Regulatory Story
Go to market news section View chart   Print
RNS
MS International PLC  -  MSI   

Final Results

Released 07:00 07-Jun-2017

RNS Number : 3461H
MS International PLC
07 June 2017
 

 MS INTERNATIONAL plc

Results for the 52 weeks ended 29th April, 2017

 

 

Chairman's Statement

 

Results and Review

 

  It has been a period of solid growth across much of the Group coupled with important and significant new investment to ensure we continue to take full advantage of future opportunities. 

 

Revenue has increased across three of the Group's four divisions and it would have been all four had it not been for the rescheduling of a delivery, for a long standing international defence customer, into our 2017/18 financial year. Even so, overall revenue was up an impressive 9.2% at £53.82m for the year ended 29th April 2017 (2016 - £49.28m).

 

Investment across the divisions was considerable and wide ranging, reflecting our determination and commitment to optimise their future potential. This increased investment nevertheless impacted short term returns and profit before taxation amounted to £1.53m (2016 - £1.68m). Earnings per share were 9.1p (2016 - 9.6p).

  

The balance sheet is strong and at the year-end had net cash amounting to £15.21m (2016 - £12.76m).

 

'Defence division' markets generally remained testing, reflecting the many constraints placed on global defence ministries which are faced with numerous, diverse threats and yet often only have limited resources to support military procurement programmes. Hence, although programmes may be approved and planning initiated, thereafter they frequently become delayed; postponed or at worst, even cancelled. Despite such unpredictability, it is important that we continue to invest in extensive new product development as well as essential international marketing campaigns, as we seek to match the ever-changing requirements and expectations of the international market.  

 

'Forgings division' lifted revenue by 6% as a result of strong growth in the United States and a good measure of recovery in our Brazilian operations. European markets serviced from our UK facility, remained relatively constant but were, as a result, highly competitive. The very recent production 'start-up phase' of our new superb and substantial fork-arm manufacturing property in South Carolina - a notable investment - is in process. Whilst there is still much to do and costs to complete, the facility will provide a significant capability to meet the opportunities of a changing market place. 

 

'Petrol Station Superstructures division' produced an impressive performance, lifting revenue by some 26% over last year. Pleasingly, the number of petrol stations operating in the UK increased in 2016, the first upturn in several decades. Demand for new station builds, upgrades, plus repairs and maintenance work created a strong market for 'Global-MSI'. Clearly, we are also benefiting from having added the complimentary capabilities of station branding via 'Petrol Sign' to that of our established design, manufacture and construction of canopies and convenience stores. Our broader offering has enabled the division's marketing operations to gain added impetus. Elsewhere, in a response to a lean market for new petrol stations in Eastern Europe, our Polish operation successfully expanded into other markets and completed new station builds in twelve other countries around the world in addition to its native Poland.

 

 'Petrol Station Branding division,' with operations in the Netherlands; Germany and the UK are all making progress. Towards the end of the period, we were at last able to commence initial work on an extensive programme to rebrand the estate of a major petrol station client in Germany. The Netherlands' operation continues to support the initiation of the German programme and the UK business also in its first year of operation, successfully winning business independently and also when teaming-up with the 'Petrol Station Superstructures Division', for those clients requiring a 'one-stop' turn-key service.

 

Outlook   

 

We believe that the Group is in excellent shape and well positioned to achieve further progress following the considerable investment made across the various businesses. The order book is at a higher level than at this time last year; in particular there is a good level of orders in hand for both established and recently developed defence products. The new fork-arm facility in the United States has commenced some initial production and the prospects for our two divisions that service the petrol station market, look most promising.

 

All matters considered the Board recommends the payment of a maintained final dividend of 6.5p per share (2016 - 6.5p), making the total for the year of 8p (2016 - 8p). The final dividend is expected to be paid on 24th July 2017 to those shareholders on the register at the close of business on 23rd June 2017.

