MS INTERNATIONAL PLC — Earnings Release 2014

Jun 4, 2014

National Storage Mechanism | Additional information You don't have Javascript enabled. For full functionality this page requires javascript to be enabled. RNS Number : 7667I MS International PLC 04 June 2014  MS INTERNATIONAL plc Results for 53 weeks ended 3rd May 2014 Chairman's Statement Results and review As highlighted in our 'Proposed move to AIM' document, dated 1st October 2013, the Company expected revenue for the year to be less and profit before tax to be appreciably less than reported for the comparable period because of the ongoing downturn in the global defence sector. Nevertheless, the Group has traded better than our conservative projections at that time. Profit before tax was £2.93m (2013-£4.56m) for the 12 months to 3rd May 2014 on revenue of £47.13m (2013-£54.50m). Earnings per share were 14.6p (2013-22.5p). Net cash and short term deposits at the year-end increased once again to a record high of £14.29m (2013-£13.45m) and this was after spending £2.96m on the purchase of 1,646,334 of the Company's shares into treasury at an average price of 180p as reported earlier in the year. I am pleased to report a substantial increase in the Group order book which climbed to £46m (2013-£28m) at year-end although that relating to 'Defence' is phased for delivery through to 2020. By comparison both the 'Forgings' and 'Petrol Station Superstructures' divisions operate on short lead time order books of a few weeks. Group orders received during the year amounted to £65m (2013-£53m). 'Defence' which is the largest of the Group's three divisions, continued to be adversely impacted by the extremely tough times experienced by many suppliers to the global defence markets and saw a 30% fall in revenue. Unfortunately, that is the reality of the current market and having already substantially reduced costs in the previous period, we directed our focus last year on three key objectives. First, we ensured that we maintained our capabilities to meet and service current market requirements. Second, we intensified the investments that we are making in important product development programmes and third, we made sure that we are positioned to respond efficiently and effectively to any upturn in activity. 'Forgings' profits improved on last year, reflecting ongoing benefits from the sustained investment in plant, equipment and innovative technology in production processes initiated when its markets were less buoyant. This growth in profitability was achieved despite activity levels in some of the international markets remaining relatively constant. 'Petrol Station Superstructures' two businesses, operating from facilities in the UK and Poland, combined to increase both revenue and profitability having completed contracts in fourteen countries during the period, a record number and a truly outstanding performance. Board We are pleased to announce that David Hansell has been appointed to the Board on 3rd June 2014 as a Non-executive Director having retired from his position as Managing Director of MSI-Defence Systems. He has some 50 years of experience in the division having started his apprenticeship in 1962 and, at some time or other, served in the majority of positions within the business. We are very pleased to retain his experience within the Group. We have appointed a new Managing Director of MSI-Defence Systems who has joined us from a senior position in the defence equipment industry. Outlook Whilst the markets of our largest division, 'Defence', are contending with greatly reduced expenditure budgets it would be unrealistic to anticipate the current year being easier than last year. Conversely, both 'Forgings' and 'Petrol Station Superstructures' divisions hold improving strategic positions in their respective markets and should continue to prosper. 'Defence' would certainly benefit from a boost to the short to medium term order-book. We are hopeful that the weapon procurement phase for the current, substantial UK Royal Navy shipbuilding programme may not be too far away. Internationally, we are well placed in our marketing and positioned to bid effectively for any other new business that may arise, despite the uncertain market. Also, on a further positive note, we are receiving encouraging expressions of interest in a number of our new product developments which are coming to fruition. These will broaden our current product offering and are designed to meet identified requirements in selective markets around the world. 