Last checked at 14 Aug 2012 12:00
2012/13 First quarter update
Executive Chairman, Michael Bell will today tell the annual shareholders' meeting of MS INTERNATIONAL plc, that revenue during the first three months of this financial year has been in line with our expectations.
'Defence' continues to contend with the constraints imposed on defence equipment procurement that has resulted in delays in the placing of orders and lower volumes industry wide. As a consequence and partly owing to the phasing of customer specified delivery schedules, 'Defence' - the largest of our three divisions - will have a distinct second half revenue bias for the current financial year, as I previously reported in my Chairman's Statement of the 13th June. Nothing has changed since that time which could improve positively the revenue for the first half year. Our expectations for the year as a whole however remain as we anticipated, subject only to any further delays in the placing of certain orders over and above those already booked.
'Forgings' and 'Petrol Station Superstructures' are both trading favourably here in the UK and in the overseas operations. Both divisions have increased market share resulting from improved competitiveness and product innovations. Order books in these two divisions are as always of a short lead time nature and therefore subject to short term variations in demand and as such are less predictable.
The balance sheet remains robust with net cash and short term deposits.