 

 

Michael Bell

6th June 2017

 

 

 

 

 

 

 

For any further information please contact:

 

 

MS INTERNATIONAL plc 

Michael Bell         

               Tel: 01 302 322133

               

 

Shore Capital

Nomad and Broker              

Bidhi Bhoma/Patrick Castle

     Tel: (0) 20 7408 4090

 

 



 

Consolidated income statement

For the 52 weeks ended 29th April, 2017















2017


2016

Continuing operations






Total


Total







£000


£000










Revenue






53,823


49,282

Cost of sales






(38,875)


(36,413)



















Gross profit






14,948


12,869



















Distribution costs






(3,654)


(3,104)

Administrative expenses






(9,523)


(7,909)
















(13,177)


(11,013)



















Group operating profit






1,771


1,856










Finance revenue






33


47

Finance costs






(31)


(5)

Other finance costs - pensions






(247)


(216)







(245)


(174)










Profit before taxation






1,526


1,682










Taxation






(28)


(98)



















Profit for the period attributable to equity holders of the parent






1,498


1,584



















Earnings per share:  basic and diluted






9.1p

 

9.6p



















Consolidated and company statement of comprehensive income

For the 52 weeks ended 29th April, 2017


 

 

 


 

 

 



            Group


     Company



2017


2016


2017


2016



Total


Total


Total


Total



£000


£000


£000


£000



 


 


 


 

Profit for the period attributable to equity holders of the parent


1,498


1,584


2,702


1,926



















Exchange differences on retranslation of foreign operations


757


228


 -


 -



















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


757


228


 -


 -



















Remeasurement gains/(losses) on defined benefit pension scheme


95


(826)


95


(826)

Deferred taxation on remeasurement on defined benefit scheme


(16)


165


(16)


165

Change in taxation rates


(75)


(153)


(75)


(153)










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


4


(814)


4


(814)





































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


2,259


998


2,706


1,112















 

Consolidated and company statement of changes in equity

For the 52 weeks ended 29th April, 2017















Issued capital


Capital redemption reserve


Other reserves


Revaluation reserve


Special reserve


Foreign exchange reserve


Treasury shares


Retained earnings


Total




£'000


£'000


£'000


£'000


£'000


£'000


£'000


 £'000


 £'000





















(a) Group



















At 2nd May, 2015


1,840


901


2,815


4,146


1,629


(289)


(3,059)


20,316


28,299





















Profit for the period









1,584


1,584

Other comprehensive income/(loss)







228



(814)


(586)

Total comprehensive income







228



770


998

Dividends paid









(1,320)


(1,320)

Change in taxation rates





83






83

Depreciation of buildings revaluation





(7)





7










































At 30th April, 2016


1,840


901


2,815


4,222


1,629


(61)


(3,059)


19,773


28,060





















Profit for the period









1,498


1,498

Other comprehensive income







757



4


761

Total comprehensive income







757



1,502


2,259

Dividends paid









(1,320)


(1,320)

Change in taxation rates





42






42

Depreciation of buildings revaluation





(7)





7










































At 29th April, 2017


1,840


901


2,815


4,257


1,629


696


(3,059)


19,962


29,041









































(b) Company



















At 2nd May, 2015


1,840


901


1,565


4,240


1,629



(3,059)


17,554


24,670





















Profit for the period









1,926


1,926

Other comprehensive loss









(814)


(814)

Total comprehensive income









1,112


1,112

Dividends paid









(1,320)


(1,320)

Change in taxation rates





83






83

Depreciation of buildings revaluation





(7)





7










































At 30th April, 2016


1,840


901


1,565


4,316


1,629



(3,059)


17,353


24,545





















Profit for the period









2,702


2,702

Other comprehensive loss









4


4

Total comprehensive income








2,706


2,706

Dividends paid









(1,320)


(1,320)

Change in taxation rates





41






41

Depreciation of buildings revaluation





(6)





6










































At 29th April, 2017


1,840


901


1,565


4,351


1,629



(3,059)


