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(Alliance News) - Shares rose in MS International PLC on Friday as it said its balance sheet remains strong despite the Covid-19 outbreak adding to what is already a difficult trading period for the company.
Shares in the defence and petrol station services provider were 15% higher at 144.25 pence on Friday in London.
MS International said the restrictions on movement, both in terms of personnel and goods are hurting the group's national and international trading arrangements.
This has led to the partial or complete temporary shutdown of MS's manufacturing facilities during this week. The group said while it is not possible to know how long the outbreak will last, it is clear the outbreak will have a material impact on its performance.
In September, MS International said it expected a substantial weakening in its financial results due to a reduction in demand for both its products and services across the four divisions, with the slowdown and delays in the awarding of UK defence-related contracts, following requests for tender submissions.
However, the group said with net cash of GBP15.5 million as at March 25, its balance sheet remains strong and it is "very well positioned" to navigate the difficult trading period.
"In addition, we are confident that the many investment programmes that we have in progress will assist our objective of achieving a more prosperous future for the company once we return to more normal trading conditions," MS International stated.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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