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RNS
MS International PLC   -  MSI   

Final Results

Released 07:00 06-Jun-2019

RNS Number : 2950B
MS International PLC
06 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 

 

 

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 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.
 
END
 
 
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