REG - MS International PLC - Final Results
RNS Number : 2950BMS International PLC06 June 2019
Chairman's Statement
Results and review
For the year ending 27th April 2019, the result on a 'like for like' basis increased by 48% to £5.99m (2018 - £4.04m) on revenue of £77.71m (2018 - 68.09m) an uplift of 14% on last year. On a similar basis, earnings per share would have been 29.0p (2018- 20.5p) an increase of 41%.
However, after a one-off £1.2m charge for 'guaranteed minimum pension equalisation' (see note 3 of the notes to the financial statements) the profit before taxation is reduced to £4.79m and earnings per share to 23.1p. Net cash was £22.89m (2018 - £15.87m) an increase of 44% on last year. The value of the Group order book at year-end was down on this time last year and there is very clear evidence, that many customers are reticent to place new orders until their perceived specific requirements become critically essential.
Reviewing the status of the varied markets we serve and responding to notable changes whether they be positive or negative is clearly an important management function and one that we always take very seriously in a thoroughly well informed, but also sensitive manner.
Fortuitously, as a Group we are very well armed, as we align to the ups and downs of the global markets we serve thanks to our diverse, profitable, international operations and a strong cash position, which supports those major product and facility developments that are in hand.
A key element in our 'Defence' business strategy has been to increase our presence significantly within the global defence market so that we can effectively counter the varied current constraints on UK MoD decisions regarding future requirements and expenditure. It is pleasing to report that once again, international sales accounted for the major component of revenue as we reap the benefits of our considerable investment in a substantial number of new products aimed specifically at the global market.
'Forgings' had a 10% uplift in revenue over the comparable period, overcoming the many challenges in international markets posed by product imported from lower cost economies. Our strategic move last year to focus on manufacturing in the United States has been exceptionally well received in a country where domestically manufactured product has considerable appeal over imported goods. This maturing investment phase is also enabling us to rationalise and re-position some of our UK production facilities, thereby better aligning our business with the notable decline of fork-lift truck production in the UK.
'Petrol Station Superstructures' enjoyed a significant upturn in activity with revenue increasing markedly compared to the period of market weakness during the previous year. Largely this is being driven by the structural transformation of traditional 'petrol filling station' sites, that were once almost exclusively selling fuel, into ones that are distinct, local convenience stores and multiple food outlets with ample car parking - that also serve fuel. This repositioning to a much broader retail offering has gathered substantial momentum across our customer base with clear benefits for the division. Furthermore, a much higher focus by management and the team on improving all round performance brought its just rewards.
'Petrol Station Branding' division maintained an admirable performance in line with that of the previous year. Here again the market is rapidly changing as the global oil companies continue to divest their estates to the numerous groups of fuel retail ownership. As a result the established branding programmes of the vendors are subject to review as the new owners determine their own priorities, fuel suppliers and schedules of requirements. Notwithstanding such significant changes, we are able to accommodate and support the priorities of these new customers without difficulty, thanks to the high reputation of our business. Pleasingly, our substantial activities across much of mainland Europe are now gaining notable traction in the UK through our fledgling operation which continues to prosper.
Outlook
This has been a creditable year of progress for the Group and we are encouraged by the good progress made across the various businesses. However, we believe that we are approaching 'very interesting times'. Despite our best endeavours in corporate product development and international marketing, there are times, such as now, when experience tells us some challenging external influences may come to bear on the business.
Nevertheless, recognising the challenges ahead of the game, is of course critical to maintain momentum. We believe that we are fully aware of such circumstances and we will do whatever is necessary to overcome any hurdles and protect at all times the Company's past and future development.
We are committed to moving the business forward and have the resilience, experience, and dedication along with a great team of people plus the financial resources to support and develop opportunities as they arise.
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 (2018 - 8.25p). The final dividend is expected to be paid on 25th July, 2019 to those shareholders on the register at the close of business on 21st June, 2019.
