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REG - MS International PLC - Final Results










RNS Number : 4104Q
MS International PLC
06 June 2018
 

Chairman's Statement

 

Results and Review

 

For the year ending 28th April 2018, profit before taxation increased to £4.04m (2017 - £1.53m) on revenue of £68.09m (2017 - £53.82m). Earnings per share amounted to 20.5p (2017 - 9.1p). Net cash was stable at £15.87m (2017 - £15.21m).

 

In last November's half year statement, reference was made to our Company's two fundamental strengths. First, our long established policy to constantly review our capabilities, and if necessary adjust and adapt. This serves us well by ensuring we are aligned to changing market conditions and demands. Second, our diversified operating structure can deliver significant advantages when trading conditions are varied across totally different sectors.

 

During the year, those two strengths have been clearly demonstrated and indeed amplified. The 'Defence' division has made a good start towards a recovery in revenue and certainly in profitably as a result of a buoyant export market, although the domestic market remains restrained and subdued. 'Forgings' increased revenue and is breaking even at the trading level while losses, incurred as a consequence of developing the new manufacturing facility in the United States, are again reduced.  'Petrol Station Superstructures' and 'Petrol Station Branding' divisions both traded in a significantly changing international market, though they are at quite differing phases within this process of change.

 

Export sales at 'Defence' accounted for the major component of the division's revenue, primarily in response to numerous new product offerings, the accumulating benefit of considerable investment in research and development over recent years and our success in demonstrating continually enhanced customer service and support. The domestic market, by comparison, has remained constrained by the UK's tight budget controls which result in inevitable delays to programmes and, in consequence, a market that lacks any reasonable element of clarity.

 

'Forgings' experienced a significant increase in revenue over the previous year, partly reflecting the first phase of full production from our new facility in the United States. Our plants in the UK and Brazil continue to hold good market positions, reflecting a total commitment to enhancing efficient production, product quality and customer service.

 

'Petrol Station Superstructures' experienced a check to its growth pattern owing to a notable change in the market it principally serves. Until relatively recently, many of the division's major customers had been global oil companies but they have accelerated the divestment of their company owned petrol filling station estates, with ownership passing to both large and small independent dealer/retailers. Accordingly, construction of new sites and the refurbishment and expansion of existing facilities are passing through a state of limbo as numerous sale and purchase transactions continue to dominate the attention of the sector's active participants.

 

'Petrol Station Branding' market, by comparison, is perceived to be further advanced in this process of transformation. When ownership of stations changes the incumbent fuel supplier may also be changed and that in turn initiates rebranding of the station. The operational performance of this division is adjusting to the changing market which was lead initially by Germany, then The Netherlands and is now happening in the UK.

 

Throughout the period, the Company has preserved its established high level of investment across the businesses. This is a multi-faceted approach.  A key feature is sustaining our creative and innovative product development programmes across the Group, which also results in us owning, unquestionably, the intellectual property rights of products we develop, particularly important in the defence sector. We also relentlessly strive to improve customer service and support and upgrade plant and equipment as appropriate to ensure we remain at the forefront of manufacturing capability and efficiency. No less important is our investment in personnel, particularly with regard to retaining and recruiting top quality engineers, commercial staff, plus national and international marketeers, together with focused training and development to enhance their potential.

 

Outlook

 

We perceive that, with a sustained measure of prudence, we are continuing to move the business forward on an upward trajectory and are well positioned to support and develop opportunities for the Group.

 

All matters considered the Board recommends the payment of a maintained final dividend of 6.5p per share making the total for the year of 8.25p (2017-8p). The final dividend is expected to be paid on 24th July 2018 to those shareholders on the register at the close of business on 22nd June 2018.

