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LONDON (Alliance News) - MS International PLC on Thursday said it saw double-digit earnings growth in its most recently ended financial year, helped by restructuring and investment in new products.
The engineering company said pretax profit for the 52 weeks ended April 27 rose by 19% to GBP4.8 million from GBP4.0 million reported a year prior, as revenue grew by 14% to GBP77.7 million from GBP68.1 million.
On a like-for-like basis - excluding a one-off GBP1.2 million charge for "guaranteed minimum pension equalisation" - profit increased by 48% to GBP6.0 million.
During the year, the company said it was focused on increasing its presence significantly within the global defence market, by investing in "substantial" number of new products aimed specifically at the global market.
MS International noted that its strategic move last year to focus on manufacturing in the US has been exceptionally well received in a country where domestically manufactured product has considerable appeal over imported goods.
The company said it has transformed its traditional petrol filling stations, that were exclusively selling fuel, into ones that are distinct, local convenience stores and multiple food outlets with ample car parking - that also serve fuel.
MS International maintained a final dividend at 6.5 pence a share, making the total for the year of 8.25p, also unchanged year-on-year.
"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," said Chair Michael Bell.
MS International shares were trading 2.3% higher on Thursday morning at 224.00p each.
