Last checked at 6 Jun 2019 07:00
Chairman's Statement
Results and review
For the year ending 27th April 2019, the result on a 'like for like' basis increased by 48% to £5.99m (2018 - £4.04m) on revenue of £77.71m (2018 - 68.09m) an uplift of 14% on last year. On a similar basis, earnings per share would have been 29.0p (2018- 20.5p) an increase of 41%.
However, after a one-off £1.2m charge for 'guaranteed minimum pension equalisation' (see note 3 of the notes to the financial statements) the profit before taxation is reduced to £4.79m and earnings per share to 23.1p. Net cash was £22.89m (2018 - £15.87m) an increase of 44% on last year. The value of the Group order book at year-end was down on this time last year and there is very clear evidence, that many customers are reticent to place new orders until their perceived specific requirements become critically essential.
Reviewing the status of the varied markets we serve and responding to notable changes whether they be positive or negative is clearly an important management function and one that we always take very seriously in a thoroughly well informed, but also sensitive manner.
Fortuitously, as a Group we are very well armed, as we align to the ups and downs of the global markets we serve thanks to our diverse, profitable, international operations and a strong cash position, which supports those major product and facility developments that are in hand.
A key element in our 'Defence' business strategy has been to increase our presence significantly within the global defence market so that we can effectively counter the varied current constraints on UK MoD decisions regarding future requirements and expenditure. It is pleasing to report that once again, international sales accounted for the major component of revenue as we reap the benefits of our considerable investment in a substantial number of new products aimed specifically at the global market.
'Forgings' had a 10% uplift in revenue over the comparable period, overcoming the many challenges in international markets posed by product imported from lower cost economies. Our strategic move last year to focus on manufacturing in the United States has been exceptionally well received in a country where domestically manufactured product has considerable appeal over imported goods. This maturing investment phase is also enabling us to rationalise and re-position some of our UK production facilities, thereby better aligning our business with the notable decline of fork-lift truck production in the UK.
'Petrol Station Superstructures' enjoyed a significant upturn in activity with revenue increasing markedly compared to the period of market weakness during the previous year. Largely this is being driven by the structural transformation of traditional 'petrol filling station' sites, that were once almost exclusively selling fuel, into ones that are distinct, local convenience stores and multiple food outlets with ample car parking - that also serve fuel. This repositioning to a much broader retail offering has gathered substantial momentum across our customer base with clear benefits for the division. Furthermore, a much higher focus by management and the team on improving all round performance brought its just rewards.
'Petrol Station Branding' division maintained an admirable performance in line with that of the previous year. Here again the market is rapidly changing as the global oil companies continue to divest their estates to the numerous groups of fuel retail ownership. As a result the established branding programmes of the vendors are subject to review as the new owners determine their own priorities, fuel suppliers and schedules of requirements. Notwithstanding such significant changes, we are able to accommodate and support the priorities of these new customers without difficulty, thanks to the high reputation of our business. Pleasingly, our substantial activities across much of mainland Europe are now gaining notable traction in the UK through our fledgling operation which continues to prosper.
Outlook
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'. Despite our best endeavours in corporate product development and international marketing, there are times, such as now, when experience tells us some challenging external influences may come to bear on the business.
Nevertheless, recognising the challenges ahead of the game, is of course critical to maintain momentum. We believe that we are fully aware of such circumstances and we will do whatever is necessary to overcome any hurdles and protect at all times the Company's past and future development.
We are committed to moving the business forward and have the resilience, experience, and dedication along with a great team of people plus the financial resources to support and develop opportunities as they arise.
All matters considered the Board recommends the payment of a maintained final dividend of 6.5p per share, making the total for the year of 8.25p (2018 - 8.25p). The final dividend is expected to be paid on 25th July, 2019 to those shareholders on the register at the close of business on 21st June, 2019.
