REG - MS International PLC - Half-year Report
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RNS Number : 7758O MS International PLC 14 January 2026
MS INTERNATIONAL plc
Unaudited Interim Condensed
Group Financial Statements
31st October 2025
EXECUTIVE DIRECTORS
Michael Bell
Michael O'Connell
Nicholas Bell
Shelley Ashcroft
John Meldrum
NON-EXECUTIVE DIRECTORS
Roger Lane-Smith
David Hansell
COMPANY SECRETARY
Shelley Ashcroft
REGISTERED OFFICE
Balby Carr Bank
Doncaster
DN4 8DH
England
PRINCIPAL OPERATING DIVISIONS
'Defence and Security'
'Forgings'
'Petrol Station Superstructures and Branding'
Chairman's Statement
Introduction
This is the first occasion, in recent times, that we have published our
interim results in January. The change from an early December date allows
more time for the preparation of results, given the Company's significant
growth in recent years and ensures that my statement reflects the latest
trading position in a world where business events and markets change rapidly.
In that regard I am delighted to tell shareholders that I believe our medium
to long term prospects are better than at any time in the Company's history.
Before reporting our interim figures in detail, it is important to cover some
significant developments, particularly as last year also saw several new
institutional shareholders invest in the business.
2025 was arguably the most significant year for the business since its
formation. It saw the conclusion of a two-year internal review resulting in
the decision to focus on the 'Defence and Security' division and dispose of
our non-core divisions. We also reshaped and strengthened our management
team.
Last Spring, we tested market interest in the non-core activities of
'Forgings', 'Petrol Station Superstructures' and 'Corporate Branding'. We
received encouraging interest, but mainly from financial buyers. We will
continue our dialogue with those but, in addition, our objective this calendar
year, is to explore potential trade buyers' interest in these very successful
businesses.
We enter 2026 with an enhanced and younger Board. In January 2025 Shelley
Ashcroft (40) joined the Board as Finance Director and, in August, John
Meldrum (57), the CEO of our 'Defence and Security' division, also moved onto
the Board. Both have already made considerable contributions in their new
capacities. I continue as Executive Chairman and Michael O'Connell, our
former Finance Director, is now Managing Director and we continue to jointly
manage our group of companies.
Results
All three divisions continued to perform well during the half year ended 31st
October 2025 although, as I guided to in last June's full year announcement,
we are experiencing a slower current financial year, mainly owing to timing
issues with defence orders and that revenue is only recognised when
performance obligations are satisfied.
As expected, our overall performance has been relatively flat with profit
before tax amounting to £8.47m (2024 - £8.77m) on revenue of £55.81m (2024
- £54.72m). However, after removing the impact of derivative gains and losses
(note 15), profit on a like for like basis of £9.28m was up on the prior year
(2024 - £7.98m).
Basic earnings per share were 38.5p (2024 - 39.8p).
The balance sheet remains strong with cash and cash equivalents of £35.73m
(2024 - £32.02m).
Review of Divisions
'Defence and Security'
Political uncertainty and increasing volatility throughout the world is such
that many countries now recognise the importance of a significant defence
budget. Many have set a target of a minimum spend of 2.5% of GDP. Yet
some governments are struggling to make decisions as to what they need, how
quickly they need it and how to fund their requirements. Despite these
challenges the division continues to perform well and is positioned to react
to the industry's ever-changing demands.
In my year end statement, I informed shareholders that we had received a
'Request for Purchase' from the US Navy for another year's procurement
programme of our MSI-DS 30mm naval weapon system. I am most delighted to
confirm that we were successful in being awarded a further one year's
contract, as we announced on 1st October 2025.
The investment we are making in the USA and Europe (Poland), will make a
significant difference to how we operate going forward. Having a footprint in
the UK, USA and Europe will allow us to trade better in these regions and,
potentially, open up financial support for customers looking to buy our
defence equipment. Establishing our support and maintenance facility within
the US has created greater opportunities for product support contracts within
the US Navy. Moreover, this success within the 'US Naval' market gives us
excellent foundations to develop significant growth opportunities within the
'US Land Defence' market.
We continue to invest in our capabilities so that we can meet anticipated
increases in demand. In addition to our support and maintenance facility, we
are also strengthening our USA team, particularly with the appointment of our
new VP of Business Development. This brings us a highly experienced and
well-connected individual who has an excellent track record of delivering
success in the 'Land Defence' market. We are now better placed than ever with
a higher profile and enhanced opportunities to provide our customers with a
better service worldwide.
At the major London Defence Exhibition (DSEI) in September, we were pleased to
welcome more potential customers to our stand than at any previous
exhibition. We have also participated in a number of weapon system
demonstrations and I am pleased to report that, in every case, our products
have performed extremely well and, particularly pleasingly, better than our
competitors.
In summary, we are enjoying great success in the 'Naval Systems' market with
the US Navy and other navies, as well as opening up opportunities in the much
larger market for our 'Land Systems'. The MSI profile continues to grow and,
combined with the considerable investment we have made in the global defence
market, it augers well for our future.
'Forgings'
Market conditions remain mixed across the division. The UK and US businesses
continue to experience soft demand, primarily driven by uncertainty
surrounding US trade policy and the evolving tariff environment. Many
customers remain cautious, slowing purchasing activity as they reassess
sourcing strategies. Despite this, quoting activity remains elevated,
particularly in the US, where the medium-term outlook is increasingly
positive. Brazil continues to perform well, contributing steady levels of
sales and margin. The operation remains efficient and cash-generative,
requiring minimal oversight.
A major development in the period has been the start of deliveries in the USA
to Mitsubishi Logisnext America (MLA), a major lift-truck and material
handling manufacturer. Initial volumes have now commenced and customer
engagement remains strong. The message from MLA is consistent-they are keen to
accelerate volumes and expand the relationship further. In parallel, we are
now actively quoting for programmes with other major lift-truck and material
handling manufacturers in the USA. Should these opportunities convert, the
scale of potential business is substantial.
While short-term demand in the UK and US remains subdued, the pipeline of
opportunity in America is strong. With MLA deliveries underway and potential
awards from other major OEMs, we are well positioned to scale up rapidly. Our
production model, cost discipline and system integration give us the
flexibility to respond to market volatility and customer requirements as
conditions evolve.