Michael Bell
5th June 2019
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 27th April, 2019
2019
2018
Continuing operations
Total
Total
£000
£000
Revenue
77,708
68,085
Cost of sales
(56,131)
(49,903)
Gross profit
21,577
18,182
Distribution costs
(3,537)
(3,383)
Administrative expenses
(11,846)
(10,546)
(15,383)
(13,929)
6,194
4,253
Past service pension costs
(1,198)
-
Group operating profit
4,996
4,253
Interest received
93
51
Interest paid
(116)
(82)
Other finance costs - pensions
(186)
(183)
(209)
(214)
Profit before taxation
4,787
4,039
Taxation
(975)
(653)
Profit for the period attributable to equity holders of the parent
3,812
3,386
Earnings per share: basic and diluted
23.1p
20.5p
Consolidated statement of comprehensive income
For the 52 weeks ended 27th April, 2019
2019
2018
Total
Total
£000
£000
Profit for the period attributable to equity holders of the parent
3,812
3,386
Exchange differences on retranslation of foreign operations
(242)
(175)
Net other comprehensive (loss)
to be reclassified to profit or loss in subsequent periods
(242)
(175)
Remeasurement gains on defined benefit pension scheme
403
858
Deferred taxation on remeasurement on defined benefit scheme
(69)
(146)
Revaluation surplus on land and buildings
-
2,052
Deferred taxation on revaluation surplus on land and buildings
-
(254)
Net other comprehensive income not being reclassified to profit or loss in subsequent periods
334
2,510
Total comprehensive income for the period attributable to equity holders of the parent
3,904
5,721
Consolidated and company statement of changes in equity
For the 52 weeks ended 27th April, 2019
Share capital
Capital redemption reserve
Other reserves
Revaluation reserve
Share Premium account
Currency translation reserve
Treasury shares
Retained earnings
Total shareholders' funds
£000
£000
£000
£000
£000
£000
£000
£000
£000
(a) Group
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
IFRS 15 adjustment
-
-
-
-
-
-
-
(144)
(144)
Profit for the period
-
-
-
-
-
-
-
3,812
3,812
Other comprehensive income/(loss)
-
-
-
-
-
(242)
-
334
92
Total comprehensive income/(loss)
-
-
-
-
-
(242)
-
4,146
3,904
Dividends paid
-
-
-
-
-
-
-
(1,362)
(1,362)
At 27th April, 2019
1,840
901
2,815
6,055
1,629
279
(3,059)
25,338
35,798
(b) Company
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
IFRS 15 adjustment
-
-
-
-
-
-
-
(144)
(144)
Reserve transfer
-
-
6,055
(6,055)
-
-
-
-
-
Loss for the period
-
-
-
-
-
-
-
(233)
(233)
Other comprehensive income
-
-
-
-
-
-
-
334
334
Total comprehensive income
-
-
-
-
-
-
-
101
101
Dividends paid
-
-
-
-
-
-
-
(1,362)
(1,362)
At 27th April, 2019
1,840
901
7,620
-
1,629
-
(3,059)
17,222
26,153
Consolidated and company statements of financial position
At 27th April, 2019
Group
Company
2019
2018
2019
2018
£000
£000
£000
£000
ASSETS
Non-current assets
Property, plant and equipment
20,426
20,766
1,265
14,043
Intangible assets
4,483
4,893
-
-
Investments in subsidiaries
-
-
15,036
15,204
Deferred income tax asset
1,156
1,092
1,241
1,092
26,065
26,751
17,542
30,339
Current assets
Inventories
12,624
11,666
1,462
1,017
Trade and other receivables
7,044
14,617
22,489
10,003
Income tax receivable
44
114
21
-
Prepayments
1,774
1,127
299
335
Cash and cash equivalents
22,886
15,866
-
-
44,372
43,390
24,271
11,355
TOTAL ASSETS
70,437
70,141
41,813
41,694
EQUITY AND LIABILITIES
Equity
Share capital
1,840
1,840
1,840
1,840
Capital redemption reserve
901
901
901
901
Other reserves
2,815
2,815
7,620
1,565
Revaluation reserve
6,055
6,055
-
6,055
Share premium account
1,629
1,629
1,629
1,629
Currency translation reserve
279
521
-
-
Treasury shares
(3,059)
(3,059)
(3,059)
(3,059)
Profit/(loss) for the period
3,812
3,386
(233)
531
Retained earnings
21,526
19,312
17,455
18,096
TOTAL EQUITY SHAREHOLDERS' FUNDS
35,798
33,400
26,153
27,558
Non-current liabilities
Defined benefit pension liability
6,802
6,421
6,802
6,421
Deferred income tax liability
1,567
1,625
-
1,154