'Forgings' businesses are seeing what may be regarded as some early signs of a welcome, if delicate, upturn in activity and demand in certain global markets. Each production unit in the UK, the United States and Brazil is well equipped and capable of meeting any such sustainable growth. In the meantime we remain particularly sensitive to the effects of continuing exchange rate fluctuations in Brazil, which have led to a negative financial translation effect on our reported figures. 'Petrol Station Superstructures' has a rising international reputation as a high quality forecourt contractor, gaining market share at a time when many existing and new station developments are expanding their traditional refuelling services by opening sophisticated retail buildings on the forecourt. Such market developments, when added to the more conventional forecourt structures, should create further opportunities for the business in the future. As stated above, it would be unrealistic to predict any early change for the better in market conditions for 'Defence'. Fortunately, the long term order book provides a good base load of business for future years and we are seeing encouraging signs from the market for our new product development activities. Our other two divisions should continue to prosper and added to that the Group net cash position is at a record level. Therefore, the Board believes it appropriate to recommend the payment of a maintained final dividend of 6.5p per share (2013-6.5p) making the total for the year of 8.0p per share (2013-8.0p). The final dividend is expected to be paid on 18th July 2014 to those shareholders on the register at the close of business on 27th June 2014. Michael Bell 3rd June, 2014 For further information please contact MS INTERNATIONAL plc Michael Bell Tel: 01302 386644 Shore Capital Tel: (0) 20 7408 4090 Nomad and Broker Bidhi Bhoma/Patrick Castle Consolidated income statement For the 53 weeks ended 3rd May, 2014 2014 2013 Total Total Notes £000 £000 restated Revenue 2 47,130 54,494 Cost of sales (34,266) (39,310) Gross profit 12,864 15,184 Distribution costs (2,707) (2,547) Administrative expenses (6,954) (7,857) (9,661) (10,404) Group operating profit 2 3,203 4,780 Finance revenue 48 83 Finance costs (69) (112) Other finance costs - pensions (254) (188) (275) (217) Profit before taxation 2,928 4,563 Taxation 4 (354) (480) Profit for the period attributable to equity holders of the parent 2,574 4,083 Earnings per share: basic and diluted 5 14.6p 22.5p * The consolidated financial statements as at 3rd, May, 2014, have been restated to reflect amendments to IAS 19, employee benefits, as detailed in note 1. Group and company statement of comprehensive income For the 53 weeks ended 3rd May, 2014 Group Company 2014 2013 2014 2013 Total Total Total Total £000 £000 £000 £000 restated restated Profit for the period attributable to equity holders of the parent 2,574 4,083 1,605 3,550 Exchange differences on retranslation of foreign operations (244) 71 - - Net other comprehensive (loss)/profit to be reclassified to profit or loss in subsequent periods (244) 71 - - Remeasurement gains/(losses) on defined benefit pension scheme 952 (2,640) 952 (2,640) Deferred taxation on actuarial gains/losses on defined benefit scheme (396) 566 (396) 566 Revaluation surplus on land and buildings 1,939 - 2,056 - Deferred taxation on revaluation surplus on land and buildings (446) - (473) - Net other comprehensive profit/(loss) not being reclassified to profit or loss in subsequent periods 2,049 (2,074) 2,139 (2,074) Total comprehensive income for the period attributable to equity holders of the parent 4,379 2,080 3,744 1,476 * The consolidated financial statements as at 3rd, May, 2014, have been restated to reflect amendments to IAS 19, employee benefits, as detailed in note 1. Consolidated and company statement of changes in equity 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 28th April, 2012 1,840 901 2,815 2,511 1,629 (10) (100) 18,819 28,405 Profit for the period - - - - - - - 4,083 4,083 Other comprehensive loss - - - - - 71 - (2,074) (2,003) Total comprehensive income - - - - - 71 - 2,009 2,080 Dividends paid (note 6) - - - - - - - (1,452) (1,452) Change in taxation rates - - - 21 - - - - 21 At 27th April, 2013 (restated ) 1,840 901 2,815 2,532 1,629 61 (100) 19,376 