 

 

 

 

Michael Bell

5th June 2018

 

 

 

 

 

 

 

 

 

For any further information please contact:

 

 

MS INTERNATIONAL plc 

Michael Bell         

               Tel: 01 302 322133

               

 

Shore Capital

Nomad and Broker              

Patrick Castle/Daniel Bush

     Tel: (0) 20 7408 4090



 

Consolidated income statement








For the 52 weeks ended 28th April, 2018













2018


2017

Continuing operations





Total


Total






£000


£000









Revenue





68,085


53,823

Cost of sales





(49,903)


(38,875)

















Gross profit





18,182


14,948

















Distribution costs





(3,383)


(3,654)

Administrative expenses





(10,546)


(9,523)














(13,929)


(13,177)

















Group operating profit





4,253


1,771









Finance revenue





51


33

Finance costs





(82)


(31)

Other finance costs - pensions





(183)


(247)






(214)


(245)









Profit before taxation





4,039


1,526









Taxation





(653)


(28)

















Profit for the period attributable to equity holders of the parent





3,386


1,498

















Earnings per share:  basic and diluted





20.5p

 

9.1p









 

Consolidated and company statement of comprehensive income

For the 52 weeks ended 28th April, 2018











            Group


     Company



2018


2017


2018


2017



Total


Total


Total


Total



£000


£000


£000


£000










Profit for the period attributable to equity holders of the parent


3,386


1,498


532


2,702



















Exchange differences on retranslation of foreign operations


(175)


757


 -


 -



















Net other comprehensive (loss)/ profit to be reclassified to profit or loss in subsequent periods


(175)


757


 -


 -



















Remeasurement gains on defined benefit pension scheme


858


95


858


95

Deferred taxation on remeasurement on defined benefit scheme


(146)


(16)


(146)


(16)

Change in taxation rates


 -


(75)


 -


(75)

Revaluation surplus on land and buildings


2,052


 -


1,935


 -

Deferred taxation on revaluation surplus on land and buildings


(254)


 -


(231)


 -










Net other comprehensive income not being reclassified to profit or loss in subsequent periods


2,510


4


2,416


4





































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


5,721


2,259


2,948


2,706






 



 

Consolidated and company statement of changes in equity

For the 52 weeks ended 28th April, 2018


















Share capital


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, 2016


1,840


901


2,815


4,222


1,629


(61)


(3,059)


19,773


28,060





















Profit for the period









1,498


1,498

Other comprehensive income







757



4


761

Total comprehensive income







757



1,502


2,259

Dividends paid









(1,320)


(1,320)

Change in taxation rates




42






42

Depreciation of buildings revaluation





(7)





7










































At 29th April, 2017


1,840


901


2,815


4,257


1,629


696


(3,059)


19,962


29,041





















Profit for the period









3,386


3,386

Other comprehensive income/(loss)





1,798



(175)



712


2,335

Total comprehensive income/(loss)





1,798



(175)



4,098


5,721

Dividends paid









(1,362)


(1,362)









































At 28th April, 2018


1,840


901


2,815


6,055


1,629


521


(3,059)


22,698


33,400









































(b) Company



















At 30th April, 2016


1,840


901


1,565


4,316


1,629



(3,059)


17,353


24,545





















Profit for the period









2,702


2,702

Other comprehensive income








4


4

Total comprehensive income









2,706


2,706

Dividends paid









(1,320)


(1,320)

Change in taxation rates





41






41

Depreciation of buildings revaluation





(6)





6










































At 29th April, 2017


1,840


901


1,565


4,351


1,629



(3,059)


18,745


25,972





















Profit for the period









532


532

Other comprehensive income





1,704





712


2,416

Total comprehensive income





1,704





1,244


2,948

Dividends paid









(1,362)


(1,362)









































At 28th April, 2018


1,840


901


1,565


6,055


1,629



(3,059)


18,627


27,558









































 

Consolidated and company statements of financial position

 