'Petrol Station Superstructures and Branding'
Last autumn, we committed to merge our 'Branding' business with our 'Petrol
Station Superstructures' business. This process is now operationally
complete and the combined division is led by Martin Steggles (58), who was
previously CEO of our 'Petrol Station Superstructures' business.
The strong performance demonstrated last year by the Group's petrol station
'Petrol Station Superstructures' and 'Branding' divisions, has carried forward
into the current trading period, driven by large-scale service station
transformation, modernisation and re-imaging programmes by large,
well-disciplined independent forecourt retailers.
The recent trend towards the development of large new multi-purpose fuel hubs
containing traditional fossil fuels, EV charging, retail offerings and
'Food-To-Go' outlets has accelerated with several high-quality projects either
completed or under construction at the half-year.
The integration of our 'Petrol Station Superstructures' and our 'Branding'
divisions has been positively recognised by the larger fuel retailers who
increasingly accept the value in placing structures and branding contracts
with the Group's closely aligned forecourt businesses.
As market-leading specialists in the design, manufacture, installation,
maintenance, repair, branding and re-styling of fuel forecourts, with unique
in-house capability across all functions, we are well positioned to capitalise
on many exciting opportunities for existing customers and new market entrants.
Plans are underway to increase manufacturing capacity in the 'Branding'
business as it continues to increase market share and widen its customer base.
Similarly, the 'Petrol Station Superstructures' business is seeing greater
demand for its services from customers adding 'Food-To-Go' and 'Drive-Thru'
food & drink outlets to fuel forecourts.
By offering a comprehensive, high-quality and increasingly wide suite of
services, the 'Petrol Station Superstructures' and 'Branding' businesses are,
together, forging long-term 'prime supplier' relationships with major
forecourt retailers seeking rapid, quality, innovative solutions to
increasingly complex forecourt schemes.
Shareholder Communications
I was pleased to welcome a record number of attendees at our AGM in August,
which was testimony to the wider interest in the Group and the recent share
price performance. It was significant that almost all the questions focussed
on the future of our 'Defence and Security' business.
Shore Capital, our broker, has given the Company invaluable support for
several years especially as our 'nomad'. I am pleased to say that Shore
Capital has now been given a more extensive and proactive brief to reflect the
increased investor interest in MS INTERNATIONAL plc.
They have helped plan institutional investor visits to our impressive 'Defence
and Security' division in Norwich. The feedback from these visits has been
very encouraging. As interest in MSI increases, we will look to expand our
liaison with existing and potential investors.
Outlook
We enter another significant calendar year for the business as we look to
focus on the 'Defence and Security' division. In an increasingly uncertain
world, it is difficult to predict our pace of growth, but I cannot remember a
time when we have had so much interest in our products.
Many of the world's economies are challenged so, whilst a desire to increase
defence spending remains high, the ability to do so quickly will vary by
country. I believe we are very well placed to benefit once this desire is
converted into a firm commitment to spend. This benefit will accrue over the
many years to come. As I stated earlier, our medium to long term prospects
are better than at any time in the Company's history.
I would like to thank all our shareholders for their continued support and
interest in the business. The Board recommends payment of an increased
interim dividend of 6p (2024 - 5p) per share to be paid on 20th February 2026
to those shareholders on the register of members at the close of business on
23rd January 2026.
Michael
Bell
13(th) January 2026
MS INTERNATIONAL plc
Michael Bell Tel: 01302 322133
Shore Capital (Nominated Adviser and Broker)
Patrick Castle/Daniel Bush/Lucy Bowden Tel: 020 7408 4090
Independent review report to MS INTERNATIONAL plc
Conclusion
We have been engaged by MS INTERNATIONAL plc (the 'company') to review the
condensed set of financial statements in the half-yearly financial report for
the six months ended 31 October 2025 which comprises the Interim condensed
consolidated income statement, Interim condensed consolidated statement of
comprehensive income, Interim condensed consolidated statement of financial
position, interim consolidated statement of changes in equity, Interim
consolidated cash flow statement and Notes to the interim consolidated
financial statements. We have read the other information contained in the
half-yearly financial report which comprises only the the Chairman's statement
and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 31 October 2025 is not prepared, in
all material respects, in accordance with UK-adopted International Accounting
Standard (IAS) 34, 'Interim Financial Reporting' and the AIM rules for
Companies.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" issued by Financial Reporting Council
for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial
information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and consequently does
not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
As disclosed in note 2, the annual financial statements of the group are
prepared in accordance with UK-adopted international accounting standards. The
condensed set of financial statements included in this half yearly financial
report has been prepared in accordance with UK- adopted International
Accounting Standard 34, 'Interim Financial Reporting'.
We have read the other information contained in the half-yearly financial
report which comprises only the Chairman's Statement and considered whether it
contains any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE (UK), however future events or conditions may cause the entity to
cease to continue as a going concern.
In our evaluation of the directors' conclusions, we considered the inherent
risks associated with the group's business model including effects arising
from macro-economic uncertainties such as high interest and inflation rates,
we assessed and challenged the reasonableness of estimates made by the
directors and the related disclosures and analysed how those risks might
affect the group's financial resources or ability to continue operations over
the going concern period.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with UK-adopted International
Accounting Standard (IAS) 34, 'Interim Financial Reporting' and the AIM rules
for Companies.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report.
Our conclusion, including our Conclusions relating to going concern, are based
on procedures that are less extensive than audit procedures, as described in
the Basis for conclusion paragraph of this report.
Use of our report
This report is made solely to the company in accordance with ISRE (UK) 2410.
Our review work has been undertaken so that we might state to the company
those matters we are required to state to it in an independent review report
and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company, for our
review work, for this report, or for the conclusion we have formed.
Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Leeds
13(th) January 2026
Interim condensed consolidated income statement
Half-year to 31st October 2025 Half-year to 31st October 2024
unaudited unaudited
Notes £'000 £'000
Revenue 5/6 55,814 54,718
Cost of sales (35,403) (36,154)
Gross profit 20,411 18,564
Distribution costs (2,411) (2,102)
Administrative expenses (9,350) (9,226)
Derivative (losses)/gains 15 (806) 788
Operating profit 6 7,844 8,024
Finance income 628 748
Other finance costs - pension - -
Profit before taxation 8,472 8,772
Tax expense 7 (2,202) (2,326)
Profit for the period attributable to equity holders of the parent 6,270 6,446
Basic earnings per share 8 38.5p 39.8p
Diluted earnings per share 8 37.6p 38.3p
Interim condensed consolidated statement of comprehensive income
Half-year to 31st October 2025 Half-year to 31st October 2024
unaudited unaudited
Notes £'000 £'000
Profit for the period attributable to equity holders of the parent 6,270 6,446
Exchange differences on retranslation of foreign operations (530) 649
Net other comprehensive (loss)/income to be reclassified to profit or loss in (530) 649
subsequent periods
Net other comprehensive income not being reclassified to profit or loss in - -
subsequent periods
Total comprehensive income for the period attributable to equity holders of 5,740 7,095
the parent
Interim condensed consolidated statement of financial position
Notes 31st October 2025 31st October 2024 Restated (note 17) 30th April 2025
unaudited unaudited audited
ASSETS £'000 £'000 £'000
Non-current assets
Property, plant and equipment 10 31,327 28,628 30,257
Right-of-use assets 11 213 560 385
Intangible assets 2,630 2,413 2,367
Deferred income tax asset 4 12 7
Derivative asset 15 - 293 -
Contract assets 444 - 428
34,618 31,906 33,444
Current assets
Inventories 25,521 37,506 30,733
Derivative asset 15 435 1,702 1,134
Trade and other receivables 32,015 22,362 33,669
Contract assets 2,646 7,211 7,376
Cash and cash equivalents 12 34,323 27,853 23,745
Restricted cash held in Escrow 12 1,403 4,170 4,038
96,343 100,804 100,695
TOTAL ASSETS 130,961 132,710 134,139
EQUITY AND LIABILITIES
Equity
Share capital 1,784 1,784 1,784
Capital redemption reserve 957 957 957
Other reserve 2,815 2,815 2,815
Revaluation reserve 8,246 9,923 8,246
Special reserve 1,629 1,629 1,629
Currency translation reserve (702) 42 (172)
Treasury shares (6,608) (7,683) (7,387)
Retained earnings 56,653 43,262 53,317
TOTAL EQUITY SHAREHOLDERS' FUNDS 64,774 52,729 61,189
Non-current liabilities
Contract liabilities 15,739 7,477 7,208
Deferred income tax liability 1,722 2,104 2,242
Derivative liabilities 15 49 - -
Lease liabilities 15 219 61
Trade and other payables - - 623
17,525 9,800 10,134
Current liabilities
Trade and other payables 17,090 17,063 16,793
Contract liabilities 31,300 52,740 45,670
Derivative liabilities 15 58 - -
Lease liabilities 214 378 353
48,662 70,181 62,816
TOTAL EQUITY AND LIABILITIES 130,961 132,710 134,139
The interim condensed consolidated financial statements of the Group for the
six months ended 31st October 2025 were authorised for issue in accordance
with a resolution of the directors on 13th January 2026 and signed on their
behalf by:
Shelley Ashcroft
Finance Director
Interim consolidated statement of changes in equity
Share capital Capital redemption reserve Other reserve Revaluation reserve Special reserve Currency translation reserve Treasury shares Retained earnings Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30th April 2024 (previously reported) 1,784 957 2,815 9,923 1,629 (607) (3,702) 37,998 50,797
Prior year adjustment (note 17) - - - - - - - 1,663 1,663
At 30th April 2024 (restated) 1,784 957 2,815 9,923 1,629 (607) (3,702) 39,661 52,460
Profit for the period - - - - - - - 6,446 6,446
Other comprehensive income - - - - - 649 - - 649
Equity settled share-based payment expense - - - - - - - 36 36
Deferred tax on equity settled share-based payment expense - - - - - - - (9) (9)
Purchase of own shares - - - - - - (4,483) - (4,483)
Exercise of share options - - - - - - 502 (169) 333
Dividend paid - - - - - - - (2,703) (2,703)
At 31st October 2024 (restated) 1,784 957 2,815 9,923 1,629 42 (7,683) 43,262 52,729
Profit for the period - - - - - - - 8,085 8,085
Other comprehensive (loss)/income - - - (1,677) - (214) - 2,809 918
Equity settled share-based payment expense - - - - - - - 42 42
Deferred tax on share option relief - - - - - - - 192 192
Deferred tax on equity settled share-based payment expense - - - - - - - 9 9
Exercise of share options - - - - - - 296 (278) 18
Dividend paid - - - - - - - (804) (804)
At 30th April 2025 1,784 957 2,815 8,246 1,629 (172) (7,387) 53,317 61,189
Profit for the period - - - - - - - 6,270 6,270
Other comprehensive loss - - - - - (530) - - (530)
Equity settled share-based payment expense - - - - - - - 36 36
Deferred tax on equity settled share-based payment expense - - - - - - - 477 477
Exercise of share options - - - - - - 779 (509) 270
Dividend paid - - - - - - - (2,938) (2,938)
At 31st October 2025 1,784 957 2,815 8,246 1,629 (702) (6,608) 56,653 64,774
Interim consolidated cash flow statement
Half-year to 31st October 2025 Half-year to 31st October 2024
unaudited unaudited
£'000 £'000
Profit before taxation 8,472 8,772
Adjustments to reconcile profit before taxation to cash generated from
operating activates:
Depreciation charge of owned and right-of-use assets 1,327 1,232
Amortisation charge 42 45
Profit on disposal of property, plant and equipment (49) (121)
Net finance income (628) (748)
Equity settled share-based payment expense 36 36
Foreign exchange (gains)/losses (876) 266
Decrease/(increase) in inventories 5,397 (12,379)
Decrease in receivables 6,031 670
Decrease/(increase) in derivatives 806 (788)
Decrease in payables (1,855) (3,698)
(Decrease)/increase in contract liabilities (6,092) 8,545
Cash generated from operating activities 12,611 1,832
Net interest received 634 761
Taxation paid (189) (4,301)
Net cash inflow/(outflow) from operating activities 13,056 (1,708)
Investing activities
Purchase of property, plant and equipment (2,061) (1,974)
Purchase of intangible assets (304) -
Proceeds on disposal of property, plant and equipment 73 173
Decrease in restricted cash held in Escrow maturing in more than 90 days 2,635 3,000
Net cash inflow from investing activities 343 1,199
Financing activities
Buy back of own shares - (4,483)
Proceeds from exercise of employee share options 270 333
Lease payments (202) (198)
Dividend paid (2,937) (2,703)
Net cash outflow from financing activities (2,869) (7,051)
Increase in cash and cash equivalents 10,530 (7,560)
Opening cash and cash equivalents 23,745 35,509
Exchange differences on cash and cash equivalents 48 (96)
Closing cash and cash equivalents 34,323 27,853
Notes to the interim consolidated financial statements
1. Corporate information
MS INTERNATIONAL plc is a public limited company incorporated and domiciled in
England and Wales. The Company's ordinary shares are traded on the Alternative
Investment Market (AIM) market of the London Stock Exchange. The principal
activities of the Company and its subsidiaries ("the Group") are the design,
manufacture, construction, and servicing of a range of engineering products
and structures. These activities are grouped into the following divisions:
'Defence and Security' - design, manufacture, and service of defence
equipment.