8,369
8,046
6,802
7,575
Current liabilities
Bank overdraft
-
-
582
342
Trade and other payables
25,375
28,052
8,276
6,204
Income tax payable
895
643
-
15
26,270
28,695
8,858
6,561
TOTAL EQUITY AND LIABILITIES
70,437
70,141
41,813
41,694
Consolidated and company cash flow statements
For the 52 weeks ended 27th April, 2019
Group
Company
2019
2018
2019
2018
£000
£000
£000
£000
Profit/(loss) before taxation
4,787
4,039
(312)
488
Adjustments to reconcile profit before taxation to net cash inflow /(outflow) from operating activities
Past service pension costs
1,198
-
1,198
-
IFRS 15 working capital adjustment
(144)
-
(144)
-
Depreciation charge
1,318
1,266
551
708
Amortisation charge
375
507
-
-
Net increase/(reversal) of impairment in investment in subsidiary undertaking
-
-
168
(213)
Profit on sale of fixed assets
(80)
(113)
(60)
(84)
Dividends received
-
-
(690)
(360)
Finance costs
209
214
249
232
Foreign exchange losses
(460)
(74)
-
-
Increase in inventories
(958)
(1,521)
(445)
241
Decrease/(increase) in receivables
7,573
(3,224)
(1,384)
(1,530)
(Increase)/decrease in prepayments
(647)
(184)
36
489
(Decrease)/increase in payables
(1,849)
2,679
1,992
(6,281)
(Decrease)/increase in progress payments
(828)
(91)
80
213
Pension fund payments
(600)
(389)
(600)
(389)
Cash generated from/(invested in) operating activities
9,894
3,109
639
(6,486)
Net interest paid
(23)
(31)
(63)
(49)
Taxation paid
(797)
(111)
(36)
(89)
Net cash inflow/(outflow) from operating activities
9,074
2,967
540
(6,624)
Investing activities
Investment in MSI- Forks Inc
-
-
-
(652)
Dividends received from subsidiaries
-
-
690
360
Transfer of net assets to MSI-Defence Systems Ltd.
-
-
-
(5,127)
Purchase of property, plant and equipment
(891)
(1,106)
(284)
(568)
Proceeds on disposal of property, plant and equipment
199
157
176
105
Net cash (outflow)/inflow from investing activities
(692)
(949)
582
(5,882)
Financing activities
Dividends paid
(1,362)
(1,362)
(1,362)
(1,362)
Net cash outflow from financing activities
(1,362)
(1,362)
(1,362)
(1,362)
Increase/(decrease) in cash and cash equivalents
7,020
656
(240)
(13,868)
Opening cash and cash equivalents/(bank overdraft)
15,866
15,210
(342)
13,526
Closing cash and cash equivalents/(bank overdraft)
22,886
15,866
(582)
(342)
The financial information set out above does not constitute the Company's statutory accounts for the periods ended 27th April, 2019 or 28th April, 2018 but is derived from those accounts. Statutory accounts for 2018 have been delivered to the Registrar of Companies, and those for 2019 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 27th April, 2019 and 28th April, 2018. 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
2019
2018
2019
2018
2019
2018
2019
2018
2019
2018
£000
£000
£000
£000
£000
£000
£000
£000
£000
£000
Revenue
From external customers
26,678
21,900
15,695
14,336
15,871
12,236
19,464
19,613
77,708
68,085
From other segments
-
-
-
-
450
199
226
142
676
341
Segment revenue
26,678
21,900
15,695
14,336
16,321
12,435
19,690
19,755
78,384
68,426
Segment result
2,836
2,600
(442)
(536)
2,055
17
1,745
2,172
6,194
4,253
Past service pension costs
(1,198)
-
Net finance costs
(209)
(214)
Profit before taxation
4,787
4,039
Taxation
(975)
(653)
Profit for the period
3,812
3,386
Segmental assets
29,942
40,801
8,988
5,272
10,787
8,845
9,291
10,005
59,008
64,923
Unallocated assets (see below)
11,429
5,218
Total assets
70,437
70,141
Segmental liabilities
19,500
19,329
6,125
1,978
4,330
1,970
2,806
4,402
32,761
27,679
Unallocated liabilities (see below)
1,878
9,062
Total liabilities
34,639
36,741
Capital expenditure
67
18
406
530
196
149
118
211
787
908
Depreciation
77
154
517
480
488
628
365
365
1,447
1,627
Unallocated assets includes certain fixed assets, (including all UK properties - see note 12(e)) 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 27th April, 2019 and 28th April, 2018. 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.
