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Final Results

4 Jun 2014 07:00

RNS Number : 7667I

MS International PLC

04 June 2014

MS INTERNATIONAL plc

Results for 53 weeks ended 3rd May 2014

Chairman's Statement

Results and review

As highlighted in our 'Proposed move to AIM' document, dated 1st October 2013, the Company expected revenue for the year to be less and profit before tax to be appreciably less than reported for the comparable period because of the ongoing downturn in the global defence sector.

Nevertheless, the Group has traded better than our conservative projections at that time. Profit before tax was £2.93m (2013-£4.56m) for the 12 months to 3rd May 2014 on revenue of £47.13m (2013-£54.50m). Earnings per share were 14.6p (2013-22.5p).

Net cash and short term deposits at the year-end increased once again to a record high of £14.29m (2013-£13.45m) and this was after spending £2.96m on the purchase of 1,646,334 of the Company's shares into treasury at an average price of 180p as reported earlier in the year.

I am pleased to report a substantial increase in the Group order book which climbed to £46m (2013-£28m) at year-end although that relating to 'Defence' is phased for delivery through to 2020. By comparison both the 'Forgings' and 'Petrol Station Superstructures' divisions operate on short lead time order books of a few weeks. Group orders received during the year amounted to £65m (2013-£53m).

'Defence' which is the largest of the Group's three divisions, continued to be adversely impacted by the extremely tough times experienced by many suppliers to the global defence markets and saw a 30% fall in revenue. Unfortunately, that is the reality of the current market and having already substantially reduced costs in the previous period, we directed our focus last year on three key objectives. First, we ensured that we maintained our capabilities to meet and service current market requirements. Second, we intensified the investments that we are making in important product development programmes and third, we made sure that we are positioned to respond efficiently and effectively to any upturn in activity.

'Forgings' profits improved on last year, reflecting ongoing benefits from the sustained investment in plant, equipment and innovative technology in production processes initiated when its markets were less buoyant. This growth in profitability was achieved despite activity levels in some of the international markets remaining relatively constant.

'Petrol Station Superstructures' two businesses, operating from facilities in the UK and Poland, combined to increase both revenue and profitability having completed contracts in fourteen countries during the period, a record number and a truly outstanding performance.

Board

We are pleased to announce that David Hansell has been appointed to the Board on 3rd June 2014 as a Non-executive Director having retired from his position as Managing Director of MSI-Defence Systems.

He has some 50 years of experience in the division having started his apprenticeship in 1962 and, at some time or other, served in the majority of positions within the business. We are very pleased to retain his experience within the Group.

We have appointed a new Managing Director of MSI-Defence Systems who has joined us from a senior position in the defence equipment industry.

Outlook

Whilst the markets of our largest division, 'Defence', are contending with greatly reduced expenditure budgets it would be unrealistic to anticipate the current year being easier than last year. Conversely, both 'Forgings' and 'Petrol Station Superstructures' divisions hold improving strategic positions in their respective markets and should continue to prosper.

'Defence' would certainly benefit from a boost to the short to medium term order-book. We are hopeful that the weapon procurement phase for the current, substantial UK Royal Navy shipbuilding programme may not be too far away. Internationally, we are well placed in our marketing and positioned to bid effectively for any other new business that may arise, despite the uncertain market. Also, on a further positive note, we are receiving encouraging expressions of interest in a number of our new product developments which are coming to fruition. These will broaden our current product offering and are designed to meet identified requirements in selective markets around the world.

'Forgings' businesses are seeing what may be regarded as some early signs of a welcome, if delicate, upturn in activity and demand in certain global markets. Each production unit in the UK, the United States and Brazil is well equipped and capable of meeting any such sustainable growth. In the meantime we remain particularly sensitive to the effects of continuing exchange rate fluctuations in Brazil, which have led to a negative financial translation effect on our reported figures.

'Petrol Station Superstructures' has a rising international reputation as a high quality forecourt contractor, gaining market share at a time when many existing and new station developments are expanding their traditional refuelling services by opening sophisticated retail buildings on the forecourt. Such market developments, when added to the more conventional forecourt structures, should create further opportunities for the business in the future.

