(Alliance News) - MS International PLC on Thursday said that its annual profit dropped after a customer delayed taking delivery of a significant contract.
The Doncaster, Yorkshire-based defence equipment manufacturer, said its pretax profit had fallen by 15% to GBP5.1 million from GBP6.0 million the prior year.
The company explained that the sales delay that dampened profit was related to the company's first sale of its "VSHORAD" counter drone land-based weapon system. Despite the equipment being almost complete and ready to be despatched, it could not be delivered.
Despite this delay, revenue was up 12% to GBP84.0 million from GBP75.0 million the year before, and the company's order book shot up by 80% over the period to a record GBP115 million from GBP64 million
MS international said its final dividend had increased by 73% to 13 pence per share from 7.5p per share. The company's total dividend was consequently up 62% to 15p per share from 9.25p the previous year.
"We perceive that we are achieving a significant, upward step change in the further development of the company that will bring additional rewards and success for the business. I look to the future with confidence," said Chair Michael Bell.
Shares in MS International were down 2.9% at 597.00 pence in London on Thursday morning.
By Will Neill, Alliance News reporter
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Ms Intl. (MSI)