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LONDON (Alliance News) - MS International PLC, an engineering products and services firm, on Tuesday said it generated higher first-half pretax profit after revenue growth in products more than offset a fall in contracts.
Pretax profit rose to GBP395,000 in the 26 weeks ended October 31, from GBP71,000 the corresponding half the prior year.
"A satisfactory, albeit modest, recovery in half year revenue and profit has been achieved whilst across the divisions there was marked progress in our product development programmes, production facility developments and the successful integration of our recent European mainland acquisition," Chairman Michael Bell said in a statement.
Products revenue rose to GBP18.2 million, while contracts revenue fell to GBP5.7 million from GBP7.5 million, with total revenue up to GBP24.0 million from GBP21.7 million. The company maintained an interim dividend of 1.5 pence per share.
Administrative expenses were up to GBP3.7 million from GBP3.5 million, while distribution costs were up to GBP1.6 million from GBP1.1 million.
"Clearly, the group is ready and in a good position to take advantage of any opportunities presented and we look forward to the future with optimism," Bell said.
Shares in MS International were down 6.4% at 205.00p on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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