Michael Bell
5th June 2019
For any further information please contact:
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MS INTERNATIONAL plc Michael Bell | Tel: 01 302 322133 |
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Shore Capital Nomad and Broker Patrick Castle/Daniel Bush | Tel: (0) 20 7408 4090 |
Consolidated income statement |
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For the 52 weeks ended 27th April, 2019 |
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| 2019 |
| 2018 |
Continuing operations |
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| Total |
| Total |
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| £000 |
| £000 |
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|
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Revenue |
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|
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| 77,708 |
| 68,085 |
Cost of sales |
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|
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| (56,131) |
| (49,903) |
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|
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Gross profit |
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|
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| 21,577 |
| 18,182 |
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|
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Distribution costs |
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| (3,537) |
| (3,383) |
Administrative expenses |
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| (11,846) |
| (10,546) |
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| (15,383) |
| (13,929) |
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| 6,194 |
| 4,253 |
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Past service pension costs |
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| (1,198) |
| - |
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Group operating profit |
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| 4,996 |
| 4,253 |
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|
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Interest received |
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|
| 93 |
| 51 |
Interest paid |
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|
|
| (116) |
| (82) |
Other finance costs - pensions |
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|
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| (186) |
| (183) |
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|
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| (209) |
| (214) |
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Profit before taxation |
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| 4,787 |
| 4,039 |
Taxation |
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| (975) |
| (653) |
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Profit for the period attributable to equity holders of the parent |
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| 3,812 |
| 3,386 |
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Earnings per share: basic and diluted |
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| 23.1p |
| 20.5p |
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Consolidated statement of comprehensive income |
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For the 52 weeks ended 27th April, 2019 |
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| 2019 |
| 2018 |
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| Total |
| Total |
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| £000 |
| £000 |
| ||
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Profit for the period attributable to equity holders of the parent |
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| 3,812 |
| 3,386 |
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Exchange differences on retranslation of foreign operations |
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| (242) |
| (175) |
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Net other comprehensive (loss) to be reclassified to profit or loss in subsequent periods |
| (242) |
| (175) |
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Remeasurement gains on defined benefit pension scheme |
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| 403 |
| 858 |
| ||
Deferred taxation on remeasurement on defined benefit scheme |
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| (69) |
| (146) |
| ||
Revaluation surplus on land and buildings |
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|
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| - |
| 2,052 |
| ||
Deferred taxation on revaluation surplus on land and buildings |
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|
|
| - |
| (254) |
| ||
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Net other comprehensive income not being reclassified to profit or loss in subsequent periods |
| 334 |
