Ms Intl. Share News (MSI)

MS International says that its defence business is trading strongly but the overall group recovery "remains subdued". The group has a "substantial" order book which mainly relates to the defence activities. Deliveries to the US Naval Sea Systems Command relating to a $28.6m contract for 30mm naval weapon systems begin in May and carry on until the end of 2011. That will show through in the next financial year. Forgings and petrol station structures businesses are showing continued signs of recovery but it is still "subdued". MS had net cash of £4.02m at the end of October 2010 and in the third quarter update it says that the net cash figure is "considerably higher " now.