18,745


25,972





















Consolidated and company statements of financial position

At 29th April, 2017















         Group


       Company





2017


2016


2017


2016





£'000


£'000


£'000


£'000

ASSETS











Non-current assets











Property, plant and equipment




19,099


15,955


12,653


12,869

Intangible assets




5,301


5,671


 - 


4

Investments in subsidiaries




 - 


 - 


14,339


14,170

Deferred income tax asset




1,272


1,376


1,272


1,376



























25,672


23,002


28,264


28,419























Current assets











Inventories




10,145


7,043


7,989


5,808

Trade and other receivables




11,393


8,996


14,566


9,655

Income tax receivable




199


118


 - 


 - 

Prepayments




943


784


824


682

Cash and cash equivalents




15,210


12,758


13,526


11,017



























37,890


29,699


36,905


27,162
























































TOTAL ASSETS




63,562


52,701


65,169


55,581


































EQUITY AND LIABILITIES











Equity











Equity share capital




1,840


1,840


1,840


1,840

Capital redemption reserve




901


901


901


901

Other reserve




2,815


2,815


1,565


1,565

Revaluation reserve




4,257


4,222


4,351


4,316

Special reserve




1,629


1,629


1,629


1,629

Currency translation reserve




696


(61)


 - 


 - 

Treasury shares




(3,059)


(3,059)


(3,059)


(3,059)

Profit for the period



1,498


1,584


2,572


1,755

Retained earnings




18,464


18,189


16,174


15,598























TOTAL EQUITY SHAREHOLDERS' FUNDS



29,041


28,060


25,973


24,545























Non-current liabilities











Defined benefit pension liability




7,485


7,644


7,485


7,644

Deferred income tax liability




1,449


1,590


911


987



























8,934


9,234


8,396


8,631























Current liabilities











Trade and other payables




25,464


15,253


30,607


22,270

Income tax payable




123


154


193


135



























25,587


15,407


30,800


22,405
























































TOTAL EQUITY AND LIABILITIES




63,562


52,701


65,169


55,581












 



 

Consolidated and company cash flow statements

For the 52 weeks ended 29th April, 2017


 


   Group


   Company





2017


2016


2017


2016





£000


£000


£000


£000























Profit before taxation




1,526


1,682


2,544


1,880










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








Depreciation charge




1,105


1,060


853


861

Amortisation charge




535


609


4


9

Impairment in investment in subsidiary undertaking




  - 


  - 


(155)


28

Profit on sale of fixed assets




(35)


(98)


(34)


(91)

Finance costs




245


174


228


170

Foreign exchange gains




419


83


  - 


  - 

(Increase)/decrease in inventories




(3,102)


2,394


(2,181)


1,585

(Increase)/decrease in receivables




(2,397)


840


(4,911)


(403)

Increase in prepayments




(159)


(194)


(142)


(187)

Increase/(decrease) in payables




3,126


(1,981)


1,409


(1,705)

Increase/(decrease) in progress payments




7,085


(2,479)


6,928


(2,479)

Pension fund payments




(311)


(275)


(311)


(275)























Cash generated from /(invested in) operating activities




8,037


1,815


4,232


(607)












Net interest received




2


42


19


46

Taxation (paid)/received




(242)


(134)


65


16























Net cash inflow/(outflow) from operating activities




7,797


1,723


4,316


(545)












Investing activities











Acquisition of Petrol Sign bv




  - 


(2,612)


  - 


(2,438)

Investment in Petrol Sign GmbH




  - 


  - 


  - 


(19)

Investment in Global MSI bv








(14)


  - 

Purchase of property, plant and equipment




(4,165)


(2,330)


(720)


(1,172)

Sale of property, plant and equipment




140


149


117


141























Net cash outflow from investing activities




(4,025)


(4,793)


(617)


(3,488)























Financing activities











Dividends paid




(1,320)


(1,320)


(1,320)


(1,320)

Dividend received from subsidiary




  - 


  - 


130


171























Net cash outflow from financing activities




(1,320)