| 2,510 |
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Total comprehensive income for the period attributable to equity holders of the parent |
| 3,904 |
| 5,721 |
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Consolidated and company statement of changes in equity | |||||||||||||||||||
For the 52 weeks ended 27th April, 2019 |
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| Share capital |
| Capital redemption reserve |
| Other reserves |
| Revaluation reserve |
| Share Premium account |
| Currency translation reserve |
| Treasury shares |
| Retained earnings |
| Total shareholders' funds |
|
|
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
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(a) Group |
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| |
At 29th April, 2017 |
| 1,840 |
| 901 |
| 2,815 |
| 4,257 |
| 1,629 |
| 696 |
| (3,059) |
| 19,962 |
| 29,041 | |
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Profit for the period |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 3,386 |
| 3,386 | |
Other comprehensive income/loss |
| - |
| - |
| - |
| 1,798 |
| - |
| (175) |
| - |
| 712 |
| 2,335 | |
Total comprehensive income/loss |
| - |
| - |
| - |
| 1,798 |
| - |
| (175) |
| - |
| 4,098 |
| 5,721 | |
Dividends paid |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| (1,362) |
| (1,362) | |
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At 28th April, 2018 |
| 1,840 |
| 901 |
| 2,815 |
| 6,055 |
| 1,629 |
| 521 |
| (3,059) |
| 22,698 |
| 33,400 | |
IFRS 15 adjustment |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| (144) |
| (144) | |
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|
Profit for the period |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 3,812 |
| 3,812 | |
Other comprehensive income/(loss) |
| - |
| - |
| - |
| - |
| - |
| (242) |
| - |
| 334 |
| 92 | |
Total comprehensive income/(loss) |
| - |
| - |
| - |
| - |
| - |
| (242) |
| - |
| 4,146 |
| 3,904 | |
Dividends paid |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| (1,362) |
| (1,362) | |
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At 27th April, 2019 |
| 1,840 |
| 901 |
| 2,815 |
| 6,055 |
| 1,629 |
| 279 |
| (3,059) |
| 25,338 |
| 35,798 | |
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(b) Company |
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|
|
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|
| |
At 29th April, 2017 |
| 1,840 |
| 901 |
| 1,565 |
| 4,351 |
| 1,629 |
| - |
| (3,059) |
| 18,745 |
| 25,972 | |
|
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|
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|
|
|
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|
|
|
Profit for the period |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 532 |
| 532 | |
Other comprehensive income |
| - |
| - |
| - |
| 1,704 |
| - |
| - |
| - |
| 712 |
| 2,416 | |
Total comprehensive income |
| - |
| - |
| - |
| 1,704 |
| - |
| - |
| - |
| 1,244 |
| 2,948 | |
Dividends paid |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| (1,362) |
| (1,362) | |
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|
At 28th April, 2018 |
| 1,840 |
| 901 |
| 1,565 |
| 6,055 |
| 1,629 |
| - |
| (3,059) |
| 18,627 |
| 27,558 | |
IFRS 15 adjustment |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| (144) |
| (144) | |
Reserve transfer |
| - |
| - |
| 6,055 |
| (6,055) |
| - |
| - |
| - |
| - |
| - | |
Loss for the period |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| (233) |
| (233) | |
Other comprehensive income |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 334 |
| 334 | |
Total comprehensive income |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 101 |
| 101 | |
Dividends paid |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| (1,362) |
| (1,362) | |
|
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|
At 27th April, 2019 |
| 1,840 |
| 901 |
| 7,620 |
| - |
| 1,629 |
| - |
| (3,059) |
| 17,222 |
| 26,153 | |
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Consolidated and company statements of financial position | ||||||||||
At 27th April, 2019 |
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| Group |
| Company | ||||
|
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
|
| £000 |
| £000 |
| £000 |
| £000 |
ASSETS |
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|
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|
Non-current assets |
|
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|
|
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|
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|
Property, plant and equipment |
|
|
| 20,426 |
| 20,766 |
| 1,265 |
| 14,043 |
Intangible assets |
|
|
| 4,483 |
| 4,893 |
| - |
| - |
Investments in subsidiaries |
|
|
| - |
| - |
| 15,036 |
| 15,204 |
Deferred income tax asset |
|
|
| 1,156 |
| 1,092 |
| 1,241 |
| 1,092 |
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 26,065 |
| 26,751 |
| 17,542 |
| 30,339 |
|
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Current assets |
