Ms Intl. Regulatory News (MSI)

27 Jun 2006 07:01

MS International PLC27 June 2006 Date: Under embargo until 7.00am - Tuesday 27th June, 2006 Contacts: Michael Bell, Executive Chairman, MS INTERNATIONAL plc Tel: 01302 322133 Terry Garrett, Weber Shandwick Square Mile Tel: 0207 067 0700 MS INTERNATIONAL plc Full Year Results to 29th April, 2006 HIGHLIGHTS • All three operating divisions increased revenues and profitability• Turnover £44.44m (2005 - £38.24m)• Pre-tax profits £3.81m (2005 - £3.19m)• Earnings per share 15.0p (2005 - 12.4p)• Cash at bank £5.19m (2005 - £1.01m)• Forward order book at record levels• Final dividend 2.20p (2005 - 1.65p) per share making a total of 2.78p (2005 - 2.15p) Michael Bell, Executive Chairman, comments:- "It is pleasing to report another year of good progress and growth for theGroup, reflected in higher revenues, improved profits and earnings per share,strong cash inflow and a record forward order book". Chairman's Statement Results and review It is pleasing to report another year of good progress and growth for the Group,reflected in higher revenues, improved profits and earnings per share, strongcash inflow and a record forward order book. For the year ended 29 April 2006, the Group profit before taxation amounted to£3.81m (2005-£3.19m) on sales of £44.44m (2005-£38.24m). Earnings per share were15.0p (2005-12.4p). The balance sheet is in good shape and in particular the Group's net cashincreased to £5.19m (2005-£1.01m). During the year the Company purchased a totalof 150,000 MS INTERNATIONAL plc shares for cancellation at a total cost of£0.20m. All three operating divisions - defence, forgings and petrol station forecourtstructures - lifted their respective revenues and profitability above thatachieved last year. We maintained our commitment to investing in the business through capitalinvestment in contemporary manufacturing plant and equipment - in order topreserve and further improve our competitive position in the markets we serve -and in product research and development to enhance our sales and marketingopportunities in line with market requirements. These comprehensive programmesare a significant, positive feature in supporting the expansion of our business. At the half-year stage, I reported that the defence division had been awarded asubstantial contract by the UK Ministry of Defence for upgraded naval gunsystems. I am now able to report, that in addition, we have won our first exportorder for the new guns. The forgings division has gathered added momentumthrough enhanced capabilities, which will enable us to take additional advantageof some of the current buoyant global markets. The petrol station forecourtstructures division continues to build on its inherent strengths through theprovision of an enhanced quality and width of service to customers. Outlook Across the Group, our trading positions have strengthened markedly as a resultof our determination to constantly improve our efficiency and effectiveness. Wemust, and will, continue to invest appropriately in each of our businesses toadvance the Group's performance and augment our competitiveness in the worldmarkets. Our order book remains strong and all three divisions - each of whichis a leading supplier in its selected international markets - are well equippedto meet the known tasks before us. The Board recommends the payment of a raised final dividend of 2.20p (2005-1.65p) making a total for the year of 2.78p (2005-2.15p). Michael Bell27 June 2006 Group Income StatementFor the 52 weeks ended 29th April, 2006 2006 2005 Total Total £000 £000 Revenue: Group and share of joint venture 44,435 38,241Less: Share of joint venture (7,676) (6,046) Revenue 36,759 32,195Cost of sales (27,131) (23,205) Gross profit 9,628 8,990 Distribution costs (1,626) (1,224)Administrative expenses (4,737) (4,923) (6,363) (6,147) Group trading profit 3,265 2,843Share