(1,320)


(1,190)


(1,149)























Increase/(decrease) in cash and cash equivalents




2,452


(4,390)


2,509


(5,182)

Opening cash and cash equivalents




12,758


17,148


11,017


16,199























Closing cash and cash equivalents



 

15,210


12,758


13,526


11,017

 

 

 

 








 

 

 

 








 



 

The financial information set out above does not constitute the Company's statutory accounts for the periods ended 29th April, 2017 or 30th April, 2016 but is derived from those accounts.  Statutory accounts for 2016 have been delivered to the Registrar of Companies, and those for 2017 will be delivered following the Company's Annual General Meeting.  The auditors have reported on those accounts; their reports were unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.






















1

Segment information








































The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the periods ended 29th April, 2017 and 30th April, 2016.  The reporting format is determined by the differences in manufacture and services provided by the Group.  The Defence division is engaged in the design, manufacture and service of defence equipment.  The Forgings division is engaged in the manufacture of forgings.  The Petrol Station Superstructures division is engaged in the design, manufacture, construction, branding, maintenance and restyling of petrol station superstructures.  The Petrol Station Branding division is engaged in the design and installation of the complete appearance of petrol stations.
























Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the consolidated financial statements. Group financing (including finance costs and finance revenue) and income taxes are managed on a group basis and are not allocated to operating segments.



























       Defence


       Forgings


Petrol Station


Petrol Station


Total












Superstructures


Branding








2017


2016


2017


2016


2017


2016


2017


2016


2017


2016




£000


£000


£000


£000


£000


£000


£000


£000


£000


£000






Restated




Restated




Restated




Restated






Revenue






















External


20,847


21,907


12,562


11,922


13,745


10,842


6,669


4,611


53,823


49,282














































Total revenue


20,847


21,907


12,562


11,922


13,745


10,842


6,669


4,611


53,823


49,282




































































Segment result


1,822


1,950


(721)


(393)


957


262


(287)


37


1,771


1,856


Net finance costs


















(245)


(174)














































Profit before taxation


















1,526


1,682


Taxation


















(28)


(98)














































Profit for the period


















1,498


1,584














































Segmental assets


30,576


24,607


5,178


5,250


8,260


9,525


5,514


3,668


49,528


43,050


Unallocated assets (see below)
















14,034


9,651














































Total assets


















63,562


52,701














































Segmental liabilities

18,333


10,411


1,905


1,378


2,572


2,458


2,644


985


25,454


15,232


Unallocated liabilities (see below)
















9,067


9,409














































Total liabilities


















34,521


24,641














































Capital expenditure


219


214


3,297


1,443


254


470


341


80


4,111


2,207


Depreciation


211


233


305


362


627


575


347


336


1,490


1,506


























































































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


Following the establishment of the Petrol Station Branding division, management have revised the allocation of certain costs which has led to a restatement of the prior year segment result for the divisions. The total segment result of the Group for the prior year remains unchanged.






































 



 

 


Geographical analysis






































The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 29th April, 2017 and 30th April, 2016.  The Group's geographical segments are based on the location of the Group's assets.  Revenue from external customers is based on the geographical location of its customers.






























     Europe


     North America


     Rest of the World


    Total








2017


2016


2017


2016


2017


2016


2017


2016








£000


£000


£000


£000


£000


£000


£000


£000
























Revenue






















External






45,599


39,238


6,072


3,935


2,152


6,109


53,823


49,282
























Non-current assets






21,230


21,683


4,351


1,246


91


73


25,672


23,002


Current assets






35,911


27,544


1,213


1,483


766


672


37,890


29,699


Liabilities






29,163


22,675


4,922


1,531


436


435


34,521


24,641
























Capital expenditure






992


1,261


3,149


1,069


24



4,165


2,330




































































Information about major customers














2017


2016


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






£000


£000


Customer 1 


















9,065


  - 


Customer 1


















  - 


10,042













































 