'Forging' - manufacture of fork-arms and open die forgings.
'Petrol Station Superstructures and Branding' - the design, manufacture,
construction, and maintenance of petrol station
superstructures and the design, manufacture, installation, and service of
corporate brandings, including media facades, way
finding signage, public illumination, creative lighting solutions, and the
complete appearance of petrol station superstructures
and forecourts.
2. Basis of preparation and accounting policies
The consolidated condensed interim financial statements included in this
half-yearly financial report have been prepared in accordance with
International Accounting Standard 34, "Interim Financial Reporting". They do
not include all the information and disclosures required in annual financial
statements, and should therefore be read in conjunction with the Group's
Annual Report for the year ended 30th April 2025 and any public announcements
made by MS INTERNATIONAL plc during the interim reporting period. The
financial statements for the year ended 30th April 2025 have been filed with
the Registrar of Companies. The auditor's report on these financial statements
was unmodified and did not contain statements under sections 498 (2) or (3) of
the Companies Act 2006.
The interim financial information has been reviewed but not audited by the
Group's auditor, Grant Thornton UK LLP. The interim financial information does
not constitute full financial information within the meaning of section 434 of
the Companies Act 2006. The auditor's report is included on pages 5-6.
The accounting policies are consistent with those applied in the financial
statements of the Annual Report for year ended 30th April 2025. The Group has
not early adopted any standard, interpretation, or amendment that has been
issued but is not yet effective.
The assets and liabilities of the overseas subsidiaries are translated into
the presentational currency of the Group at the rate of exchange ruling at the
statement of financial position date and their income statements are
translated at the weighted average exchange rates for the year. The exchange
differences arising on the translation are taken directly to a separate
component of equity.
3. Principal risks and uncertainties
The principal risks and uncertainties facing the Group for the remaining six
months of the financial year are discussed below. Further details of the
Group's risks and uncertainties can be found on page 10 of the Annual Report
for the year ended 30th April 2025, which is available from MS INTERNATIONAL
plc's website: www.msiplc.com.
One of the Group's principal risks and uncertainties continues to be the
impact of foreign exchange fluctuations. A number of international contracts
in the 'Defence and Security' division are denominated in USD. Management have
taken steps to mitigate the risk of currency exposures on these contracts by
taking out various forward contracts (note 15). As the Group has chosen not to
adopt hedge accounting, the derivative gains and losses arising from the
change in the fair value of the forward contracts are included within
operating profit.
As the group's performance is largely dependent on the retention of key
members of staff, including senior management, technical staff and product
development teams, this is another key risk for the Group. Given the growth of
the Group, particularly in the 'Defence and Security' division, recruitment
and training of employees with the right skills is key to driving value.
Another risk and uncertainty for the Group is general economic and political
conditions, which can potentially impact customer demand. Significant
investment into production facilities and product development continues, which
places the Group in a strong position to be able to maintain competitive
advantage and exploit new opportunities.
4. Going concern
The condensed interim financial statements included in this report have been
prepared on a going concern basis. Forecasts have been made up to 30th April
2027, which the Directors believe to be a reasonable expectation based on the
information available at the time of signing these accounts. The forecasts
have been assessed for the impact of potential sensitivities, including delays
in progress payments across the Group. In all scenarios, the Group has
sufficient headroom to meet its liabilities as they fall due.
In addition, management have carried out reverse stress tests to 30th April
2027 under various scenarios, all of which are considered implausible by
management. In all plausible scenarios, the Group would continue as a going
concern for at least the next 12 months.
As a result, in making the going concern assessment the Directors believe
there to be no material uncertainties that could cast significant doubt on the
Group's ability to continue operating as a going concern. The Group has
sufficient financial resources with a healthy order book to continue operating
for the foreseeable future, being at least to 30th April 2027. As a result,
the Directors continue to adopt the going concern basis of accounting in
preparation of this report.
5. Revenue
The Group's revenue disaggregated by pattern of revenue recognition is as
follows:
Half-year to 31st October 2025 Half-year to 31st October 2024
unaudited unaudited
£'000 £'000
Revenue recognised at a point in time 52,415 52,597
Revenue recognised over time 3,399 2,121
Total revenue 55,814 54,718
6. Segment information
The following table presents segmental revenue and operating profit/(loss) as
well as segmental assets and liabilities of the Group's divisions for the
half-year periods ended 31st October 2025 and 31st October 2024. This includes
'Defence and Security', 'Forgings' and 'Petrol Station Superstructures and
Branding'. Following a restructure of the Group during the period, the
previously reported 'Corporate Branding' segment now forms part of the 'Petrol
Station Superstructures and Branding' division. The prior year has also been
restated for comparative purposes.