United Kingdom
Europe
Americas
Rest of the World
Total
2019
2018
2019
2018
2019
2018
2019
2018
2019
2018
£000
£000
£000
£000
£000
£000
£000
£000
£000
£000
Revenue
External
30,755
24,914
33,143
25,803
9,572
7,536
4,238
9,832
77,708
68,085
Non-current assets
17,637
18,322
3,832
4,203
4,596
4,226
-
-
26,065
26,751
Current assets
34,301
32,724
7,670
8,499
2,401
2,167
-
-
44,372
43,390
Liabilities
31,701
32,076
2,260
4,256
679
409
-
-
34,640
36,741
Capital expenditure
350
586
190
216
351
304
-
-
891
1,106
Information about major customers
2019
2018
Revenue from major customers arising from sales reported in the Defence segment:
£000
£000
Customer 1
10,871
-
Customer 1
-
7,137
Revenue from major customers arising from sales reported in the Petrol Station
Branding segment:
Customer 1
11,905
-
Customer 1
-
14,761
2
Employee information
2019
2018
Number
Number
The average number of employees, including executive directors, during the period was:
Production
264
251
Technical
65
69
Distribution
27
33
Administration
91
78
447
431
(a)
Staff costs
2019
2018
Including executive directors, employment costs were as follows:
£000
£000
Wages and salaries
17,609
16,029
Social Security costs
1,934
1,850
Other pension costs
666
637
20,209
18,516
2019
2018
(b)
Directors' emoluments
£000
£000
Aggregate directors' emoluments
1,672
1,431
Post employment benefits
47
37
1,719
1,468
3
Past service pension costs
2019
2018
£000
£000
Guaranteed minimum pension equalisation adjustment.
(1,198)
-
(1,198)
-
4(a)
Taxation
The charge for taxation comprises:
2019
2018
£000
£000
Current tax
United Kingdom corporation tax
540
-
Adjustments in respect of previous years
(16)
33
Foreign corporation tax
635
682
Group current tax
1,159
715
Deferred tax
Origination and reversal of temporary differences
(247)
(62)
Adjustments in respect of prior years
63
-
-
-
Group deferred tax
(184)
(62)
Tax on profit
975
653
Tax relating to items charged or credited to other comprehensive income
Deferred tax
Deferred tax on measurement gains on pension scheme current year
69
146
Deferred tax on revaluation surplus on land and buildings
-
254
Income tax in the statement of comprehensive income
69
400
(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%) (2018 - 19%). The differences are explained below:
2019
2018
£000
£000
Profit before tax
4,787
4,039
Profit multiplied by standard rate of corporation tax of 19% (2018 - 19%)
910
767
Expenses not deductible for tax purposes
(102)
(288)
Adjustments in respect of overseas tax rates
120
141
Current tax adjustment in respect of prior periods
(16)
33
Deferred tax adjustment in respect of prior periods
63
-
Total tax charge for the period
975
653
(c)
Factors affecting future tax charge
The UK corporation tax rate will remain at 19% until it reduces to 17% in 2020. At 27th April, 2019 the rate reductions to 17% had been enacted. Deferred tax at 27th April, 2019 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.
5
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 £3,812,000 (2018 - £3,386,000).
(b) 16,504,691 (2018 - 16,504,691) Ordinary shares, being the weighted average number of Ordinary shares in issue.