2

Employee Information


2017


2016




Number


Number


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





Production


234


237


Technical


65


68


Distribution


30


31


Administration


80


59
















409


395



















(a)

Staff costs


2017


2016


Their, including executive directors, employment costs were as follows:


£000


£000


Wages and salaries


12,764


11,558


Social Security costs


1,355


1,227


Other pension costs    


398


412
















14,517


13,197






















2017


2016

(b)

Directors' emoluments


£000


£000


Aggregate directors' emoluments


1,152


1,128


 Post employment benefits


31


31
















1,183


1,159













 

3

Taxation












The charge for taxation comprises:


2017


2016




£000


£000


Current tax






United Kingdom corporation tax


9


83


Tax over provided in previous years


15


(82)


Foreign corporation tax


116


150














Group current tax


140


151














Deferred tax






Origination and reversal of temporary differences


(73)


(54)


Adjustments in respect of prior years


(26)


37


Impact of reduction in deferred tax rate to 17%


(13)


(36)














Group deferred tax


(112)


(53)














Tax on profit


28


98




















Tax relating to items charged or credited to other comprehensive income






Deferred tax






Deferred tax on remeasurement losses on pension scheme current year


16


(165)


Impact of reduction in deferred tax rate to 17%


75


153














Income tax in the statement of comprehensive income


91


(12)



















(b)

Factors affecting the tax charge for the year












The tax assessed for the period differs to the standard rate of corporation tax in the UK (20%) (2016 - 20%).  The differences are explained below:










2017


2016




£000


£000








Profit before tax


1,526


1,682














Profit multiplied by standard rate of corporation tax of 20%  (2016 - 20%)


305


336








Expenses not deductible for tax purposes


(434)


(173)


Adjustments in respect of overseas tax rates


181


16


Current tax adjustment in respect of prior periods


15


(82)


Deferred tax adjustment in respect of prior periods


(26)


37


Impact of reduction in deferred tax rate to 17%


(13)


(36)














Total tax charge for the period


28


98







 

4

 Earnings per share












The calculation of basic earnings per share is based on:












(a)   Profit for the period attributable to equity holders of the parent of £1,498,000 (2016 - £1,584,000).








(b)   16,504,691 (2016 - 16,504,691) Ordinary shares, being the weighted average number of Ordinary shares in issue.








This represents 18,396,073 (2016 - 18,396,073) being the weighted average number of Ordinary shares in issue less 1,891,382 (2016 - less 1,891,392) being the weighted average number of shares both held within the ESOT 245,048 (2016 - 245,048) and purchased by the Company 1,646,334 (2016 - 1,646,334).







 

5

Dividends paid and proposed


2017


2016




£000


£000


Declared and paid during the year






On Ordinary shares






Final dividend for 2016 : 6.50p  (2015 - 6.50p)


1,073


1,073


Interim dividend for 2017 : 1.50p (2016 - 1.50p)


247


247
















1,320


1,320














Proposed for approval by shareholders at the AGM






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


1,073


1,073







 

6

Trade and other receivables




















    Group


           Company








2017


2016


2017


2016








£000


£000


£000


£000


Trade receivables






      9,631


      7,744


      6,792


    6,578


Retentions on contracts






      1,723


      1,188


     1,723


    1,188


Amounts owed by subsidiary undertakings

              -


              -


     6,036


     1,874


Other receivables






           39


           64


           15


          15




































    11,393


      8,996


    14,566


     9,655





























Gross amounts due from customers for contract work - included above

      2,270


1,861


    2,033


     1,666






























The aggregate amount of costs incurred and recognised profits to date on contracts is £13,679,000 (2016 - £10,775,000).
