As stated above, it would be unrealistic to predict any early change for the better in market conditions for 'Defence'. Fortunately, the long term order book provides a good base load of business for future years and we are seeing encouraging signs from the market for our new product development activities. Our other two divisions should continue to prosper and added to that the Group net cash position is at a record level. Therefore, the Board believes it appropriate to recommend the payment of a maintained final dividend of 6.5p per share (2013-6.5p) making the total for the year of 8.0p per share (2013-8.0p). The final dividend is expected to be paid on 18th July 2014 to those shareholders on the register at the close of business on 27th June 2014.

Michael Bell

3rd June, 2014

For further information please contact

MS INTERNATIONAL plc

Michael Bell Tel: 01302 386644

Shore Capital Tel: (0) 20 7408 4090

Nomad and Broker

Bidhi Bhoma/Patrick Castle

Consolidated income statement
For the 53 weeks ended 3rd May, 2014

		2014	2013
		Total	Total
	Notes	£000	£000
			restated*
Revenue	2	47,130	54,494
Cost of sales		(34,266)	(39,310)


Gross profit		12,864	15,184


Distribution costs		(2,707)	(2,547)
Administrative expenses		(6,954)	(7,857)

		(9,661)	(10,404)


Group operating profit	2	3,203	4,780

Finance revenue		48	83
Finance costs		(69)	(112)
Other finance costs - pensions		(254)	(188)
		(275)	(217)

Profit before taxation		2,928	4,563

Taxation	4	(354)	(480)


Profit for the period attributable to equity holders of the parent		2,574	4,083



Earnings per share: basic and diluted	5	14.6p	22.5p

* The consolidated financial statements as at 3rd, May, 2014, have been restated to reflect amendments to IAS 19, employee benefits, as detailed in note 1.

Group and company statement of comprehensive income
For the 53 weeks ended 3rd May, 2014
	Group		Company
	2014	2013	2014	2013
	Total	Total	Total	Total
	£000	£000	£000	£000
		restated*		restated*
Profit for the period attributable to equity holders of the parent	2,574	4,083	1,605	3,550

Exchange differences on retranslation of foreign operations	(244)	71	-	-

Net other comprehensive (loss)/profit to be reclassified to profit or loss in subsequent periods	(244)	71	-	-


Remeasurement gains/(losses) on defined benefit pension scheme	952	(2,640)	952	(2,640)
Deferred taxation on actuarial gains/losses on defined benefit scheme	(396)	566	(396)	566
Revaluation surplus on land and buildings	1,939	-	2,056	-
Deferred taxation on revaluation surplus on land and buildings	(446)	-	(473)	-

Net other comprehensive profit/(loss) not being reclassified to profit or loss in subsequent periods	2,049	(2,074)	2,139	(2,074)



Total comprehensive income for the period attributable to equity holders of the parent	4,379	2,080	3,744	1,476

* The consolidated financial statements as at 3rd, May, 2014, have been restated to reflect amendments to IAS 19, employee benefits, as detailed in note 1.

Consolidated and company statement of changes in equity

	Issued capital	Capital redemption reserve	Other reserves	Revaluation reserve	Special reserve	Foreign exchange reserve	Treasury shares	Retained earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000

(a) Group
At 28th April, 2012	1,840	901	2,815	2,511	1,629	(10)	(100)	18,819	28,405

Profit for the period	-	-	-	-	-	-	-	4,083	4,083
Other comprehensive loss	-	-	-	-	-	71	-	(2,074)	(2,003)
Total comprehensive income	-	-	-	-	-	71	-	2,009	2,080
Dividends paid (note 6)	-	-	-	-	-	-	-	(1,452)	(1,452)
Change in taxation rates	-	-	-	21	-	-	-	-	21


At 27th April, 2013 (restated *)	1,840	901	2,815	2,532	1,629	61	(100)	19,376	29,054

Profit for the period	-	-	-	-	-	-	-	2,574	2,574
Other comprehensive profit/(loss)	-	-	-	1,493	-	(244)	-	556	1,805
Total comprehensive income	-	-	-	1,493	-	(244)	-	3,130	4,379
Dividends paid (note 6)	-	-	-	-	-	-	-	(1,452)	(1,452)
Purchase of own shares (note 9)	-	-	-	-	-	-	(2,959)	-	(2,959)
Change in taxation rates	-	-	-	121	-	-	-	-	121