29,054 Profit for the period - - - - - - - 2,574 2,574 Other comprehensive profit/(loss) - - - 1,493 - (244) - 556 1,805 Total comprehensive income - - - 1,493 - (244) - 3,130 4,379 Dividends paid (note 6) - - - - - - - (1,452) (1,452) Purchase of own shares (note 9) - - - - - - (2,959) - (2,959) Change in taxation rates - - - 121 - - - - 121 At 3rd May, 2014 1,840 901 2,815 4,146 1,629 (183) (3,059) 21,054 29,143 (b) Company At 28th April, 2012 1,840 901 1,565 2,511 1,629 - (100) 17,646 25,992 Profit for the period - - - - - - 3,550 3,550 Other comprehensive loss - - - - - - - (2,074) (2,074) Total comprehensive income - - - - - - - 1,476 1,476 Dividends paid (note 6) - - - - - - - (1,452) (1,452) Change in taxation rates - - - 21 - - - - 21 At 27th April, 2013 1,840 901 1,565 2,532 1,629 - (100) 17,670 26,037 Profit for the period - - - - - - - 1,605 1,605 Other comprehensive loss - - - 1,583 - - - 556 2,139 Total comprehensive income - - - 1,583 - - - 2,161 3,744 Dividends paid (note 6) - - - - - - - (1,452) (1,452) Dividend received from subsidiary - - - - - - - 311 311 Purchase of own shares (note 9) - - - - - - (2,959) - (2,959) Change in taxation rates - - - 125 - - - - 125 At 3rd May, 2014 1,840 901 1,565 4,240 1,629 - (3,059) 18,690 25,806 * The consolidated financial statements as at 3rd, May, 2014, have been restated to reflect amendments to IAS 19, employee benefits, as detailed in note 1. Consolidated statements of financial position At 3rd May, 2014 Group Company 2014 2013 2014 2013 Notes £'000 £'000 £'000 £'000 ASSETS Non-current assets Property, plant and equipment 15,127 13,755 12,955 11,133 Intangible assets 4,135 4,451 21 30 Investments in subsidiaries - - 11,829 11,869 Deferred income tax asset - 280 167 807 19,262 18,486 24,972 23,839 Current assets Inventories 8,162 6,536 7,250 5,656 Trade and other receivables 7 8,260 13,065 8,276 13,838 Income tax receivable 51 - Prepayments 447 520 363 419 Cash and short-term deposits 8 14,286 13,447 13,241 12,515 31,206 33,568 29,130 32,428 TOTAL ASSETS 50,468 52,054 54,102 56,267 EQUITY AND LIABILITIES Equity Equity share capital 9 1,840 1,840 1,840 1,840 Capital redemption reserve 9 901 901 901 901 Other reserve 9 2,815 2,815 1,565 1,565 Revaluation reserve 9 4,146 2,532 4,240 2,532 Special reserve 9 1,629 1,629 1,629 1,629 Currency translation reserve 9 (183) 61 - - Treasury shares 9 (3,059) (100) (3,059) (100) Retained earnings 9 21,054 19,376 18,690 17,670 29,143 29,054 25,806 26,037 Non-current liabilities Defined benefit pension liability 5,889 6,766 5,889 6,766 Deferred income tax liability 211 - - - 6,100 6,766 5,889 6,766 Current liabilities Trade and other payables 15,225 16,143 22,294 23,302 Income tax payable - 91 113 162 15,225 16,234 22,407 23,464 TOTAL EQUITY AND LIABILITIES 50,468 52,054 54,102 56,267 Cash flow statements For the 53 weeks ended 3rd May, 2014 Group Company 2014 2013 2014 2013 Notes £000 £000 £000 £000 Restated Restated Profit before taxation 2,928 4,563 1,709 3,862 Adjustments to reconcile profit before taxation to net cash in flow from operating activities Depreciation charge 1,227 1,372 1,028 1,180 Amortisation charge 316 347 9 39 Impairment in investment in subsidiary undertaking - - 40 - Administration expenses-pension fund 350 300 350 300 Profit on sale of fixed assets (124) - (130) Finance costs 275 217 236 156 Foreign exchange(losses)/gains (136) 9 - - (Increase)/decrease in inventories (1,626) 1,288 (1,594) 1,070 Decrease/(increase) in receivables 4,805 (857) 5,562 (81) Decrease in prepayments 73 84 56 108 (Decrease)/increase in payables (2,550) 3,266 (2,877) 3,511 Increase/(decrease) in progress payments 1,632 (2,118) 1,869 (2,140) Pension fund payments (529) (529) (529) (529) Cash generated from operating activities 6,641 7,942 5,729 7,476 Interest (paid)/received (21) (29) 18 32 Taxation paid (708) (1,809) (257) (1,505) Net cash inflow from operating activities 5,912 6,104 5,490 6,003 Investing activities Purchase of property, plant and equipment (940) (1,252) (842) (620) Sale of property, plant and equipment 342 10 178 1 Net cash outflow from investing activities (662) (1,242) (664) (619) Financing activities Dividends paid 6 (1,452) (1,452) (1,452) (1,452) Dividend received from subsidiary - - 311 - Purchase of own shares (2,959) - (2,959) - Investment in subsidiary - - - (418) Net cash outflow from financing activities (4,411) (1,452) (4,100) (1,870) Increase in cash and