At 28th April, 2018













         Group


       Company




2018


2017


2018


2017




£'000


£'000


£'000


£'000

ASSETS










Non-current assets










Property, plant and equipment



20,766


19,099


14,043


12,653

Intangible assets



4,893


5,301


 - 


 - 

Investments in subsidiaries



 - 


 - 


15,204


14,339

Deferred income tax asset



1,092


1,272


1,092


1,272
























26,751


25,672


30,339


28,264





















Current assets










Inventories



11,666


10,145


1,017


7,989

Trade and other receivables



14,617


11,393


10,003


14,566

Income tax receivable



114


199


 - 


 - 

Prepayments



1,127


943


335


824

Cash and cash equivalents



15,866


15,210


 - 


13,526
























43,390


37,890


11,355


36,905



















































TOTAL ASSETS



70,141


63,562


41,694


65,169































EQUITY AND LIABILITIES










Equity










Share capital



1,840


1,840


1,840


1,840

Capital redemption reserve



901


901


901


901

Other reserve



2,815


2,815


1,565


1,565

Revaluation reserve



6,055


4,257


6,055


4,351

Special reserve



1,629


1,629


1,629


1,629

Currency translation reserve



521


696


 - 


 - 

Treasury shares



(3,059)


(3,059)


(3,059)


(3,059)

Profit for the period


3,386


1,498


531


2,572

Retained earnings



19,312


18,464


18,096


16,174





















TOTAL EQUITY SHAREHOLDERS' FUNDS


33,400


29,041


27,558


25,973





















Non-current liabilities










Defined benefit pension liability



6,421


7,485


6,421


7,485

Deferred income tax liability



1,625


1,449


1,154


911
























8,046


8,934


7,575


8,396





















Current liabilities










Bank overdraft



 - 


 - 


342


-

Trade and other payables



28,052


25,464


6,204


30,607

Income tax payable



643


123


15


193
























28,695


25,587


6,561


30,800



















































TOTAL EQUITY AND LIABILITIES



70,141


63,562


41,694


65,169











 



 

Consolidated and company cash flow statements

For the 52 weeks ended 28th April, 2018




   Group


   Company





2018


2017


2018


2017





£000


£000


£000


£000























Profit before taxation




4,039


1,526


488


2,544

Adjustments to reconcile profit before taxation to net cash inflow/(outflow) from operating activities









Depreciation charge




1,266


1,105


708


853

Amortisation charge




507


535


  - 


4

Net reversal of impairment in investment in subsidiary undertaking



  - 


  - 


(213)


(155)

Profit on sale of fixed assets




(113)


(35)


(84)


(34)

Finance costs




214


245


232


228

Foreign exchange (losses)/gain




(74)


419


  - 


  - 

(Increase)/decrease in inventories




(1,521)


(3,102)


241


(2,181)

Increase in receivables




(3,224)


(2,397)


(1,530)


(4,911)

(Increase)/decrease in prepayments




(184)


(159)


489


(142)

Increase/(decrease) in payables




2,679


3,126


(6,281)


1,409

(Decrease)/increase in progress payments




(91)


7,085


213


6,928

Pension fund payments




(389)


(311)


(389)


(311)























Cash generated from/(invested in) operating activities




3,109


8,037


(6,126)


4,232












Net interest (paid)/received




(31)


2


(49)


19

Taxation (paid)/received




(111)


(242)


(89)


65























Net cash inflow/(outflow) from operating activities




2,967


7,797


(6,264)


4,316












Investing activities











Investment in MSI- Forks Inc




  - 


  - 


(652)


  - 

Investment in Global MSI bv




  - 


  - 


  - 


(14)

Transfer of net assets to MSI-Defence Systems Ltd.




  - 


  - 


(5,127)


  - 

Purchase of property, plant and equipment




(1,106)


(4,165)


(568)


(720)

Profit on disposal of property, plant and equipment




157


140


105


117























Net cash outflow from investing activities




(949)


(4,025)


(6,242)


(617)























Financing activities











Dividends paid




(1,362)


(1,320)


(1,362)


(1,320)

Dividend received from subsidiary




  - 


  - 


  - 


130























Net cash outflow from financing activities




(1,362)


(1,320)


(1,362)


(1,190)























Increase/(decrease) in cash and cash equivalents




656


2,452


(13,868)


2,509

Opening cash and cash equivalents




15,210


12,758


13,526


11,017























Closing cash and cash equivalents/bank overdraft




15,866


15,210


(342)


13,526

 

 











 

 

 










 

 