These divisions are the basis on which the Group reports its primary business
segment information. The Board, which includes the chief operating decision
maker, considers each trading division as a separate operating segment and
monitors the operating results of its business units separately for the
purpose of making decisions about resource allocation and performance
assessment. Group financing (including finance costs and finance income) and
income taxes are managed on a group basis and are therefore not allocated to
operating segments.
'Defence and Security' 'Forgings' 'Petrol Station Superstructures and Branding' Total
2025 2024 2025 2024 2025 2024 2025 2024
unaudited unaudited
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Segmental revenue
Total revenue 31,223 35,261 6,882 7,664 17,891 12,069 55,996 54,994
Revenue from other segments - - - - (182) (276) (182) (276)
Revenue from external customers 31,223 35,261 6,882 7,664 17,709 11,793 55,814 54,718
Revenue recognised at a point in time 27,824 33,140 6,882 7,664 17,709 11,793 52,415 52,597
Revenue recognised over time 3,399 2,121 - - - - 3,399 2,121
Revenue from external customers 31,223 35,261 6,882 7,664 17,709 11,793 55,814 54,718
Segment result
Operating profit/(loss) 6,557 6,664 (183) 344 1,470 1,016 7,844 8,024
Segmental assets
Assets attributable to segments 91,547 81,684 5,887 6,314 13,923 16,033 111,357 104,031
Unallocated assets* 19,604 28,679
Total assets 130,961 132,710
Segmental liabilities
Liabilities attributable to segments 55,918 67,541 853 1,668 5,918 6,522 62,689 75,731
Unallocated liabilities* 3,498 4,250
Total liabilities 66,187 79,981
Other segmental information
Capital expenditure 1,932 1,373 19 258 110 343 2,061 1,974
Depreciation 579 459 270 292 478 481 1,327 1,232
Amortisation 21 23 - 22 21 - 42 45
* Unallocated assets include certain fixed assets (including all UK
properties), current assets, and deferred income tax assets. Unallocated
liabilities include the defined benefit pension scheme liability, the deferred
income tax liability, and certain current liabilities.
Assets and liabilities attributable to segments comprise the assets and
liabilities of each segment adjusted to reflect the elimination of the cost of
investment in subsidiaries and the provision of financing loans provided by MS
INTERNATIONAL plc.
Revenue between segments is determined on an arm's length basis. Segment
results, assets, and liabilities include items directly attributable to the
segment as well as those that can be allocated on a reasonable basis.
The segment information for 'Petrol Station Superstructures and Branding' now
includes the previously reported 'Corporate Branding' division. This follows a
group restructure during the period.
7. Tax expense
The income tax expense is recognised in each interim period based on the best
estimate of the weighted average annual income tax rate expected for the full
financial year.
The major components of the tax expense in the consolidated income statement
are:
Half-year to 31st October 2025 Half-year to 31st October 2024
unaudited unaudited
£'000 £'000
Current tax expense 2,251 2,259
Deferred tax (income)/expense (49) 67
Total tax expense reported in the Interim condensed consolidated income 2,202 2,326
statement
Tax relating to items charged directly to equity:
Half-year to 31st October 2025 Half-year to 31st October 2024
unaudited unaudited
£'000 £'000
Deferred tax on share option relief (477) -
Deferred tax in the Interim condensed consolidated statement of comprehensive (477) -
income
8. Earnings per share
The calculation of basic earnings per share of 38.5p (2024 - 39.8p) is based
on the profit for the period attributable to equity holders of the parent of
£6,270,000 (2024 - £6,446,000) and on a weighted average number of ordinary
shares in issue of 16,393,825 (2024 - 16,177,305). At 31st October 2025 there
were 487,214 (2024 - 820,020) potentially dilutive shares on option with a
weighted average effect of 397,441 (2024 - 636,234) giving a diluted earnings
per share of 37.6p (2024 - 38.3p).
Half-year to 31st October 2025 Half-year to 31st October 2024
unaudited unaudited
Weighted average number of shares in issue 17,841,073 17,841,073
Less weighted average number of shared held in the ESOT (5,317) (32,093)
Less weighted average number of shares purchased by the Company (1,541,931) (1,631,675)
Weighted average number of shares to be used in basic EPS calculation 16,293,825 16,177,305
Weighted average number of the 487,214 (2024 - 820,020) potentially dilutive 397,441 636,234
shares
Weighted average diluted shares 16,691,266 16,813,539
Profit for the period attributable to equity holders to the parent in £ 6,270,000 6,446,000
Basic earnings per share 38.5p 39.8p
Diluted earnings per share 37.6p 38.3p
9. Dividends paid and proposed
Half-year to 31st October 2025 Half-year to 31st October 2024
unaudited unaudited
£'000 £'000
Declared and paid during the six month period
Final dividend on ordinary shares for 2025 - 18p (2024 - 16.5p) 2,938 2,703
Proposed for approval
Interim dividend on ordinary shares for 2026 - 6p (2025 - 5p) 984 804
The interim dividend will be payable on 20th February 2026 to those
shareholders on the register at the close of business on 23rd January 2026,
with the ex-dividend date being 22nd January 2026.
8. Earnings per share
The calculation of basic earnings per share of 38.5p (2024 - 39.8p) is based
on the profit for the period attributable to equity holders of the parent of
£6,270,000 (2024 - £6,446,000) and on a weighted average number of ordinary
shares in issue of 16,393,825 (2024 - 16,177,305). At 31st October 2025 there
were 487,214 (2024 - 820,020) potentially dilutive shares on option with a
weighted average effect of 397,441 (2024 - 636,234) giving a diluted earnings
per share of 37.6p (2024 - 38.3p).
Half-year to 31st October 2025 Half-year to 31st October 2024
unaudited unaudited
Weighted average number of shares in issue 17,841,073 17,841,073
Less weighted average number of shared held in the ESOT (5,317) (32,093)
Less weighted average number of shares purchased by the Company (1,541,931) (1,631,675)
Weighted average number of shares to be used in basic EPS calculation 16,293,825 16,177,305
Weighted average number of the 487,214 (2024 - 820,020) potentially dilutive 397,441 636,234
shares
Weighted average diluted shares 16,691,266 16,813,539
Profit for the period attributable to equity holders to the parent in £ 6,270,000 6,446,000
Basic earnings per share 38.5p 39.8p
Diluted earnings per share 37.6p 38.3p
9. Dividends paid and proposed
Half-year to 31st October 2025
Half-year to 31st October 2024
unaudited
unaudited
£'000
£'000
Declared and paid during the six month period
Final dividend on ordinary shares for 2025 - 18p (2024 - 16.5p)
2,938
2,703
Proposed for approval
Interim dividend on ordinary shares for 2026 - 6p (2025 - 5p)
984
804
The interim dividend will be payable on 20th February 2026 to those
shareholders on the register at the close of business on 23rd January 2026,
with the ex-dividend date being 22nd January 2026.