At 3rd May, 2014	1,840	901	2,815	4,146	1,629	(183)	(3,059)	21,054	29,143


(b) Company
At 28th April, 2012	1,840	901	1,565	2,511	1,629	-	(100)	17,646	25,992

Profit for the period	-	-	-	-	-		-	3,550	3,550
Other comprehensive loss	-	-	-	-	-	-	-	(2,074)	(2,074)
Total comprehensive income	-	-	-	-	-	-	-	1,476	1,476
Dividends paid (note 6)	-	-	-	-	-	-	-	(1,452)	(1,452)
Change in taxation rates	-	-	-	21	-	-	-	-	21


At 27th April, 2013	1,840	901	1,565	2,532	1,629	-	(100)	17,670	26,037

Profit for the period	-	-	-	-	-	-	-	1,605	1,605
Other comprehensive loss	-	-	-	1,583	-	-	-	556	2,139
Total comprehensive income	-	-	-	1,583	-	-	-	2,161	3,744
Dividends paid (note 6)	-	-	-	-	-	-	-	(1,452)	(1,452)
Dividend received from subsidiary	-	-	-	-	-	-	-	311	311
Purchase of own shares (note 9)	-	-	-	-	-	-	(2,959)	-	(2,959)
Change in taxation rates	-	-	-	125	-	-	-	-	125


At 3rd May, 2014	1,840	901	1,565	4,240	1,629	-	(3,059)	18,690	25,806

* The consolidated financial statements as at 3rd, May, 2014, have been restated to reflect amendments to IAS 19, employee benefits, as detailed in note 1.

	Consolidated statements of financial position
	At 3rd May, 2014
					Group						Company
					2014			2013			2014			2013
		Notes			£'000			£'000			£'000			£'000
	ASSETS
	Non-current assets
	Property, plant and equipment				15,127			13,755			12,955			11,133
	Intangible assets				4,135			4,451			21			30
	Investments in subsidiaries				-			-			11,829			11,869
	Deferred income tax asset				-			280			167			807


					19,262			18,486			24,972			23,839


	Current assets
	Inventories				8,162			6,536			7,250			5,656
	Trade and other receivables	7			8,260			13,065			8,276			13,838
	Income tax receivable				51			-
	Prepayments				447			520			363			419
	Cash and short-term deposits	8			14,286			13,447			13,241			12,515


					31,206			33,568			29,130			32,428





	TOTAL ASSETS				50,468			52,054			54,102			56,267



	EQUITY AND LIABILITIES
	Equity
	Equity share capital	9			1,840			1,840			1,840			1,840
	Capital redemption reserve	9			901			901			901			901
	Other reserve	9			2,815			2,815			1,565			1,565
	Revaluation reserve	9			4,146			2,532			4,240			2,532
	Special reserve	9			1,629			1,629			1,629			1,629
	Currency translation reserve	9			(183)			61			-			-
	Treasury shares	9			(3,059)			(100)			(3,059)			(100)
	Retained earnings	9			21,054			19,376			18,690			17,670


					29,143			29,054			25,806			26,037


	Non-current liabilities
	Defined benefit pension liability				5,889			6,766			5,889			6,766
	Deferred income tax liability				211			-			-			-


					6,100			6,766			5,889			6,766


	Current liabilities
	Trade and other payables				15,225			16,143			22,294			23,302
	Income tax payable				-			91			113			162


					15,225			16,234			22,407			23,464





	TOTAL EQUITY AND LIABILITIES				50,468			52,054			54,102			56,267


Cash flow statements
For the 53 weeks ended 3rd May, 2014							Group						Company
							2014			2013			2014			2013
				Notes			£000			£000			£000			£000
										Restated						Restated

Profit before taxation							2,928			4,563			1,709			3,862
Adjustments to reconcile profit before taxation to net cash in flow from operating activities
Depreciation charge						1,227			1,372			1,028			1,180
Amortisation charge						316			347			9			39
Impairment in investment in subsidiary undertaking						-			-			40			-
Administration expenses-pension fund						350			300			350			300
Profit on sale of fixed assets						(124)			-			(130)
Finance costs						275			217			236			156
Foreign exchange(losses)/gains						(136)			9			-			-
(Increase)/decrease in inventories						(1,626)			1,288			(1,594)			1,070
Decrease/(increase) in receivables						4,805			(857)			5,562			(81)
Decrease in prepayments						73			84			56			108
(Decrease)/increase in payables						(2,550)			3,266			(2,877)			3,511
Increase/(decrease) in progress payments						1,632			(2,118)			1,869			(2,140)
Pension fund payments						(529)			(529)			(529)			(529)