The financial information set out above does not constitute the Company's statutory accounts for the periods ended 28th April, 2018 or 29th April, 2017 but is derived from those accounts.  Statutory accounts for 2017 have been delivered to the Registrar of Companies, and those for 2018 will be delivered following the Company's Annual General Meeting.  The auditors have reported on those accounts; their reports were unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

1

Segment information












































The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the periods ended 28th April, 2018 and 29th April, 2017.  The reporting format is determined by the differences in manufacture and services provided by the Group.  The Defence division is engaged in the design, manufacture and service of defence equipment.  The Forgings division is engaged in the manufacture of forgings. The Petrol Station Superstructures division is engaged in the design, manufacture, construction, branding, maintenance and restyling of petrol station superstructures.   The Petrol Station Branding division is engaged in the design and installation of the complete appearance of petrol stations.
























Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment.  Group financing (including finance costs and finance revenue) and income taxes are managed on a group basis and are not allocated to operating segments.



























       Defence


       Forgings


Petrol Station


Petrol Station

Total












Superstructures


Branding





 




2018


2017


2018


2017


2018


2017


2018


2017


2018


2017




£000


£000


£000


£000


£000


£000


£000


£000


£000


£000


Revenue






















External


21,900


20,847


14,336


12,562


12,236


13,745


19,613


6,669


68,085


53,823














































Total revenue


21,900


20,847


14,336


12,562


12,236


13,745


19,613


6,669


68,085


53,823




































































Segment result


2,600


1,822


(536)


(721)


17


957


2,172


(287)


4,253


1,771


Net finance costs


















(214)


(245)














































Profit before taxation


















4,039


1,526


Taxation


















(653)


(28)














































Profit for the period


















3,386


1,498




































































Segmental assets


40,801


30,576


5,272


5,178


8,845


8,260


10,005


5,514


64,923


49,528


Unallocated assets (see below)
















5,218


14,034














































Total assets


















70,141


63,562














































Segmental liabilities


19,329


18,333


1,978


1,905


1,970


2,572


4,402


2,644


27,679


25,454


Unallocated liabilities (see below)
















9,062


9,067














































Total liabilities


















36,741


34,521














































Capital expenditure


18


219


530


3,297


149


254


211


341


908


4,111


Depreciation


154


211


480


305


628


627


365


347


1,627


1,490












































 


Unallocated assets includes certain fixed assets, intangible assets, current assets and deferred tax assets. Unallocated liabilities includes  the defined pension benefit scheme liability and certain current liabilities.

 























 


Geographical analysis















 























 


The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 28th April, 2018 and 29th April, 2017.  The Group's geographical segments are based on the location of the Group's assets.  Revenue from external customers is based on the geographical location of its customers.

 

 






















     Europe


     North America


     Rest of the World


    Total




2018


2017


2018


2017


2018


2017


2018


2017




£000


£000


£000


£000


£000


£000


£000


£000




















Revenue


















External


50,717


45,599


5,919


6,072


11,449


2,152


68,085


53,823




















Non-current assets


22,525


21,230


4,164


4,351


62


91


26,751


25,672


Current assets


41,223


35,911


1,321


1,213


846


766


43,390


37,890


Liabilities


31,473


29,163


4,681


4,922


587


436


36,741


34,521




















Capital expenditure


802


992


304


3,149



24


1,106


4,165





































 



















Information about major customers










2018


2017


Revenue from major customers arising from sales reported in the Defence segment:

£000


£000


Customer 1







7,137


  - 


Customer 1






  - 


9,065



















Revenue from major customers arising from sales reported in the Petrol Station Branding segment:

 







Customer 1





14,761


  - 


















 

 

2

Employee information


2018


2017




Number


Number


The average number of employees, including executive directors, during the period was:






Production


251


234


Technical


69


65


Distribution


33


30


Administration


78


80
















431


409













(a)


Staff costs


2018


2017



Including executive directors, employment costs were as follows:


£000


£000



Wages and salaries


16,029


12,764



Social Security costs


1,850


1,355



Other pension costs    


637


398



















18,516


14,517


























2018


2017

(b)


Directors' emoluments


£000


£000



Aggregate directors' emoluments


1,431


1,152



Post employment benefits


37


31



















1,468


1,183















 