10. Property, plant and equipment
At 31st October 2025 (unaudited)
Freehold Plant and
property equipment Total
£'000 £'000 £'000
Cost or valuation
At 30th April 2025 23,933 21,787 45,720
Additions 966 1,095 2,061
Disposals - (165) (165)
Exchange differences 166 131 297
At 31st October 2025 25,065 22,848 47,913
Accumulated depreciation
At 30th April 2025 - 15,463 15,463
Depreciation charge for the period 114 1,030 1,144
Disposals - (141) (141)
Exchange differences 2 118 120
At 31st October 2025 116 16,470 16,586
Net book value at 31st October 2025 24,949 6,378 31,327
Analysis of cost or valuation
At professional valuation 24,099 - 24,099
At cost 966 22,848 23,814
At 31st October 2025 25,065 22,848 47,913
At 31st October 2024 (unaudited)
Freehold Plant and
property equipment Total
£'000 £'000 £'000
Cost or valuation
At 30th April 2024 23,387 20,090 43,477
Additions 808 1,166 1,974
Disposals - (595) (595)
Exchange differences (184) (136) (320)
At 31st October 2024 24,011 20,525 44,536
Accumulated depreciation
At 30th April 2024 805 14,719 15,524
Depreciation charge for the period 217 835 1,052
Disposals - (543) (543)
Exchange differences (11) (114) (125)
At 31st October 2024 1,011 14,897 15,908
Net book value at 31st October 2024 23,000 5,628 28,628
Analysis of cost or valuation
At professional valuation 21,377 - 21,377
At cost 2,634 20,525 23,159
At 31st October 2024 24,011 20,525 44,536
At 30th April 2025 (audited)
Freehold Plant and
property equipment Total
£'000 £'000 £'000
Cost or valuation
At 30th April 2024 23,387 20,090 43,477
Additions 1,303 2,430 3,733
Disposals - (944) (944)
Revaluation (136) - (136)
Reclassification (360) 360 -
Exchange differences (261) (149) (410)
At 30th April 2025 23,933 21,787 45,720
Accumulated depreciation
At 30th April 2024 805 14,719 15,524
Depreciation charge for the year 437 1,720 2,157
Disposals - (857) (857)
Revaluation (1,216) - (1,216)
Reclassification (3) 3 -
Exchange differences (23) (121) (144)
At 30th April 2025 - 15,463 15,463
Net book value at 30th April 2025 23,933 6,324 30,257
Analysis of cost or valuation
At professional valuation 23,933 - 23,933
At cost - 21,787 21,787
At 30th April 2025 23,933 21,787 45,720
The last formal valuation of the Group's land and buildings, which consists of
manufacturing and office facilities in the UK, the USA and Poland, was carried
out in March 2025 by Dove Haigh Phillips (UK), Integra Realty Resources (USA),
and KonSolid-Nieruchomosci (Poland). Management determined that these
constitute one class of asset under IFRS 13 (designated as level 3 fair value
assets), based on the nature, characteristics and risks of the properties.
The properties in the UK were valued on the basis of an existing use value in
accordance with the Appraisal and Valuation Standards (5th Edition) published
by the Royal Institution of Chartered Surveyors. The Polish property was
valued based on the income approach, converting anticipated future benefits in
the form of rental income into present value. The US property was valued on an
income and market value basis. For all properties, there is no difference
between current use and highest and best use.
11. Right-of-use assets
At 31st October 2025 (unaudited)
Property Total
£'000 £'000
Cost or valuation
At 30th April 2025 2,196 2,196
Exchange differences 82 82
At 31st October 2025 2,278 2,278
Accumulated depreciation
At 30th April 2025 1,811 1,811
Depreciation charge for the period 183 183
Exchange differences 71 71
At 31st October 2025 2,065 2,065
Net book value at 31st October 2025 213 213
At 31st October 2024 (unaudited)
Property Total
£'000 £'000
Cost or valuation
At 30th April 2024 2,243 2,243
Exchange differences (68) (68)
At 31st October 2024 2,175 2,175
Accumulated depreciation
At 30th April 2024 1,483 1,483
Depreciation charge for the period 180 180
Exchange differences (48) (48)
At 31st October 2024 1,615 1,615
Net book value at 31st October 2024 560 560
At 30th April 2025 (audited)
Property Total
£'000 £'000
Cost or valuation
At 30th April 2024 2,243 2,243
Exchange differences (47) (47)
At 30th April 2025 2,196 2,196
Accumulated depreciation
At 30th April 2024 1,483 1,483
Depreciation charge for the year 357 357
Exchange differences (29) (29)
At 30th April 2025 1,811 1,811
Net book value at 30th April 2025 385 385
12. Cash and cash equivalents
31st October 2025 31st October 2024 30th April 2025
unaudited unaudited audited
£'000 £'000 £'000
Cash and cash equivalents 34,323 27,853 23,745
Restricted cash held in Escrow - maturing in more than 90 days 1,403 4,170 4,038
Total cash 35,726 32,023 27,783
The restricted cash balance held in Escrow provides security to both Lloyds
Bank plc and Barclays Bank plc in respect of certain guarantees, indemnities,
and performance bonds given by the Group in the ordinary course of business
(note 14).
13. Pension liability
The Company operates an employee pension scheme called the MS INTERNATIONAL
plc Retirement and Death Benefits Scheme ("the Scheme"). IAS 19 requires
disclosure of certain information about the Scheme as follows:
· Until 5th April 1997, the Scheme provided defined benefits and
these liabilities remain in respect of service prior to 6th April 1997. From
6th April 1997 until 31st May 2007 the Scheme provided future service benefits
on a defined contribution basis.
