MS INTERNATIONAL PLC — Earnings Release 2019

Jun 6, 2019

National Storage Mechanism | Additional information

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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		2
	2018		14,032		9,377		4,446		142		24		43
	As at 27th April, 2019 trade receivables at a nominal value of £105,000 (2018 - £97,000) were impaired and fully provided. Bad debts of  £65,000 (2018 - £15,000) were recovered and bad debts of £52,000 (2018 - £28,000) were incurred.
	Company
	2019		2,764		2,649		40		81		-		(6)
	2018		2,998		2,172		808		17		-		1
	As at 27th April, 2019 trade receivables at a nominal value of £51,000 (2018 - £32,000) were impaired and fully provided. Bad debts of £20,000 (2018 - £11,000) were recovered and bad debts of £39,000 (2018 - £6,000) were incurred.
	(b) Retentions on contracts are denominated in the following currencies
							Group				Company
							2019		2018		2019		2018
							£000		£000		£000		£000
	Sterling						113		568		-		22
	Euro						-		-		-		-
	US dollar						-		-		-		-
	Other currencies						-		-		-		-
							113		568		-		22
	Retentions on contracts are non interest bearing and represent amounts contractually retained  by customers on completion of contracts for specific time periods as follows:

	Group				Total		Up to 6 months		6 - 12 months		12 - 18  months		18 - 24 months
					£000		£000		£000		£000		£000
	2019				113		93		20		-		-
	2018				568		546		22		-		-
	Company
	2019				-		-		-		-		-
	2018				22		-		22		-		-

8	Cash and cash equivalents/bank overdraft						Group				Company
							2019		2018		2019		2018
							£000		£000		£000		£000
	Cash at bank and in hand						17,151		7,504		-		-
	Short term deposits						5,735		8,362		-		-
	Bank overdraft						-		-		(582)		(342)
							22,886		15,866		(582)		(342)

Reserves
Share Capital
The balance classified as share capital includes the nominal value on issue of the Company's equity share capital, comprising 10p Ordinary shares.
Capital redemption reserve
The balance classified as capital redemption reserve represents the nominal value of issued share capital of the Company, repurchased.
Other reserves - Company
Following the transfer of assets held at valuation by the Company, to a subsidiary company, a reserve has been created which is non distributable.  This is equal to the revaluation reserve previously arising.
Additionally, it includes the non-distributable retained reserve for the revaluation reserve previously showing in the company for properties now transferred to other members of the Group.
Revaluation reserve
The asset revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same assets previously recognised in equity.  This also includes the impact of the change in the prior year for the related deferred tax due to the change in corporation tax (18% to 17%).
Share premium account
The balance classified as special reserve represents the share premium on the issue of the Company's equity share capital.
Currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. It is also used to record the effect of hedging net investments in foreign operations.
Treasury Shares
										2019		2018
										£000		£000
Employee Share Ownership Trust										100		100
Shares in treasury										2,959		2,959
										3,059		3,059

The preliminary announcement is prepared on the same basis as set out in the previous year's accounts apart from the adoption of new accounting standards IFRS 9 'Financial Instruments' and IFRS 15 'Revenue from Contracts with Customers'.
The Directors confirm to the best of their knowledge that:
(a) the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the group and the undertakings included in the consolidation taken as a whole; and
(b) the  Chairman's Statement includes a fair review of the development and performance of the business and the position of the group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
The preliminary announcement was approved by the Board on 5th June, 2019 and the above responsibility statement was signed on its behalf by Michael Bell, Executive Chairman and Michael O'Connell, Group Finance Director.
Copies of this announcement are available from the Company's registered office at MS INTERNATIONAL plc, Balby Carr Bank, Doncaster, DN4 8DH, England.  The full Annual Report and Accounts which will include the Notice of AGM, will be posted to shareholders shortly and will be available on our website at www.msiplc.com and will be delivered to the Registrar of Companies after it has been laid before the Company in general meeting.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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