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|
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|
|
Inventories |
|
|
| 12,624 |
| 11,666 |
| 1,462 |
| 1,017 |
Trade and other receivables |
|
|
| 7,044 |
| 14,617 |
| 22,489 |
| 10,003 |
Income tax receivable |
|
|
| 44 |
| 114 |
| 21 |
| - |
Prepayments |
|
|
| 1,774 |
| 1,127 |
| 299 |
| 335 |
Cash and cash equivalents |
|
|
| 22,886 |
| 15,866 |
| - |
| - |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 44,372 |
| 43,390 |
| 24,271 |
| 11,355 |
|
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TOTAL ASSETS |
|
|
| 70,437 |
| 70,141 |
| 41,813 |
| 41,694 |
|
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EQUITY AND LIABILITIES |
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Equity |
|
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|
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|
|
Share capital |
|
|
| 1,840 |
| 1,840 |
| 1,840 |
| 1,840 |
Capital redemption reserve |
|
|
| 901 |
| 901 |
| 901 |
| 901 |
Other reserves |
|
|
| 2,815 |
| 2,815 |
| 7,620 |
| 1,565 |
Revaluation reserve |
|
|
| 6,055 |
| 6,055 |
| - |
| 6,055 |
Share premium account |
|
|
| 1,629 |
| 1,629 |
| 1,629 |
| 1,629 |
Currency translation reserve |
|
|
| 279 |
| 521 |
| - |
| - |
Treasury shares |
|
|
| (3,059) |
| (3,059) |
| (3,059) |
| (3,059) |
Profit/(loss) for the period |
|
| 3,812 |
| 3,386 |
| (233) |
| 531 | |
Retained earnings |
|
|
| 21,526 |
| 19,312 |
| 17,455 |
| 18,096 |
|
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|
TOTAL EQUITY SHAREHOLDERS' FUNDS |
|
| 35,798 |
| 33,400 |
| 26,153 |
| 27,558 | |
|
|
|
|
|
|
|
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|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
Defined benefit pension liability |
|
|
| 6,802 |
| 6,421 |
| 6,802 |
| 6,421 |
Deferred income tax liability |
|
|
| 1,567 |
| 1,625 |
| - |
| 1,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8,369 |
| 8,046 |
| 6,802 |
| 7,575 |
|
|
|
|
|
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|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Bank overdraft |
|
|
| - |
| - |
| 582 |
| 342 |
Trade and other payables |
|
|
| 25,375 |
| 28,052 |
| 8,276 |
| 6,204 |
Income tax payable |
|
|
| 895 |
| 643 |
| - |
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 26,270 |
| 28,695 |
| 8,858 |
| 6,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
|
| 70,437 |
| 70,141 |
| 41,813 |
| 41,694 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated and company cash flow statements |
|
| ||||||||
For the 52 weeks ended 27th April, 2019 |
|
|
| Group |
| Company | ||||
|
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
|
| £000 |
| £000 |
| £000 |
| £000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) before taxation |
|
|
| 4,787 |
| 4,039 |
| (312) |
| 488 |
Adjustments to reconcile profit before taxation to net cash inflow /(outflow) from operating activities |
|
|
|
|
|
|
|
| ||
Past service pension costs |
|
|
| 1,198 |
| - |
| 1,198 |
| - |
IFRS 15 working capital adjustment |
|
|
| (144) |
| - |
| (144) |
| - |
Depreciation charge |
|
|
| 1,318 |
| 1,266 |
| 551 |
| 708 |
Amortisation charge |
|
|
| 375 |
| 507 |
| - |
| - |
Net increase/(reversal) of impairment in investment in subsidiary undertaking |
|
| - |
| - |
| 168 |
| (213) | |
Profit on sale of fixed assets |
|
|
| (80) |
| (113) |
| (60) |
| (84) |
Dividends received |
|
|
| - |
| - |
| (690) |
| (360) |
Finance costs |
|
|
| 209 |
| 214 |
| 249 |
| 232 |
Foreign exchange losses |
|
|
| (460) |
| (74) |
| - |
| - |
Increase in inventories |
|
|
| (958) |
| (1,521) |
| (445) |
| 241 |
Decrease/(increase) in receivables |
|
|
| 7,573 |
| (3,224) |
| (1,384) |
| (1,530) |
(Increase)/decrease in prepayments |
|
|
| (647) |
| (184) |
| 36 |
| 489 |
(Decrease)/increase in payables |
|
|
| (1,849) |
| 2,679 |
| 1,992 |
| (6,281) |
(Decrease)/increase in progress payments |
|
|
| (828) |
| (91) |
| 80 |
| 213 |
Pension fund payments |
|
|
| (600) |
| (389) |
| (600) |
| (389) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash generated from/(invested in) operating activities |
|
|
| 9,894 |
| 3,109 |
| 639 |
| (6,486) |
|
|
|
|
|
|
|
|
|
|
|
Net interest paid |
|
|
| (23) |
| (31) |
| (63) |
| (49) |
Taxation paid |
|
|
| (797) |
| (111) |
| (36) |
| (89) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash inflow/(outflow) from operating activities |
|
|
| 9,074 |
| 2,967 |
| 540 |
| (6,624) |
|
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
Investment in MSI- Forks Inc |
|
|
| - |
| - |
| - |
| (652) |
Dividends received from subsidiaries |
|
|
| - |
| - |
| 690 |
| 360 |
Transfer of net assets to MSI-Defence Systems Ltd. |
|
|
| - |
| - |
| - |
| (5,127) |
Purchase of property, plant and equipment |
|
|
| (891) |
| (1,106) |
| (284) |
| (568) |
Proceeds on disposal of property, plant and equipment |
|
|
| 199 |
| 157 |
| 176 |
| 105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (outflow)/inflow from investing activities |