3

Taxation












The charge for taxation comprises:


2018


2017




£000


£000


Current tax






United Kingdom corporation tax


  - 


9


Adjustments in respect of previous years


33


15


Foreign corporation tax


682


116














Group current tax


715


140














Deferred tax






Origination and reversal of temporary differences


(62)


(73)


Adjustments in respect of prior years


  - 


(26)


Impact of reduction in deferred tax rate to 17%


  - 


(13)














Group deferred tax


(62)


(112)














Tax on profit


653


28














Tax relating to items charged or credited to other comprehensive income






Deferred tax






Deferred tax on remeasurement losses on pension scheme current year


146


16


Deferred tax on revaluation surplus on land and buildings


254


  - 


Impact of reduction in deferred tax rate to 17%


  - 


75














Income tax in the statement of comprehensive income


400


91



















(b)

Factors affecting the tax charge for the year












The tax assessed for the period differs to the standard rate of corporation tax in the UK (19%) (2017 - 20%).  The differences are explained below:




2018


2017




£000


£000








Profit before tax


4,039


1,526














Profit multiplied by standard rate of corporation tax of 19%  (2017 - 20%)


767


305








Expenses not deductible for tax purposes


(288)


(434)


Adjustments in respect of overseas tax rates


141


181


Current tax adjustment in respect of prior periods


33


15


Deferred tax adjustment in respect of prior periods


  - 


(26)


Impact of reduction in deferred tax rate to 17%


  - 


(13)














Total tax charge for the period


653


28













(c)

Factors affecting future tax change





 

The UK corporation tax rate will remain at 19% until it reduces to 17% in 2020.  At 28th April, 2018 the rate reductions to 17% had been enacted.  Deferred tax at 28th April, 2018 has therefore been provided at 17% or at a blended rate depending on when the underlying temporary differences are expected to unwind.  Deferred tax in relation to intangibles recognised on the acquisition of Petrol Sign bv has been provided at 25% being the main corporation tax rate in The Netherlands.







4

 Earnings per share












The calculation of basic earnings per share is based on:












(a)   Profit for the period attributable to equity holders of the parent of £3,386,000 (2017 - £1,498,000).








(b)   16,504,691 (2017 - 16,504,691) Ordinary shares, being the weighted average number of Ordinary shares in issue.








This represents 18,396,073 (2017 - 18,396,073) being the weighted average number of Ordinary shares in issue less 1,891,382 (2017 - less 1,891,382) being the weighted average number of shares both held within the ESOT 245,048 (2017 - 245,048) and purchased by the Company 1,646,334 (2017 - 1,646,334).



















5

Dividends paid and proposed


2018


2017




£000


£000


Declared and paid during the year






On Ordinary shares






Final dividend for 2017 : 6.50p  (2016 - 6.50p)


1,073


1,073


Interim dividend for 2018 : 1.75p (2017 - 1.50p)


289


247
















1,362


1,320














Proposed for approval by shareholders at the AGM






Final dividend for 2018 : 6.50p (2017 - 6.50p)


1,073


1,073













 

6

Trade and other receivables




















    Group


           Company








2018


2017


2018


2017








£000


£000


£000


£000


Trade receivables






   14,032


      9,631


    2,998


         6,792


Retentions on contracts






         568


      1,723


           22


     1,723


Amounts owed by subsidiary undertakings


   -


             -


     6,983


        6,036


Other receivables






          17


           39


              -


            15




































  14,617


     11,393


 10,003


      14,566






























Gross amounts due from customers for contract work - included above

     1,661


      2,270


        851


   2,033





























The aggregate amount of costs incurred and recognised profits to date on contracts is £12,159,000 (2017 - £13,679,000).
