Cash generated from operating activities						6,641			7,942			5,729			7,476

Interest (paid)/received						(21)			(29)			18			32
Taxation paid						(708)			(1,809)			(257)			(1,505)


Net cash inflow from operating activities						5,912			6,104			5,490			6,003

Investing activities
Purchase of property, plant and equipment						(940)			(1,252)			(842)			(620)
Sale of property, plant and equipment						342			10			178			1


Net cash outflow from investing activities						(662)			(1,242)			(664)			(619)


Financing activities
Dividends paid			6			(1,452)			(1,452)			(1,452)			(1,452)
Dividend received from subsidiary						-			-			311			-
Purchase of own shares						(2,959)			-			(2,959)			-
Investment in subsidiary						-			-			-			(418)


Net cash outflow from financing activities						(4,411)			(1,452)			(4,100)			(1,870)


Increase in cash and cash equivalents						839			3,410			726			3,514
Opening cash and cash equivalents						13,447			10,037			12,515			9,001


Closing cash and cash equivalents			8			14,286			13,447			13,241			12,515

The financial information set out above does not constitute the Company's statutory accounts for the periods ended 3rd May, 2014 or 27th April, 2013 but is derived from those accounts. Statutory accounts for 2013 have been delivered to the Registrar of Companies, and those for 2014 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) IAS 19 "Employee Benefits" was amended in June 2011. The impact on the Group has been to replace interest cost and expected return on plan assets with a net interest amount that is calculated by applying the discount rate to the net defined benefit liability and to transfer the costs of administrating the pension scheme from a deduction from expected return on plan assets into other operating expenses.
For the year to 27th April, 2013, the restatement on implementation of IAS 19R has reduced operating profit by £300,000, increased net financing costs by £143,000 and increased other comprehensive income by £443,000.
For the year to 3rd May, 2014, the implementation of IAS 19R has reduced operating profit by £350,000, increased net financing costs by £238,000 and increased other comprehensive income by £588,000.
	(2) Segment information

	The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the periods ended 3rd May, 2014 and 27th April, 2013. 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 and construction of petrol station superstructures.

	Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the consolidated financial statements. 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		Total
						Superstructures
		2014	2013	2014	2013	2014	2013	2014	2013
		£000	£000	£000	£000	£000	£000	£000	£000
	Revenue								Restated
	External	19,445	27,968	14,058	14,295	13,627	12,231	47,130	54,494


	Total revenue	19,445	27,968	14,058	14,295	13,627	12,231	47,130	54,494



	Segment result	926	2,934	591	359	1,686	1,487	3,203	4,780
	Net finance costs							(275)	(217)


	Profit before taxation							2,928	4,563
	Taxation							(354)	(480)


	Profit for the period							2,574	4,083



	Segmental assets	24,619	27,153	6,658	6,654	6,341	5,585	37,618	39,392
	Unallocated assets							12,850	12,662


	Total assets							50,468	52,054


	Segmental liabilities	10,234	10,459	2,763	2,681	3,778	4,158	16,775	17,298
	Unallocated liabilities							4,550	5,702


	Total liabilities							21,325	23,000


	Capital expenditure	134	107	450	463	121	665
	Depreciation	189	315	454	466	330	348



	Geographical analysis

	The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 3rd May, 2014 and 27th April, 2013. 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.

		Europe		North America		Rest of the World		Total
		2014	2013	2014	2013	2014	2013	2014	2013
		£000	£000	£000	£000	£000	£000	£000	£000

	Revenue
	External	32,803	37,703	4,487	6,339	9,840	10,452	47,130	54,494

	Non-current assets	19,026	18,090	61	105	175	291	19,262	18,486
	Current assets	29,682	31,595	1,191	1,020	856	953	31,729	33,568
	Liabilities	20,805	22,021	390	193	653	786	21,848	23,000