|
|
| (692) |
| (949) |
| 582 |
| (5,882) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
|
|
Dividends paid |
|
|
| (1,362) |
| (1,362) |
| (1,362) |
| (1,362) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash outflow from financing activities |
|
|
| (1,362) |
| (1,362) |
| (1,362) |
| (1,362) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) in cash and cash equivalents |
|
|
| 7,020 |
| 656 |
| (240) |
| (13,868) |
Opening cash and cash equivalents/(bank overdraft) |
|
|
| 15,866 |
| 15,210 |
| (342) |
| 13,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing cash and cash equivalents/(bank overdraft) |
|
|
| 22,886 |
| 15,866 |
| (582) |
| (342) |
|
|
|
|
|
|
|
|
|
|
|
The financial information set out above does not constitute the Company's statutory accounts for the periods ended 27th April, 2019 or 28th April, 2018 but is derived from those accounts. Statutory accounts for 2018 have been delivered to the Registrar of Companies, and those for 2019 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
1 | Segment information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the periods ended 27th April, 2019 and 28th April, 2018. The reporting format is determined by the differences in manufacture and services provided by the Group. The Defence division is engaged in the design, manufacture and service of defence equipment. The Forgings division is engaged in the manufacture of forgings. The Petrol Station Superstructures division is engaged in the design, manufacture, construction, branding, maintenance and restyling of petrol station superstructures. The Petrol Station Branding division is engaged in the design and installation of the complete appearance of petrol stations. | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Group financing (including finance costs and finance revenue) and income taxes are managed on a group basis and are not allocated to operating segments. | ||||||||||||||||||||
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Defence |
| Forgings |
| Petrol Station |
| Petrol Station |
| Total | ||||||||||
|
|
|
|
|
|
|
|
|
|
| Superstructures |
| Branding |
|
|
|
| ||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From external customers | 26,678 |
| 21,900 |
| 15,695 |
| 14,336 |
| 15,871 |
| 12,236 |
| 19,464 |
| 19,613 |
| 77,708 |
| 68,085 | |
| From other segments |
| - |
| - |
| - |
| - |
| 450 |
| 199 |
| 226 |
| 142 |
| 676 |
| 341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Segment revenue |
| 26,678 |
| 21,900 |
| 15,695 |
| 14,336 |
| 16,321 |
| 12,435 |
| 19,690 |
| 19,755 |
| 78,384 |
| 68,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Segment result |
| 2,836 |
| 2,600 |
| (442) |
| (536) |
| 2,055 |
| 17 |
| 1,745 |
| 2,172 |
| 6,194 |
| 4,253 |
| Past service pension costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1,198) |
| - |
| Net finance costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (209) |
| (214) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit before taxation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4,787 |
| 4,039 |
| Taxation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (975) |
| (653) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,812 |
| 3,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Segmental assets |
| 29,942 |
| 40,801 |
| 8,988 |
| 5,272 |
| 10,787 |
| 8,845 |
| 9,291 |
| 10,005 |
| 59,008 |
| 64,923 |
| Unallocated assets (see below) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11,429 |
| 5,218 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 70,437 |
| 70,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Segmental liabilities |
| 19,500 |
| 19,329 |
| 6,125 |
| 1,978 |
| 4,330 |
| 1,970 |
| 2,806 |
| 4,402 |
| 32,761 |
| 27,679 |
| Unallocated liabilities (see below) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,878 |
| 9,062 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 34,639 |
| 36,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital expenditure |
| 67 |
| 18 |
| 406 |
| 530 |
| 196 |
| 149 |
| 118 |
| 211 |
| 787 |
| 908 |
| Depreciation |
| 77 |
| 154 |
| 517 |
| 480 |
| 488 |
| 628 |
| 365 |
| 365 |
| 1,447 |
| 1,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unallocated assets includes certain fixed assets, (including all UK properties - see note 12(e)) intangible assets, current assets and deferred tax assets. Unallocated liabilities includes the defined pension benefit scheme liability and certain current liabilities. | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Geographical analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 27th April, 2019 and 28th April, 2018. The Group's geographical segments are based on the location of the Group's assets. Revenue from external customers is based on the geographical location of its customers. | ||||||||||||||||||||
|
|
| United Kingdom |
| Europe |
| Americas |
| Rest of the World |
| Total | ||||||||||
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| External |