cash equivalents 839 3,410 726 3,514 Opening cash and cash equivalents 13,447 10,037 12,515 9,001 Closing cash and cash equivalents 8 14,286 13,447 13,241 12,515 The financial information set out above does not constitute the Company's statutory accounts for the periods ended 3rd May, 2014 or 27th April, 2013 but is derived from those accounts. Statutory accounts for 2013 have been delivered to the Registrar of Companies, and those for 2014 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) IAS 19 "Employee Benefits" was amended in June 2011. The impact on the Group has been to replace interest cost and expected return on plan assets with a net interest amount that is calculated by applying the discount rate to the net defined benefit liability and to transfer the costs of administrating the pension scheme from a deduction from expected return on plan assets into other operating expenses. For the year to 27th April, 2013, the restatement on implementation of IAS 19R has reduced operating profit by £300,000, increased net financing costs by £143,000 and increased other comprehensive income by £443,000. For the year to 3rd May, 2014, the implementation of IAS 19R has reduced operating profit by £350,000, increased net financing costs by £238,000 and increased other comprehensive income by £588,000. (2) Segment information The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the periods ended 3rd May, 2014 and 27th April, 2013. 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 and construction of petrol station superstructures. 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 Total Superstructures 2014 2013 2014 2013 2014 2013 2014 2013 £000 £000 £000 £000 £000 £000 £000 £000 Revenue Restated External 19,445 27,968 14,058 14,295 13,627 12,231 47,130 54,494 Total revenue 19,445 27,968 14,058 14,295 13,627 12,231 47,130 54,494 Segment result 926 2,934 591 359 1,686 1,487 3,203 4,780 Net finance costs (275) (217) Profit before taxation 2,928 4,563 Taxation (354) (480) Profit for the period 2,574 4,083 Segmental assets 24,619 27,153 6,658 6,654 6,341 5,585 37,618 39,392 Unallocated assets 12,850 12,662 Total assets 50,468 52,054 Segmental liabilities 10,234 10,459 2,763 2,681 3,778 4,158 16,775 17,298 Unallocated liabilities 4,550 5,702 Total liabilities 21,325 23,000 Capital expenditure 134 107 450 463 121 665 Depreciation 189 315 454 466 330 348 Geographical analysis The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 3rd May, 2014 and 27th April, 2013. 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 2014 2013 2014 2013 2014 2013 2014 2013 £000 £000 £000 £000 £000 £000 £000 £000 Revenue External 32,803 37,703 4,487 6,339 9,840 10,452 47,130 54,494 Non-current assets 19,026 18,090 61 105 175 291 19,262 18,486 Current assets 29,682 31,595 1,191 1,020 856 953 31,729 33,568 Liabilities 20,805 22,021 390 193 653 786 21,848 23,000 Capital expenditure 904 1,206 - 6 36 40 940 1,252 Information about major customers 2014 2013 Revenue from major customers arising from sales reported in the Defence segment: £000 £000 Customer 1 10,796 - Customer 1 - 14,741 (3) Employee Information 2014 2013 Number Number The average number of employees, including executive directors, during the period was: Production 199 223 Technical 62 69 Distribution 25 25 Administration 51 56 337 373 (a) Staff costs 2014 2013 Their, including executive directors, employment costs were as follows: £000 £000 Wages and salaries 11,162 12,396 Social Security costs 1,302 1,467 Other pension costs 408 721 12,872 14,584 2014 2013 (b) Directors' emoluments £000 £000 Aggregate directors' emoluments 1,114 1,368 (4) (a) Taxation The charge for taxation comprises: 2014 2013 £000 £000 Current tax United Kingdom corporation tax 236 618 Tax over provided in previous years (32) (230) Foreign corporation tax 381 290 Group current tax 585 678 Deferred tax Origination and reversal of temporary differences (72) 44 Adjustments in respect of prior years (67) (207) Impact of reduction in deferred tax rate (23% to 20%) (92) (35) Group deferred tax (231) (198) Tax on profit 354 480 Tax relating to items charged or credited to other comprehensive income Deferred tax Deferred tax on remeasurement gains/losses on pension scheme current year 219 (634) Impact of reduction in deferred tax rate (23% to 20%) 177 68 Deferred taxation on revaluation surplus on land and buildings 446 Income tax in the statement of comprehensive