(a)   Trade receivables are denominated in the following currencies














Group


           Company








2017


2016


2017


2016








£000


£000


£000


£000


Sterling






6,208


6,019


6,208 


6,019 


Euro






2,578


983


593 


559 


US dollar






516


361


(14)



Other currencies






329


381






































9,631 


7,744 


6,792 


6,578 





























 
















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
















Group




Total

Not past due

< 30 days


30-60 days


60-90 days


> 90 days






£000

£000

£000


£000


£000


£000


2017




9,631 

8,028 

1,397 


182 


15 



2016




7,744 

6,026 

1,424 


269 



16 
















As at 29th April, 2017 trade receivables at a nominal value of £84,000 (2016 - £102,000) were impaired and fully provided. Bad debts of £19,000 (2016 - £51,000) were recovered and bad debts of £17,000 (2016 - £24,000) were incurred.
















Company














2017




6,792 

5,623 

1,139 


30 




2016




6,578 

5,182 

1,158 


238 


















As at 29th April, 2017 trade receivables at a nominal value of £37,000 (2016 - £39,000) were impaired and fully provided. Bad debts of £6,000 (2016 - £8,000) were recovered and bad debts of £4,000 (2016 - £23,000) were incurred.
















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














Group


           Company








2017


2016


2017


2016








£000


£000


£000


£000


Sterling






1,723 


1,188 


1,732 


1,188 


Euro










US dollar










Other currencies












































1,723 


1,188 


1,732 


1,188 






























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
















Group




Total


Up to 6 months


6 - 12 months


12 - 18  months


18 - 24 months






£000


£000


£000


£000


£000


2017




1,723 


1,723 





2016




1,188 


1,188 



















Company




























2017




1,723 


1,723 





2016




1,188


1,188


















 

7

Cash and cash equivalents






Group


           Company








2017


2016


2017


2016








£000


£000


£000


£000


Cash at bank and in hand






9,880


7,420


13,526


5,715


Short term deposits






5,330


5,338


  - 


5,302




































   15,210


   12,758


  13,526


11,017















 

8

Reserves















 













Share Capital














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
















Capital redemption reserve














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
















Other reserve














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
















Revaluation reserve














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
















Special reserve














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
















Currency translation reserve














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
















Treasury Shares
























2017


2016












£000


£000


Employee Share Ownership Trust










100


100


Shares in treasury (see below)










2,959


2,959








































3,059


3,059






























During 1991 the Company established an Employee Share Ownership Trust ("ESOT").  The trustee of the ESOT is Appleby Trust (Jersey) Ltd, an independent company registered in Jersey.  The ESOT provides for the issue of options over Ordinary shares in the Company to Group employees, including executive directors, at the discretion of the Remuneration Committee.
















The trust has purchased an aggregate 245,048 (2016 - 245,048) Ordinary shares, which represents 1.3% (2016 - 1.3%) of the issued share capital of the Company at an aggregate cost of £100,006.  The market value of the shares at 29th April, 2017 was £414,000 (2016 - £448,000).  The Company has made payments of £Nil (2016 - £Nil) into the ESOT bank accounts during the period.  No options over shares (2016 - Nil) have been granted during the period.  Details of the outstanding share options, for Directors are included in the Directors' remuneration report.
















The assets, liabilities, income and costs of the ESOT have been incorporated into the Company's financial statements.  Total ESOT costs charged to the income statement in the period amounts to £5,000 (2016 - £7,000).  During the period no options on shares  were exercised (2016 - Nil) and no shares were purchased (2016 - Nil).
















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














£000


11th December, 2013 1,000,000 shares from the Group's pension scheme.




1,722


30th January, 2014  646,334 shares












1,237










































2,959





























 















The preliminary announcement is prepared on the same basis as set out in the previous year's accounts.















The Directors confirm to the best of their knowledge that:

(a) the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the group and the undertakings included in the consolidation taken as a whole; and















(b) the  Chairman's Statement includes a fair review of the development and performance of the business and the position of the group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.















The preliminary announcement was approved by the Board on 6th June, 2017 and the above responsibility statement was signed on its behalf by Michael Bell, Executive Chairman and Michael O'Connell, Group Finance Director.















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















 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR SSWFWMFWSELM
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Final Results - RNS