| 30,755 |
| 24,914 |
| 33,143 |
| 25,803 |
| 9,572 |
| 7,536 |
| 4,238 |
| 9,832 |
| 77,708 |
| 68,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current assets |
| 17,637 |
| 18,322 |
| 3,832 |
| 4,203 |
| 4,596 |
| 4,226 |
| - |
| - |
| 26,065 |
| 26,751 |
| Current assets |
| 34,301 |
| 32,724 |
| 7,670 |
| 8,499 |
| 2,401 |
| 2,167 |
| - |
| - |
| 44,372 |
| 43,390 |
| Liabilities |
| 31,701 |
| 32,076 |
| 2,260 |
| 4,256 |
| 679 |
| 409 |
| - |
| - |
| 34,640 |
| 36,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital expenditure | 350 |
| 586 |
| 190 |
| 216 |
| 351 |
| 304 |
| - |
| - |
| 891 |
| 1,106 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information about major customers | 2019 | 2018 | ||||||||||||||
Revenue from major customers arising from sales reported in the Defence segment: | £000 | £000 | ||||||||||||||
Customer 1 | 10,871 | - | ||||||||||||||
Customer 1 | - | 7,137 | ||||||||||||||
| Revenue from major customers arising from sales reported in the Petrol Station Branding segment: |
|
|
|
|
| ||||||||||
Customer 1 | 11,905 | - | ||||||||||||||
Customer 1 | - | 14,761 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 | Employee information |
| 2019 |
| 2018 |
|
|
| Number |
| Number |
| The average number of employees, including executive directors, during the period was: |
|
|
|
|
| Production |
| 264 |
| 251 |
| Technical |
| 65 |
| 69 |
| Distribution |
| 27 |
| 33 |
| Administration |
| 91 |
| 78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 447 |
| 431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Staff costs |
| 2019 |
| 2018 |
| Including executive directors, employment costs were as follows: |
| £000 |
| £000 |
| Wages and salaries |
| 17,609 |
| 16,029 |
| Social Security costs |
| 1,934 |
| 1,850 |
| Other pension costs |
| 666 |
| 637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 20,209 |
| 18,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2019 |
| 2018 |
(b) | Directors' emoluments |
| £000 |
| £000 |
| Aggregate directors' emoluments |
| 1,672 |
| 1,431 |
| Post employment benefits |
| 47 |
| 37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,719 |
| 1,468 |
|
|
|
|
|
|
|
|
|
|
|
|
3 | Past service pension costs |
| 2019 |
| 2018 |
|
|
| £000 |
| £000 |
| Guaranteed minimum pension equalisation adjustment. |
| (1,198) |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1,198) |
| - |
|
|
|
|
|
|
4(a) | Taxation |
|
|
|
|
|
|
|
|
|
|
| The charge for taxation comprises: |
| 2019 |
| 2018 |
|
|
| £000 |
| £000 |
| Current tax |
|
|
|
|
| United Kingdom corporation tax |
| 540 |
| - |
| Adjustments in respect of previous years |
| (16) |
| 33 |
| Foreign corporation tax |
| 635 |
| 682 |
|
|
|
|
|
|
|
|
|
|
|
|
| Group current tax |
| 1,159 |
| 715 |
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred tax |
|
|
|
|
| Origination and reversal of temporary differences |
| (247) |
| (62) |
| Adjustments in respect of prior years |
| 63 |
| - |
|
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
| Group deferred tax |
| (184) |
| (62) |
|
|
|
|
|
|
|
|
|
|
|
|
| Tax on profit |
| 975 |
| 653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax relating to items charged or credited to other comprehensive income |
|
|
|
|
| Deferred tax |
|
|
|
|
| Deferred tax on measurement gains on pension scheme current year |
| 69 |
| 146 |
| Deferred tax on revaluation surplus on land and buildings |
| - |
| 254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax in the statement of comprehensive income |
| 69 |
| 400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) | Factors affecting the tax charge for the year |
|
|
|
|
|
|
|
|
|
|
| The tax assessed for the period differs to the standard rate of corporation tax in the UK (19%) (2018 - 19%). The differences are explained below: | ||||
|
|
|
|
|
|
|
|
| 2019 |
| 2018 |
|
|
| £000 |
| £000 |
|
|
|
|
|
|
| Profit before tax |
| 4,787 |
| 4,039 |
|
|
|
|
|
|
|
|
|
|
|
|
| Profit multiplied by standard rate of corporation tax of 19% (2018 - 19%) |
| 910 |
| 767 |
|
|
|
|
|
|
| Expenses not deductible for tax purposes |
| (102) |
| (288) |
| Adjustments in respect of overseas tax rates |
| 120 |
| 141 |
| Current tax adjustment in respect of prior periods |
| (16) |
| 33 |
| Deferred tax adjustment in respect of prior periods |
| 63 |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total tax charge for the period |
| 975 |
| 653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) | Factors affecting future tax charge |
|
|
|
|
| The UK corporation tax rate will remain at 19% until it reduces to 17% in 2020. At 27th April, 2019 the rate reductions to 17% had been enacted. Deferred tax at 27th April, 2019 has therefore been provided at 17% or at a blended rate depending on when the underlying temporary differences are expected to unwind. Deferred tax in relation to intangibles recognised on the acquisition of Petrol Sign bv has been provided at 25% being the main corporation tax rate in The Netherlands.