income 842 (566) (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 U.K. (24%). The differences are explained below: 2014 2013 £000 £000 Profit before tax 2,928 4,563 Profit multiplied by standard rate of corporation tax of 23% (2013 - 24%) 673 1,095 Effects of: Expenses not deductible for tax purposes (128) (147) Adjustment in respect of prior periods (99) (433) Impact of reduction in deferred tax rate (23% to 20%) (92) (35) Total tax charge for the period 354 480 (5) Earnings per share The calculation of basic and diluted earnings per share is based on: (a) Profit for the period attributable to equity holders of the parent of £2,574,000 (2013 - £4,083,000); (b) 17,603,561 (2013 - 18,151,025) Ordinary shares, being the diluted weighted average number of Ordinary shares in issue. This represents 18,396,073 (2013 - 18,396,073) being the weighted average number of Ordinary shares in issue less 792,512 (2013 - less 245,048) being the weighted average number of shares both held within the ESOT 245,048 (2013-245,048) and purchased by the Company 547,464(2013-nil). (6) Dividends paid and proposed 2014 2013 £000 £000 Declared and paid during the year On Ordinary shares Final dividend for 2013 : 6.50p (2012 - 6.50p) 1,180 1,180 Interim dividend for 2013 : 1.50p (2012 - 1.50p) 272 272 1,452 1,452 Proposed for approval by shareholders at the AGM Final dividend for 2014 : 6.50p (2012 - 6.50p) 1,073 1,180 (7) Trade and other receivables Group Company 2014 2013 2014 2013 £000 £000 £000 £000 Trade receivables 5,572 10,467 4,326 9,323 Retentions on contracts 2,644 2,590 2,644 2,590 Amounts owed by subsidiary undertakings - - 1,264 1,923 Other receivables 44 8 42 2 8,260 13,065 8,276 13,838 Gross amounts due from customers for contract work - included above 821 2,977 200 2,671 The aggregate amount of costs incurred and recognised profits to date on contracts is £17,407,000 (2013 - £12,774,000). (a) Trade receivables are denominated in the following currencies Group Company 2014 2013 2014 2013 £000 £000 £000 £000 Sterling 4,105 8,691 4,105 8,691 Euro 510 304 221 219 US dollar 245 856 - 413 Other currencies 712 616 - - 5,572 10,467 4,326 9,323 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 2014 5,572 3,686 1,058 159 49 620 2013 10,467 8,597 937 253 490 190 As at 3rd May, 2014 trade receivables at a nominal value of £184,000 (2013 - £328,000) were impaired and fully provided. Bad debts of £ 165,000 were recovered and bad debts of £21,000 (2013 - £11,000 ) were incurred. Company 2014 4,326 2,666 922 96 28 614 2013 9,323 7,831 647 189 481 175 As at 3rd May, 2014 trade receivables at a nominal value of £168,000 (2013 - £328,000) were impaired and fully provided. Bad debts of £165,000 were recovered and bad debts of £5,000 (2013 - nil) were incurred. (b) Retentions on contracts are denominated in the following currencies Group Company 2014 2013 2014 2013 £000 £000 £000 £000 Sterling 2,644 1,222 2,644 1,222 Euro - 54 - 54 US dollar - 1,314 - 1,314 Other currencies - - - - 2,644 2,590 2,644 2,590 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 2014 2,644 2,644 - - - 2013 2,590 2,569 21 - - Company 2014 2,644 2,644 - - - 2013 2,590 2,569 21 - - (8) Cash Group Company 2014 2013 2014 2013 £000 £000 £000 £000 Cash at bank and in hand 4,786 12,942 3,741 12,010 Short term deposits 9,500 505 9,500 505 14,286 13,447 13,241 12,515 (9) 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 (23% to 20%). 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 2014 2013 £000 £000 Employee Share Ownership Trust 100 100 Shares in treasury (see below) 2,959 - 3,059 100 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 (2013- 245,048) Ordinary shares, which represents 1.3% (2013 - 1.3%) of the issued share capital of the Company at an aggregate cost of £100,006. The market value of the shares at 3rd May, 2014 was £508,000 (2013 - £512,048. The Company has made payments of £Nil (2013 - £Nil) into the ESOT bank accounts during the period. No options over shares (2013 - 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 £4,000 (2013 - £5,000). During the period no options on shares were exercised (2013 - Nil) and no shares were purchased (2013 - 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. (note 28) 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 3rd June, 2014 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 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 SSAFMDFLSELM