(a)   Trade receivables are denominated in the following currencies
















Group


           Company








2018


2017


2018


2017








£000


£000


£000


£000


Sterling






7,160


6,208


2,194 


6,208 


Euro






5,961


2,578


812 


593 


US dollar






582


516



(14)


Other currencies






329


329


(8)





































14,032 


9,631 


2,998 


6,792 












































Trade receivables are non-interest bearing and are generally on 30 days terms and are shown net of provision for impairment.  The aged analysis of trade receivables not impaired is as follows:
















Group


Total


Not past due

 

 

 


< 30 days


30-60 days


60-90 days


> 90 days




£000


£000


£000


£000


£000


£000


2018


14,032 


9,377 


4,446 


142 


24 


43 


2017


9,631 


8,028 


1,397 


182 


15 

















As at 28th April, 2018 trade receivables at a nominal value of £97,000 (2017 - £84,000) were impaired and fully provided. Bad debts of  £15,000 (2017 - £19,000) were recovered and bad debts of £28,000 (2017 - £17,000) were incurred.
















Company














2018


2,998 


2,172 


808 


17 




2017


6,792 


5,623 


1,139 


30 


















As at 28th April, 2018 trade receivables at a nominal value of £32,000 (2017 - £37,000) were impaired and fully provided. Bad debts of £11,000 (2017 - £6,000) were recovered and bad debts of £6,000 (2017 - £4,000) were incurred.
















(b) Retentions on contracts are denominated in the following currencies















Group


           Company








2018


2017


2018


2017








£000


£000


£000


£000


Sterling






568 


1,723 


22 


1,723 


Euro










US dollar










Other currencies












































568 


1,723 


22 


1,723 






























Retentions on contracts are non interest bearing and represent amounts contractually retained  by customers on completion of contracts for specific time periods as follows:
















Group




Total


Up to 6 months


6 - 12 months


12 - 18  months


18 - 24 months






£000


£000


£000


£000


£000


2018




568 


546 


22 




2017




1,723 


1,723 



















Company




























2018




22 



22 




2017




1,723 


1,723 




























































7

Cash and cash equivalents/bank overdraft


Group


           Company








2018


2017


2018


2017








£000


£000


£000


£000


Cash at bank and in hand






7,504


9,880


 - 


13,526


Short term deposits






8,362


5,330


  - 


  - 


Bank overdraft






  - 


  - 


(342)


  - 




































    15,866


  15,210


(342)


        13,526





























 

8

Reserves




























Share Capital














The balance classified as share capital includes the nominal value on issue of the Company's equity share capital, comprising 10p Ordinary shares.
















Capital redemption reserve














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
















Other reserve














This is the revaluation reserve previously arising under UK GAAP which is now part of non-distributable retained reserves.
















Revaluation reserve














The asset revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same assets previously recognised in equity.   This also includes the impact of the change in related deferred tax due to the change in corporation tax (18% to 17%).
















Special reserve














The balance classified as special reserve represents the share premium on the issue of the Company's equity share capital.
















Currency translation reserve














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
















Treasury Shares
























2018


2017












£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 (2017 - 245,048) Ordinary shares, which represents 1.3% (2017 - 1.3%) of the issued share capital of the Company at an aggregate cost of £100,006.  The market value of the shares at 28th April, 2018 was £453,000 (2017 - £414,000).  The Company has made payments of £Nil (2017 - £Nil) into the ESOT bank accounts during the period.  No options over shares (2017 - Nil) have been granted during the period.  Details of the outstanding share options, for Directors are included in the Directors' remuneration report.
















The assets, liabilities, income and costs of the ESOT have been incorporated into the Company's financial statements.  Total ESOT costs charged to the income statement in the period amounts to £7,000 (2017 - £5,000).  During the period no options on shares  were exercised (2017 - Nil) and no shares were purchased (2017 - Nil).
















The Company made the following purchases of its own 10p Ordinary shares to be held in Treasury:














£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 5th June, 2018 and the above responsibility statement was signed on its behalf by Michael Bell, Executive Chairman and Michael O'Connell, Group Finance Director.







 

Copies of this announcement are available from the Company's registered office at MS INTERNATIONAL plc, Balby Carr Bank, Doncaster, DN4 8DH, England.  The full Annual Report and Accounts which will include the Notice of AGM, will be posted to shareholders shortly and will be available on our website at www.msiplc.com and will be delivered to the Registrar of Companies after it has been laid before the Company in general meeting.







 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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