of post tax profits of joint venture accounted for using the equity method 437 270 Group operating profit 3,702 3,113 Finance revenue 2 37Finance costs (40) (38)Other finance revenue - pension 142 78 104 77 Profit before taxation 3,806 3,190 Taxation (1,309) (947) Profit for the period attributable to equity holders of the parent 2,497 2,243 Earnings per share: basic 15.0p 12.4pdiluted 14.3p 11.5p Statement of Recognised Income and ExpenseFor the 52 weeks ended 29th April, 2006 Group Company 2006 2005 2006 2005 Total Total Total Total £000 £000 £000 £000 Actuarial gains/(losses) on defined benefit pension scheme 3,726 (203) 3,726 (203)Deferred taxation on actuarial gains/losses on defined benefit pension scheme (1,118) 61 (1,118) 61Currency translation differences on foreign investments 85 7 91 (8) Net income/(expenses) recognised directly in equity 2,693 (135) 2,699 (150)Profit attributable to equity holders of the parent 2,497 2,243 2,139 2,130 Total recognised income and expense for the period attributable to equity 5,190 2,108 4,838 1,980holders of the parent The financial information set out above does not constitute the Company'sstatutory accounts for the periods ended 29th April, 2006 or 30th April, 2005but is derived from those accounts. Statutory accounts for 2005 have beendelivered to the Registrar of Companies, and those for 2006 will be deliveredfollowing the Company's Annual General Meeting. The auditors have reported onthose accounts; their reports were unqualified and did not contain a statementunder section 237 (2) or (3) of the Companies Act 1985. The Group previously prepared its primary financial statements under UKgenerally accepted accounting principles ("UK GAAP"). From 2006 the Group isrequired to prepare its consolidated financial statements in accordance withInternational Financial Reporting Standards ("IFRS") as adopted by the EuropeanUnion. For the purpose of this document the term IFRS includes InternationalAccounting Standards. The basis of transition to IFRS and a reconciliation between results previouslyreported under UK GAAP and the comparative information presented here waspreviously published in a separate IFRS announcement in November 2005. These results represent the first annual financial statements the Group hasprepared in accordance with its accounting policies under IFRS and thecomparatives for 2005 have been restated from UK GAAP to comply with IFRS. Theaccounting policies of the Group under IFRS can also be found in the separateIFRS announcement published in November 2005. The earnings per share is calculated by dividing the profit after taxation of£2,497,000 (2005 - £2,243,000) by the weighted average of 16,639,123 (2005 -18,018,988) shares in issue in the year. Copies of this announcement are available from the Company's registered officeat MS INTERNATIONAL plc, Balby Carr Bank, Doncaster, DN4 8DH, England. The fullAnnual Report and Accounts will be posted to shareholders shortly and will bedelivered to the Registrar of Companies after it has been laid before theCompany in general meeting. Dividend warrants will be posted on 1st September, 2006 to members on the booksof the Company at 4th August, 2006. Balance SheetsAt 29th April, 2006 Group Company 2006 2005 2006 2005 £'000 £'000 £'000 £'000ASSETSNon-current assetsProperty, plant and equipment 12,000 8,299 11,814 8,119Intangible assets 296 323 296 323Investments in subsidiaries - - 6,869 6,816Investment in joint venture 1,017 708 50 50Deferred income tax asset - 514 - 515 13,313 9,844 19,029 15,823 Current assetsInventories 3,900 5,511 2,710 4,099Trade and other receivables 7,138 5,030 8,435 6,284Prepayments 1,838 360 1,781 319Cash and cash equivalents 5,190 1,013 5,212 920 18,066 11,914 18,138 11,622 TOTAL ASSETS 31,379 21,758 37,167 27,445 EQUITY AND LIABILITIESEquityIssued capital 1,871 1,886 1,871 1,886Capital redemption reserve 