	Capital expenditure	904	1,206	-	6	36	40	940	1,252



	Information about major customers							2014	2013
	Revenue from major customers arising from sales reported in the Defence segment:							£000	£000
	Customer 1							10,796	-
	Customer 1							-	14,741

(3)	Employee Information	2014	2013
		Number	Number
	The average number of employees, including executive directors, during the period was:
	Production	199	223
	Technical	62	69
	Distribution	25	25
	Administration	51	56


		337	373



(a)	Staff costs	2014	2013
	Their, including executive directors, employment costs were as follows:	£000	£000
	Wages and salaries	11,162	12,396
	Social Security costs	1,302	1,467
	Other pension costs	408	721


		12,872	14,584



		2014	2013
(b)	Directors' emoluments	£000	£000
	Aggregate directors' emoluments	1,114	1,368

(4) (a)	Taxation

	The charge for taxation comprises:	2014	2013
		£000	£000
	Current tax
	United Kingdom corporation tax	236	618
	Tax over provided in previous years	(32)	(230)
	Foreign corporation tax	381	290


	Group current tax	585	678


	Deferred tax
	Origination and reversal of temporary differences	(72)	44
	Adjustments in respect of prior years	(67)	(207)
	Impact of reduction in deferred tax rate (23% to 20%)	(92)	(35)


	Group deferred tax	(231)	(198)


	Tax on profit	354	480



	Tax relating to items charged or credited to other comprehensive income
	Deferred tax
	Deferred tax on remeasurement gains/losses on pension scheme current year	219	(634)
	Impact of reduction in deferred tax rate (23% to 20%)	177	68
	Deferred taxation on revaluation surplus on land and buildings	446


	Income tax in the statement of comprehensive income	842	(566)



(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 U.K. (24%). The differences are explained below:

		2014	2013
		£000	£000

	Profit before tax	2,928	4,563


	Profit multiplied by standard rate of corporation tax of 23% (2013 - 24%)	673	1,095
	Effects of:
	Expenses not deductible for tax purposes	(128)	(147)
	Adjustment in respect of prior periods	(99)	(433)
	Impact of reduction in deferred tax rate (23% to 20%)	(92)	(35)


	Total tax charge for the period	354	480

(5)	Earnings per share

	The calculation of basic and diluted earnings per share is based on:

	(a) Profit for the period attributable to equity holders of the parent of £2,574,000 (2013 - £4,083,000);

	(b) 17,603,561 (2013 - 18,151,025) Ordinary shares, being the diluted weighted average number of Ordinary shares in issue.

	This represents 18,396,073 (2013 - 18,396,073) being the weighted average number of Ordinary shares in issue less 792,512 (2013 - less 245,048) being the weighted average number of shares both held within the ESOT 245,048 (2013-245,048) and purchased by the Company 547,464(2013-nil).

(6)	Dividends paid and proposed	2014	2013
		£000	£000
	Declared and paid during the year
	On Ordinary shares
	Final dividend for 2013 : 6.50p (2012 - 6.50p)	1,180	1,180
	Interim dividend for 2013 : 1.50p (2012 - 1.50p)	272	272


		1,452	1,452


	Proposed for approval by shareholders at the AGM
	Final dividend for 2014 : 6.50p (2012 - 6.50p)	1,073	1,180

(7)	Trade and other receivables
				Group		Company
				2014	2013	2014	2013
				£000	£000	£000	£000
	Trade receivables			5,572	10,467	4,326	9,323
	Retentions on contracts			2,644	2,590	2,644	2,590
	Amounts owed by subsidiary undertakings			-	-	1,264	1,923
	Other receivables			44	8	42	2


				8,260	13,065	8,276	13,838


	Gross amounts due from customers for contract work - included above			821	2,977	200	2,671


	The aggregate amount of costs incurred and recognised profits to date on contracts is £17,407,000 (2013 - £12,774,000).

	(a) Trade receivables are denominated in the following currencies
				Group		Company
				2014	2013	2014	2013
				£000	£000	£000	£000
	Sterling			4,105	8,691	4,105	8,691
	Euro			510	304	221	219
	US dollar			245	856	-	413
	Other currencies			712	616	-	-


				5,572	10,467	4,326	9,323



	Trade receivables are non-interest bearing and are generally on 30 days terms and are shown net of provision for impairment. The aged analysis of trade receivables not impaired is as follows:

	Group	Total	Not past due	< 30 days	30-60 days	60-90 days	> 90 days
		£000	£000	£000	£000	£000	£000
	2014	5,572	3,686	1,058	159	49	620
	2013	10,467	8,597	937	253	490	190

	As at 3rd May, 2014 trade receivables at a nominal value of £184,000 (2013 - £328,000) were impaired and fully provided. Bad debts of £ 165,000 were recovered and bad debts of £21,000 (2013 - £11,000 ) were incurred.