| ||||
5 | Earnings per share |
|
|
|
|
|
|
|
|
|
|
| The calculation of basic earnings per share is based on: |
|
|
|
|
|
|
|
|
|
|
| (a) Profit for the period attributable to equity holders of the parent of £3,812,000 (2018 - £3,386,000). | ||||
|
|
|
|
|
|
| (b) 16,504,691 (2018 - 16,504,691) Ordinary shares, being the weighted average number of Ordinary shares in issue. | ||||
|
|
|
|
|
|
| This represents 18,396,073 (2018 - 18,396,073) being the weighted average number of Ordinary shares in issue less 1,891,382 (2018 - less 1,891,382) being the weighted average number of shares both held within the ESOT 245,048 (2018 - 245,048) and purchased by the Company 1,646,334 (2018 - 1,646,334). | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 | Dividends paid and proposed |
| 2019 |
| 2018 |
|
|
| £000 |
| £000 |
| Declared and paid during the year |
|
|
|
|
| On Ordinary shares |
|
|
|
|
| Final dividend for 2018 : 6.50p (2017 - 6.50p) |
| 1,073 |
| 1,073 |
| Interim dividend for 2019 : 1.75p (2018 - 1.75p) |
| 289 |
| 289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,362 |
| 1,362 |
|
|
|
|
|
|
|
|
|
|
|
|
| Proposed for approval by shareholders at the AGM |
|
|
|
|
| Final dividend for 2019 : 6.50p (2018 - 6.50p) |
| 1,073 |
| 1,073 |
|
|
|
|
|
|
7 | Trade and other receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Group |
| Company | ||||
|
|
|
|
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
|
|
|
|
| £000 |
| £000 |
| £000 |
| £000 |
| Trade receivables |
|
|
|
|
| 6,913 |
| 14,032 |
| 3,456 |
| 2,998 |
| Retentions on contracts |
|
|
|
|
| 113 |
| 568 |
| - |
| 22 |
| Amounts owed by subsidiary undertakings |
| - |
| - |
| 9,029 |
| 6,983 | ||||
| Other receivables |
|
|
|
|
| 18 |
| 17 |
| 4 |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7,044 |
| 14,617 |
| 22,489 |
| 10,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The aggregate amount of costs incurred and recognised profits to date on contracts is £15,819,000 (2018 - £12,159,000). | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) Trade receivables are denominated in the following currencies |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
| Group |
| Company | ||||
|
|
|
|
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
|
|
|
|
| £000 |
| £000 |
| £000 |
| £000 |
| Sterling |
|
|
|
|
| 3,674 |
| 7,160 |
| 2,751 |
| 2,194 |
| Euro |
|
|
|
|
| 2,141 |
| 5,961 |
| 701 |
| 812 |
| US dollar |
|
|
|
|
| 778 |
| 582 |
| - |
| - |
| Other currencies |
|
|
|
|
| 320 |
| 329 |
| 4 |
| (8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6,913 |
| 14,032 |
| 3,456 |
| 2,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Group |
| Total |
| Not past due |
| < 30 days |
| 30-60 days |
| 60-90 days |
| > 90 days |
|
|
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| 2019 |
| 6,913 |
| 6,245 |
| 505 |
| 148 |
| 13 |
| 2 |
| 2018 |
| 14,032 |
| 9,377 |
| 4,446 |
| 142 |
| 24 |
| 43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As at 27th April, 2019 trade receivables at a nominal value of £105,000 (2018 - £97,000) were impaired and fully provided. Bad debts of £65,000 (2018 - £15,000) were recovered and bad debts of £52,000 (2018 - £28,000) were incurred. | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
|
|
|
|
|
|
|
|
|
|
|
|
| 2019 |
| 2,764 |
| 2,649 |
| 40 |
| 81 |
| - |
| (6) |
| 2018 |
| 2,998 |
| 2,172 |
| 808 |
| 17 |
| - |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As at 27th April, 2019 trade receivables at a nominal value of £51,000 (2018 - £32,000) were impaired and fully provided. Bad debts of £20,000 (2018 - £11,000) were recovered and bad debts of £39,000 (2018 - £6,000) were incurred. | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (b) Retentions on contracts are denominated in the following currencies |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| Group |
| Company | ||||
|
|
|
|
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
|
|
|
|
| £000 |
| £000 |
| £000 |
| £000 |
| Sterling |
|
|
|
|
| 113 |
| 568 |
| - |
| 22 |
| Euro |
|
|
|
|
| - |
| - |
| - |
| - |
| US dollar |
|
|
|
|
| - |
| - |
| - |
| - |
| Other currencies |
|
|
|
|
| - |
| - |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 113 |
| 568 |
| - |
| 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retentions on contracts are non interest bearing and represent amounts contractually retained by customers on completion of contracts for specific time periods as follows: | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Group |