870 855 870 855Other reserves 1,544 1,544 1,544 1,544Revaluation reserve 2,942 - 2,942 -Special reserve 1,629 1,629 1,629 1,629Foreign exchange reserve (93) (178) (56) (147)Own shares (738) (738) (738) (738)Retained earnings 5,082 556 3,802 (366) 13,107 5,554 11,864 4,663 Non-current liabilitiesDefined benefit pension liability 1,171 5,039 1,171 5,039Loans and borrowings 4 5 - -Provisions 114 178 114 178Government grants 41 52 41 52Deferred income tax liability 927 - 922 - 2,257 5,274 2,248 5,269 Current liabilitiesTrade and other payables 15,262 10,145 22,322 16,934Loans and borrowings 2 249 - 246Provisions 65 65 65 65Government grants 13 13 13 13Income tax payable 673 458 655 255 16,015 10,930 23,055 17,513 TOTAL EQUITY AND LIABILITIES 31,379 21,758 37,167 27,445 Cash Flow StatementsFor the 52 weeks ended 29th April, 2006 Group Company 2006 2005 2006 2005 £000 £000 £000 £000 Trading profit 3,084 2,843 2,872 2,659Adjustments to reconcile trading profit to net cash inflows from operating activitiesDepreciation charge 1,115 879 1,054 849Amortisation charge 69 12 69 12Diminution in value of subsidiaries - - (97) (15)Foreign exchange gains/(losses) 38 (13) 91 (8)RSA grant release (11) (13) (11) (13)Pension charge 486 492 486 492Decrease/(increase) in inventories 2,336 (2,743) 2,114 (2,143)(Increase)/decrease in receivables (2,108) 1,123 (2,151) 770(Increase)/decrease in prepayments (1,478) 38 (1,462) 49Increase/(decrease) in payables 358 (514) 670 (672)Increase in progress payments 4,036 705 4,036 705Increase in provisions - 48 - 48Provisions utilised (64) (197) (64) (197)Pension fund payments (486) (630) (486) (630) Cash generated from operating activities 7,375 2,030 7,121 1,906 Interest (paid)/received (38) (2) (25) 2Taxation paid (1,046) (763) (759) (762) Net cash flow from operating activities 6,291 1,265 6,337 1,146 Investing activitiesPurchase of property , plant and equipment (1,526) (1,204) (1,446) (1,132)Purchase of intangible fixed assets (42) (46) (42) (46)Sale of property, plant and equipment 106 22 93 21 Net cash used in investing activities (1,462) (1,228) (1,395) (1,157) Financing activitiesPurchase of own shares (207) (1,325) (207) (1,325)Dividends received from joint venture 175 200 175 200Dividends paid (372) (338) (372) (338)Repayment of bank loans (167) (333) (167) (333)Repayments of capital element of finance leases (81) (147) (79) (145) Net cash flow used in financing activities (652) (1,943) (650) (1,941) Movement in cash and cash equivalents 4,177 (1,906) 4,292 (1,952)Opening cash and cash equivalents 1,013 2,919 920 2,872 Closing cash and cash equivalents 5,190 1,013 5,212 920 Reconciliation of movement in equity Capital Foreign Issued redemption Other Revaluation Special exchange Own Retained 2006 2005 capital reserve reserves reserve reserves reserves Shares earnings Total Total £000 £000 £000 £000 £000 £000 £000 £000 £000 £000(a) Group At 30th 1,886 855 1,544 - 1,629 (178) (738) 556 5,554 5,109April, 2005Total - - - - - 85 - 5,105 5,190 2,108recognisedincomeand expensefor the yearDividends - - - - - - - (372) (372) (338)paidRepurchase (15) 15 - - - - - (207) (207) (1,325)of sharesRevaluation - - - 3,396 - - - - 3,396 -of Land andBuildingsDeferred - - - (454) - - - - (454) -taxation onrevaluation At 29th 1,871 870 1,544 2,942 1,629 (93) (738) 5,082 13,107 5,554April, 2006 (b) Company At 30th 1,886 855 1,544 - 1,629 (147) (738) (366) 4,663 4,346April, 2005Total - - - - - 91 - 4,747 4,838 1,980recognisedincomeand expensefor the yearDividends - - - - - - - (372) (372) (338)paidRepurchase (15) 15 - - - - - (207) (207) (1,325)of sharesRevaluation - - - 3,396 - - - - 3,396 -of Land andBuildingsDeferred - - - (454) - - - - (454) -taxation onrevaluation At 29th 1,871 870 1,544 2,942 1,629 (56) (738) 3,802 11,864 4,663April, 2006 This information is provided by RNS The company news service from the London Stock Exchange