                                                                                     286      381    
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
      Group current tax                                                                                                                                                                                                                                                                                           300      585    
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
      Deferred tax                                                                                                                                                                                                                                                                                                                
      Origination and reversal of temporary differences                                                                                                                                                                                                                                                           (50)     (72)   
      Adjustments in respect of prior years                                                                                                                                                                                                                                                                       (62)     (67)   
      Impact of reduction in deferred tax rate to 20%                                                                                                                                                                                                                                                             -        (92)   
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
      Group deferred tax                                                                                                                                                                                                                                                                                          (112)    (231)  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
      Tax on profit                                                                                                                                                                                                                                                                                               188      354    
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
      Tax relating to items charged or credited to other comprehensive income                                                                                                                                                                                                                                                     
      Deferred tax                                                                                                                                                                                                                                                                                                                
      Deferred tax on remeasurement gains/losses on pension scheme current year                                                                                                                                                                                                                                   (193)    219    
      Impact of reduction in deferred tax rate to 20%                                                                                                                                                                                                                                                             -        177    
      Deferred taxation on revaluation surplus on land and buildings                                                                                                                                                                                                                                              -        446    
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
      Income tax in the statement of comprehensive income                                                                                                                                                                                                                                                         (193)    842    
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
 (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 (21%).  The differences are explained below:                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                  2015     2014   
                                                                                                                                                                                                                                                                                                                  £000     £000   
                                                                                                                                                                                                                                                                                                                                  
      Profit before tax                                                                                                                                                                                                                                                                                           1,541    2,928  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
      Profit multiplied by standard rate of corporation tax of 21%  (2014 - 23%)                                                                                                                                                                                                                                  324      673    
                                                                                                                                                                                                                                                                                                                                  
      Expenses not deductible for tax purposes                                                                                                                                                                                                                                                                    (62)     (128)  
      Adjustment in respect of prior periods                                                                                                                                                                                                                                                                      (74)     (99)   
      Impact of reduction in deferred tax rate to 20%                                                                                                                                                                                                                                                             -        (92)   
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
      Total tax charge for the period                                                                                                                                                                                                                                                                             188      354    
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
 (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 £1,353,000 (2014 - 2,574,000).                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                  
      (b)   16,504,691 (2014 - 17,603,561) Ordinary shares, being the weighted average number of Ordinary shares in issue.                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                  
      This represents 18,396,073 (2014 - 18,396,073) being the weighted average number of Ordinary shares in issue less 1,891,382 (2013 - less 792,512) being the weighted average number of shares both held within the ESOT 245,048 (2014 -245,048) and purchased by the Company 1,646,334 (2014 - 547,464).  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
 (5)  Dividends paid and proposed                                                                                                                                                                                                                                                                                 2015     2014   
                                                                                                                                                                                                                                                                                                                  £000     £000   
      Declared and paid during the year                                                                                                                                                                                                                                                                                           
      On Ordinary shares                                                                                                                                                                                                                                                                                                          
      Final dividend for 2014 : 6.50p  (2013 - 6.50p)                                                                                                                                                                                                                                                             1,073    1,180  
      Interim dividend for 2015 : 1.50p (2014 - 1.50p)                                                                                                                                                                                                                                                            247      272    
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                  1,320    1,452  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
      Proposed for approval by shareholders at the AGM                                                                                                                                                                                                                                                                            
      Final dividend for 2015: 6.50p (2014 - 6.50p)                                                                                                                                                                                                                                                               1,073    1,073  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
 
 
 (6)  Trade and other receivables                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                 Group                Company        
                                                                                                                                                                                                                                                                                 2015                 2014             2015               2014            
                                                                                                                                                                                                                                                                                 £000                 £000             £000               £000            
      Trade receivables                                                                                                                                                                                                                                                          7,772                5,572            6,646              4,326           
      Retentions on contracts                                                                                                                                                                                                                                                    1,681                2,644            1,681              2,644           
      Amounts owed by subsidiary undertakings                                                                                                                                                                                                       -       -                    924                  1,264          
      Other receivables                                                                                                                                                                                                                                                          1                    44               1                  42              
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                 9,454                8,260            9,252              8,276           
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                          
      Gross amounts due from customers for contract work - included above                                                                                                                                                                      491     821         224                           200  
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                          
      The aggregate amount of costs incurred and recognised profits to date on contracts is £13,280,000 (2014 - £13,881,000).                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                          
      (a)   Trade receivables are denominated in the following currencies                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                 Group                Company        
                                                                                                                                                                                                                                                                                 2015                 2014             2015               2014            
                                                                                                                                                                                                                                                                                 £000                 £000             £000               £000            
      Sterling                                                                                                                                                                                                                                                                   6,545                4,105            6,545              4,105           
      Euro                                                                                                                                                                                                                                                                       236                  510              101                221             
      US dollar                                                                                                                                                                                                                                                                  643                  245              -                  -               
      Other currencies                                                                                                                                                                                                                                                           348                  712              -                  -               
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                 7,772                5,572            6,646              4,326           
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                          
      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            
      2015                                                                                                                                                                                                                                                  7,772  6,328         1,224                98               105                17              
      2014                                                                                                                                                                                                                                                  5,572  3,686         1,058                159              49                 620             
                                                                                                                                                                                                                                                                                                                                                          
      As at 2nd May, 2015 trade receivables at a nominal value of £52,000 (2014 - £184,000) were impaired and fully provided. Bad debts of £151,000 (2014 - £165,000) were recovered and bad debts of £42,000 (2014 - £21,000) were incurred.  
                                                                                                                                                                                                                                                                                                                                                          
      Company                                                                                                                                                                                                                                                                                                                                             
      2015                                                                                                                                                                                                                                                  6,646  5,604         905                  57               80                 -               
      2014                                                                                                                                                                                                                                                  4,326  2,666         922                  96               28                 614             
                                                                                                                                                                                                                                                                                                                                                          
      As at 2nd May, 2015 trade receivables at a nominal value of £39,000 (2014 - £168,000) were impaired and fully provided. Bad debts of £143,000 (2014 - £165,000) were recovered and bad debts of £15,000 (2014 - £5,000) were incurred.   
                                                                                                                                                                                                                                                                                                                                                          
      (b) Retentions on contracts are denominated in the following currencies                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                 Group                Company        
                                                                                                                                                                                                                                                                                 2015                 2014             2015               2014            
                                                                                                                                                                                                                                                                                 £000                 £000             £000               £000            
      Sterling                                                                                                                                                                                                                                                                   1,681                2,644            1,681              2,644           
      Euro                                                                                                                                                                                                                                                                       -                    -                -                  -               
      US dollar                                                                                                                                                                                                                                                                  -                    -                -                  -               
      Other currencies                                                                                                                                                                                                                                                           -                    -                -                  -               
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                 1,681                2,644            1,681              2,644           
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                          
      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     

- More to follow, for following part double click  ID:nRSR4901Qc