· From 1st June 2007 the Company has operated a defined
contribution scheme for its UK employees which is administered by a UK pension
provider.
· The last formal valuation of the Scheme was performed at 5th
April 2023 by a professionally qualified actuary.
· The Company directly pays the expenses of the Scheme. The total
pension scheme expenses incurred by the Company during the period were
£153,000 (2024 - £109,000).
· Due to improved funding of the Scheme on a Technical Provisions
basis, the last quarterly deficit contribution was made in April 2024. The
current Schedule of Contributions requires no further deficit reduction
payments to be made and therefore no payments have been made during the period
(2024 - £nil).
· At 31st October 2025 the present value of the contracted future
deficit reduction contributions was £nil (2024 - £nil), which was less than
(2024 - less than) the net scheme surplus of £153,000 (2024 - £544,000). As
the Company does not have an unconditional right to the economic benefits
arising from this surplus, no liability has been recognised within the
financial statements in accordance with IFRIC 14.
14. Commitments and contingencies
The Group is contingently liable in respect of guarantees, indemnities and
performance bonds given in the ordinary course of business amounting to
£1,403,000 at 31st October 2025 (2024 - £4,170,000). Performance bonds are
all within the 'Defence and Security' division and are linked to performance
activities such as factory acceptance tests, shipping or delivery of hardware,
sea/site acceptance tests, or warranty activities. The cash held in Escrow of
£1,403,000 (2024 - £4,170,000) provides security to both Lloyds Bank plc and
Barclays Bank plc in respect of these guarantees, indemnities and performance
bonds.
In the opinion of the Directors, no material loss will arise in connection
with the above matters.
The Group and certain of its subsidiary undertakings are parties to legal
actions and claims which have arisen in the normal course of business. The
results of actions and claims cannot be forecast with certainty, but the
directors believe that they will be concluded without any material effect on
the net assets of the Group.
15. Derivative financial instruments
The Group has in place a number of forward currency contracts in respect of
USD denominated cash inflows in the 'Defence and Security' division. During
the period, forward currency contracts totalling $28,250,000 at an average
exchange rate of 1.3195 have been taken out.
The Group has chosen not to adopt hedge accounting with respect to forward
exchange contracts and as a result the loss of £806,000 (2024 - profit of
£788,000) arising from the change in the fair value during the period has
been included within operating profit.
At 31(st) October 2025 (unaudited) US Dollar Sterling Average forward rate Fair value
$'000
£'000 £'000
Current derivative asset 10,000 8,052 1.2420 435
Current derivative liability 16,531 12,538 1.3185 (49)
Non-current derivative liability 11,719 8,872 1.3209 (58)
Total 38,250 29,462 1.2983 328
At 31(st) October 2024 (unaudited) US Dollar Sterling Average forward rate Balance at period end
$'000
£'000 £'000
Non-current derivative asset 10,000 8,052 1.2420 293
Current derivative asset 47,500 38,629 1.2296 1,702
Total 57,500 46,681 1.2330 1,995
At 30th April 2025 (audited) US Dollar Sterling Average forward rate Balance at period end
$'000
£'000 £'000
Non-current derivative asset - - - -
Current derivative asset 28,400 22,412 1.2672 1,134
Total 28,400 22,412 1.2312 1,134
16. Share-based payments
During the period, no share options have been granted to employees under the
MS INTERNATIONAL plc Company Share Option Plan.
Share options totalling 233,656 have been exercised during the period. This
includes 50,000 options exercised under the MS INTERNATIONAL plc Long Term
Incentive Plan at an exercise price of £0 per share, and a further 183,656
options exercised under the MS INTERNATIONAL Plc Company Share Option Scheme,
of which 176,988 were at an exercise price of £1.41 per share and 6,668 were
at an exercise price of £3.00 per share.
231,656 of the options were satisfied by transferring shares from treasury and
the remaining 2,000 options were satisfied by transferring shares from The
Employee Share Ownership Trust ("ESOT").
The following table illustrate the number and weighted average exercise prices
(WAEP) of share options during the year:
Long-term Incentive Plan Company Share Option Plan Total
Number WAEP Number WAEP Number WAEP
Outstanding at 30th April 2024 150,000 - 918,693 £2.21 1,068,693 £1.90
Granted in period - - 12,000 £9.90 12,000 £9.90
Exercised in period (25,000) - (235,673) £1.41 (260,673) £1.27
Outstanding at 31st October 2024 125,000 - 695,020 £2.62 820,020 £2.22
Cancelled in year - - (10,816) £1.41 (10,816) £1.41
Exercised in period (75,000) - (13,334) £1.41 (88,334) £0.21
Outstanding at 30th April 2025 50,000 - 670,870 £2.63 720,870 £2.44
Restated in period - - 10,816 £1.41 10,816 £1.41
Cancelled in period - (10,816) £4.61 (10,816) £4.61
Exercised in period (50,000) - (183,656) £1.47 (233,656) £1.15
Outstanding at 31st October 2025 - - 487,214 £2.99 487,214 £2.99
The Group recognised a total charge during the period of £36,000 (2024 -
£36,000) in relation to equity-settled share-based payment transactions. At
31st October 2025 there were no exercisable LTIP share options (2024 -
125,000) and 354,148 (2024 - 207,004) share options exercisable under the CSOP
share option scheme.
17. Prior Year Adjustment
During the prior year management identified that the Company had not accounted
for Part 12 tax relief with respect of share based payments in prior years and
the associated deferred tax. The tax relief is equal to the difference between
the market value of shares on the date of acquisition less the price paid for
the share options. Where the amount of any tax deduction, or estimated future
tax deduction, exceeds the cumulative equity settled share-based payment
charge expense, the current or deferred tax associated with the excess is
recognised directly in equity.
As a result, the current tax adjustment of £577,000 and the deferred tax
adjustment of £1,086,000 in respect of 30th April 2024 have been recognised
directly within equity, increasing retained earnings by £1,663,000.
