Last checked at 9 Aug 2010 12:00
2010/11 First quarter update
Executive Chairman, Michael Bell will today tell the annual shareholders' meeting of MS INTERNATIONAL plc, that overall the level of activity across the Group is improving. Orders in hand are over 10% higher than at this time last year.
In line with our expectations, 'Defence' continues to prosper with a high level of work in hand for the year ahead and there are some interesting opportunities emerging for further business.
Meanwhile, whilst there is only a modest improvement in markets served by 'Forgings' and demand remains a long way short of our available capacity there is a very positive and committed internal focus on streamlining manufacturing processes and additional capability improvements. These exercises and developments will ensure our future global competitiveness as and when markets really recover.
Initiatives to enhance the performance of Global-MSI since we acquired the whole business are still in the early stages though pleasingly, excellent progress towards complete integration is being attained.
The balance sheet remains strong with net cash and short term deposits.