|
|
| Total |
| Up to 6 months |
| 6 - 12 months |
| 12 - 18 months |
| 18 - 24 months |
|
|
|
|
| £000 |
| £000 |
| £000 |
| £000 |
| £000 |
| 2019 |
|
|
| 113 |
| 93 |
| 20 |
| - |
| - |
| 2018 |
|
|
| 568 |
| 546 |
| 22 |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2019 |
|
|
| - |
| - |
| - |
| - |
| - |
| 2018 |
|
|
| 22 |
| - |
| 22 |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 | Cash and cash equivalents/bank overdraft |
|
|
|
| Group |
| Company | |||||
|
|
|
|
|
|
| 2019 |
| 2018 |
| 2019 |
| 2018 |
|
|
|
|
|
|
| £000 |
| £000 |
| £000 |
| £000 |
| Cash at bank and in hand |
|
|
|
|
| 17,151 |
| 7,504 |
| - |
| - |
| Short term deposits |
|
|
|
|
| 5,735 |
| 8,362 |
| - |
| - |
| Bank overdraft |
|
|
|
|
| - |
| - |
| (582) |
| (342) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 22,886 |
| 15,866 |
| (582) |
| (342) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital |
|
|
|
|
|
|
|
|
|
|
|
|
The balance classified as share capital includes the nominal value on issue of the Company's equity share capital, comprising 10p Ordinary shares. | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital redemption reserve |
|
|
|
|
|
|
|
|
|
|
|
|
The balance classified as capital redemption reserve represents the nominal value of issued share capital of the Company, repurchased. | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Other reserves - Company |
|
|
|
|
|
|
|
|
|
|
|
|
Following the transfer of assets held at valuation by the Company, to a subsidiary company, a reserve has been created which is non distributable. This is equal to the revaluation reserve previously arising. | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Additionally, it includes the non-distributable retained reserve for the revaluation reserve previously showing in the company for properties now transferred to other members of the Group. | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Revaluation reserve |
|
|
|
|
|
|
|
|
|
|
|
|
The asset revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same assets previously recognised in equity. This also includes the impact of the change in the prior year for the related deferred tax due to the change in corporation tax (18% to 17%). | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Share premium account |
|
|
|
|
|
|
|
|
|
|
|
|
The balance classified as special reserve represents the share premium on the issue of the Company's equity share capital. | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation reserve |
|
|
|
|
|
|
|
|
|
|
|
|
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. It is also used to record the effect of hedging net investments in foreign operations. | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2019 |
| 2018 |
|
|
|
|
|
|
|
|
|
| £000 |
| £000 |
Employee Share Ownership Trust |
|
|
|
|
|
|
|
|
| 100 |
| 100 |
Shares in treasury |
|
|
|
|
|
|
|
|
| 2,959 |
| 2,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,059 |
| 3,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The preliminary announcement is prepared on the same basis as set out in the previous year's accounts apart from the adoption of new accounting standards IFRS 9 'Financial Instruments' and IFRS 15 'Revenue from Contracts with Customers'. | |||||
|
|
|
|
|
|
The Directors confirm to the best of their knowledge that: | |||||
(a) the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the group and the undertakings included in the consolidation taken as a whole; and | |||||
|
|
|
|
|
|
(b) the Chairman's Statement includes a fair review of the development and performance of the business and the position of the group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face. | |||||
|
|
|
|
|
|
The preliminary announcement was approved by the Board on 5th June, 2019 and the above responsibility statement was signed on its behalf by Michael Bell, Executive Chairman and Michael O'Connell, Group Finance Director. | |||||
|
|
|
|
|
|
Copies of this announcement are available from the Company's registered office at MS INTERNATIONAL plc, Balby Carr Bank, Doncaster, DN4 8DH, England. The full Annual Report and Accounts which will include the Notice of AGM, will be posted to shareholders shortly and will be available on our website at www.msiplc.com and will be delivered to the Registrar of Companies after it has been laid before the Company in general meeting. | |||||