This represents 18,396,073 (2018 - 18,396,073) being the weighted average number of Ordinary shares in issue less 1,891,382 (2018 - less 1,891,382) being the weighted average number of shares both held within the ESOT 245,048 (2018 - 245,048) and purchased by the Company 1,646,334 (2018 - 1,646,334).
6
Dividends paid and proposed
2019
2018
£000
£000
Declared and paid during the year
On Ordinary shares
Final dividend for 2018 : 6.50p (2017 - 6.50p)
1,073
1,073
Interim dividend for 2019 : 1.75p (2018 - 1.75p)
289
289
1,362
1,362
Proposed for approval by shareholders at the AGM
Final dividend for 2019 : 6.50p (2018 - 6.50p)
1,073
1,073
7
Trade and other receivables
Group
Company
2019
2018
2019
2018
£000
£000
£000
£000
Trade receivables
6,913
14,032
3,456
2,998
Retentions on contracts
113
568
-
22
Amounts owed by subsidiary undertakings
-
-
9,029
6,983
Other receivables
18
17
4
-
7,044
14,617
22,489
10,003
The aggregate amount of costs incurred and recognised profits to date on contracts is £15,819,000 (2018 - £12,159,000).
(a) Trade receivables are denominated in the following currencies
Group
Company
2019
2018
2019
2018
£000
£000
£000
£000
Sterling
3,674
7,160
2,751
2,194
Euro
2,141
5,961
701
812
US dollar
778
582
-
-
Other currencies
320
329
4
(8)
6,913
14,032
3,456
2,998
Group
Total
Not past due
< 30 days
30-60 days
60-90 days
> 90 days
£000
£000
£000
£000
£000
£000
2019
6,913
6,245
505
148
13
2
2018
14,032
9,377
4,446
142
24
43
As at 27th April, 2019 trade receivables at a nominal value of £105,000 (2018 - £97,000) were impaired and fully provided. Bad debts of £65,000 (2018 - £15,000) were recovered and bad debts of £52,000 (2018 - £28,000) were incurred.
Company
2019
2,764
2,649
40
81
-
(6)
2018
2,998
2,172
808
17
-
1
As at 27th April, 2019 trade receivables at a nominal value of £51,000 (2018 - £32,000) were impaired and fully provided. Bad debts of £20,000 (2018 - £11,000) were recovered and bad debts of £39,000 (2018 - £6,000) were incurred.
(b) Retentions on contracts are denominated in the following currencies
Group
Company
2019
2018
2019
2018
£000
£000
£000
£000
Sterling
113
568
-
22
Euro
-
-
-
-
US dollar
-
-
-
-
Other currencies
-
-
-
-
113
568
-
22
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
2019
113
93
20
-
-
2018
568
546
22
-
-
Company
2019
-
-
-
-
-
2018
22
-
22
-
-
8
Cash and cash equivalents/bank overdraft
Group
Company
2019
2018
2019
2018
£000
£000
£000
£000
Cash at bank and in hand
17,151
7,504
-
-
Short term deposits
5,735
8,362
-
-
Bank overdraft
-
-
(582)
(342)
22,886
15,866
(582)
(342)
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 reserves - Company
Following the transfer of assets held at valuation by the Company, to a subsidiary company, a reserve has been created which is non distributable. This is equal to the revaluation reserve previously arising.
Additionally, it includes the non-distributable retained reserve for the revaluation reserve previously showing in the company for properties now transferred to other members of the Group.
Revaluation reserve
The asset revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same assets previously recognised in equity. This also includes the impact of the change in the prior year for the related deferred tax due to the change in corporation tax (18% to 17%).
Share premium account
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
2019
2018
£000
£000
Employee Share Ownership Trust
100
100
Shares in treasury
2,959
2,959
3,059
3,059
The preliminary announcement is prepared on the same basis as set out in the previous year's accounts apart from the adoption of new accounting standards IFRS 9 'Financial Instruments' and IFRS 15 'Revenue from Contracts with Customers'.
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, 2019 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.ENDFR SSIFMIFUSEIM
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