The table below shows the impact of the prior year adjustment on the statement
of financial position for the year ended 30th April 2024 and the period ending
31st October 2024. There is no impact on the consolidated income statement,
the consolidated statement of comprehensive income, or the earnings per share
for the year ended 30th April 2024 and the period ended 31st October 2024.
At 31(st) October 2024 (unaudited) US Dollar Sterling Average forward rate Balance at period end
$'000
£'000 £'000
Non-current derivative asset 10,000 8,052 1.2420 293
Current derivative asset 47,500 38,629 1.2296 1,702
Total 57,500 46,681 1.2330 1,995
At 30th April 2025 (audited) US Dollar Sterling Average forward rate Balance at period end
$'000
£'000 £'000
Non-current derivative asset - - - -
Current derivative asset 28,400 22,412 1.2672 1,134
Total 28,400 22,412 1.2312 1,134
16. Share-based payments
During the period, no share options have been granted to employees under the
MS INTERNATIONAL plc Company Share Option Plan.
Share options totalling 233,656 have been exercised during the period. This
includes 50,000 options exercised under the MS INTERNATIONAL plc Long Term
Incentive Plan at an exercise price of £0 per share, and a further 183,656
options exercised under the MS INTERNATIONAL Plc Company Share Option Scheme,
of which 176,988 were at an exercise price of £1.41 per share and 6,668 were
at an exercise price of £3.00 per share.
231,656 of the options were satisfied by transferring shares from treasury and
the remaining 2,000 options were satisfied by transferring shares from The
Employee Share Ownership Trust ("ESOT").
The following table illustrate the number and weighted average exercise prices
(WAEP) of share options during the year:
Long-term Incentive Plan Company Share Option Plan Total
Number WAEP Number WAEP Number WAEP
Outstanding at 30th April 2024 150,000 - 918,693 £2.21 1,068,693 £1.90
Granted in period - - 12,000 £9.90 12,000 £9.90
Exercised in period (25,000) - (235,673) £1.41 (260,673) £1.27
Outstanding at 31st October 2024 125,000 - 695,020 £2.62 820,020 £2.22
Cancelled in year - - (10,816) £1.41 (10,816) £1.41
Exercised in period (75,000) - (13,334) £1.41 (88,334) £0.21
Outstanding at 30th April 2025 50,000 - 670,870 £2.63 720,870 £2.44
Restated in period - - 10,816 £1.41 10,816 £1.41
Cancelled in period - (10,816) £4.61 (10,816) £4.61
Exercised in period (50,000) - (183,656) £1.47 (233,656) £1.15
Outstanding at 31st October 2025 - - 487,214 £2.99 487,214 £2.99
The Group recognised a total charge during the period of £36,000 (2024 -
£36,000) in relation to equity-settled share-based payment transactions. At
31st October 2025 there were no exercisable LTIP share options (2024 -
125,000) and 354,148 (2024 - 207,004) share options exercisable under the CSOP
share option scheme.
17. Prior Year Adjustment
During the prior year management identified that the Company had not accounted
for Part 12 tax relief with respect of share based payments in prior years and
the associated deferred tax. The tax relief is equal to the difference between
the market value of shares on the date of acquisition less the price paid for
the share options. Where the amount of any tax deduction, or estimated future
tax deduction, exceeds the cumulative equity settled share-based payment
charge expense, the current or deferred tax associated with the excess is
recognised directly in equity.
As a result, the current tax adjustment of £577,000 and the deferred tax
adjustment of £1,086,000 in respect of 30th April 2024 have been recognised
directly within equity, increasing retained earnings by £1,663,000.
The table below shows the impact of the prior year adjustment on the statement
of financial position for the year ended 30th April 2024 and the period ending
31st October 2024. There is no impact on the consolidated income statement,
the consolidated statement of comprehensive income, or the earnings per share
for the year ended 30th April 2024 and the period ended 31st October 2024.
April 2024 October 2024
April 2024 as previously reported Prior Year Adjustment April 2024 as restated October 2024 as previously reported Prior year adjustment October 2024 as restated
£000s £000s £000s £000s £000s £000s
Non-current assets
Property, plant and equipment 27,953 - 27,953 28,628 - 28,628
Right-of-use assets 760 - 760 560 - 560
Intangible assets 2,448 - 2,448 2,413 - 2,413
Deferred income tax asset 16 - 16 12 - 12
Derivative asset 309 - 309 293 - 293
31,486 - 31,486 31,906 - 31,906
Current assets
Inventories 25,250 - 25,250 37,506 - 37,506
Derivative asset 898 - 898 1,702 - 1,702
Trade and other receivables 28,304 577 28,881 21,785 577 22,362
Contract assets 100 - 100 7,211 - 7,211
Cash and cash equivalents 35,509 - 35,509 27,853 - 27,853
Restricted cash held in Escrow 7,170 - 7,170 4,170 - 4,170
97,231 577 97,808 100,227 577 100,804
TOTAL ASSETS 128,717 577 129,294 132,133 577 132,710
Equity
Share capital 1,784 - 1,784 1,784 - 1,784
Capital redemption reserve 957 - 957 957 - 957
Other reserve 2,815 - 2,815 2,815 - 2,815
Revaluation reserve 9,923 - 9,923 9,923 - 9,923
Special reserve 1,629 - 1,629 1,629 - 1,629
Currency translation reserve (607) - (607) 42 - 42
Treasury shares (3,702) - (3,702) (7,683) - (7,683)
Retained earnings 37,998 1,663 39,661 41,599 1,663 43,262
TOTAL EQUITY SHAREHOLDERS' FUNDS 50,797 1,663 52,460 51,066 1,663 52,729
Non-current liabilities
Contract liabilities 10,019 - 10,019 7,477 - 7,477
Deferred income tax liability 3,132 (1,086) 2,046 3,190 (1,086) 2,104
Lease liabilities 422 - 422 219 - 219
13,573 (1,086) 12,487 10,886 (1,086) 9,800
Current liabilities
Trade and other payables 21,349 - 21,349 17,063 - 17,063
Contract liabilities 42,616 - 42,616 52,740 - 52,740
Lease liabilities 382 - 382 378 - 378
64,347 - 64,347 70,181 - 70,181
TOTAL EQUITY AND LIABILITIES 128,717 577 129,294 132,133 577 132,710
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