	Company
	2014	4,326		2,666	922	96	28	614
	2013	9,323		7,831	647	189	481	175

	As at 3rd May, 2014 trade receivables at a nominal value of £168,000 (2013 - £328,000) were impaired and fully provided. Bad debts of £165,000 were recovered and bad debts of £5,000 (2013 - nil) were incurred.

	(b) Retentions on contracts are denominated in the following currencies
					Group		Company
					2014	2013	2014	2013
					£000	£000	£000	£000
	Sterling				2,644	1,222	2,644	1,222
	Euro				-	54	-	54
	US dollar				-	1,314	-	1,314
	Other currencies				-	-	-	-


					2,644	2,590	2,644	2,590


	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
	2014		2,644		2,644	-	-	-
	2013		2,590		2,569	21	-	-


	Company

	2014		2,644		2,644	-	-	-
	2013		2,590		2,569	21	-	-




(8)	Cash				Group		Company
					2014	2013	2014	2013
					£000	£000	£000	£000
	Cash at bank and in hand				4,786	12,942	3,741	12,010
	Short term deposits				9,500	505	9,500	505


					14,286	13,447	13,241	12,515

(9)

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 reserve
This is the revaluation reserve previously arising under UK GAAP which is now part of non-distributable retained reserves.

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 related deferred tax due to the change in corporation tax (23% to 20%).

Special reserve
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
	2014	2013
	£000	£000
Employee Share Ownership Trust	100	100
Shares in treasury (see below)	2,959	-


	3,059	100


During 1991 the Company established an Employee Share Ownership Trust ("ESOT"). The trustee of the ESOT is Appleby Trust (Jersey) Ltd, an independent company registered in Jersey. The ESOT provides for the issue of options over Ordinary shares in the Company to Group employees, including executive directors, at the discretion of the Remuneration Committee.

The trust has purchased an aggregate 245,048 (2013- 245,048) Ordinary shares, which represents 1.3% (2013 - 1.3%) of the issued share capital of the Company at an aggregate cost of £100,006. The market value of the shares at 3rd May, 2014 was £508,000 (2013 - £512,048. The Company has made payments of £Nil (2013 - £Nil) into the ESOT bank accounts during the period. No options over shares (2013 - Nil) have been granted during the period. Details of the outstanding share options, for Directors are included in the Directors' remuneration report.

The assets, liabilities, income and costs of the ESOT have been incorporated into the Company's financial statements. Total ESOT costs charged to the income statement in the period amounts to £4,000 (2013 - £5,000). During the period no options on shares were exercised (2013 - Nil) and no shares were purchased (2013 - Nil).

The Company made the following purchases of its own 10p ordinary shares to be held in Treasury:
		£000
11th December, 2013 1,000,000 shares from the Group's pension scheme. (note 28)		1,722
30th January, 2014 646,334 shares		1,237


		2,959

The preliminary announcement is prepared on the same basis as set out in the previous year's accounts. 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 3rd June, 2014 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 will be posted to shareholders shortly and will be delivered to the Registrar of Companies after it has been laid before the Company in general meeting.

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR SSAFMDFLSELM

Date		Source	Headline
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29th Jul 2022	7:00 am	RNS	Result of AGM
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27th Apr 2022	11:08 am	RNS	Director/PDMR Shareholding
26th Apr 2022	11:32 am	RNS	Director/PDMR Shareholding
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6th Apr 2022	2:38 pm	RNS	Director/PDMR Shareholding
20th Jan 2022	10:08 am	RNS	Director/PDMR Shareholding
8th Dec 2021	7:00 am	RNS	Half-year Report
3rd Aug 2021	10:39 am	RNS	Company Secretary Change
29th Jul 2021	4:06 pm	RNS	Result of AGM
7th Jul 2021	11:32 am	RNS	Director/PDMR Shareholding

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